If you're a college student graduating in May, you may be wondering what to do with your student credit card once you've gotten your diploma. CNBC Select explains.
unless it has an annual fee that's not worth the expense. Usually, college student credit cards don't come with annual fee.
One of the major reasons to open a student card in the first place is that it's good to start building credit as soon as you can. If you open a card your freshman year, by the time you graduate, you'll have four years or so of credit history on your report. Canceling your first credit card would ding your credit score because it would remove the oldest card from your report.
If you're not using the card regularly, but you want to keep the account active, you can simply use the card to pay for a low recurring expense and set up autopay so you don't forget to pay the bill each month.If you plan to use your college student credit card for longer, you canso that you have more flexibility to pay with your card and earn more rewards. However, it's best to wait to make this move until after you've built up a small emergency fund.
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