The banks are gearing up for their annual marketing blitz aimed at students. The charm offensive typically involves freebies or cash bonuses if you sign up for a student credit card or student line of credit.
It’s easy to see what’s in it for the banks: newbie customers with whom to build an (ideally) lifelong relationship.
But for students?
Don’t get me wrong, both credit cards and lines of credit can come in handy when you’re a student. For one, building a credit history early on is more important than ever in today’s hyper competitive rental market. Landlords in Toronto, for example, are routinely asking to see prospective tenants’ credit scores. Not having a credit history can make the house-hunt even harder.
That said, students should tread carefully. Here are three tips to help you choose whether and what to sign up for:
Forget the rewards. If you’re on a shoestring…