As students all over Canada are well aware, there is about one week left to enjoy their summer vacation. School starts the first week of September and young people all over the country are preparing for the new school years. College and university students have especially unique opportunities to develop their lives as young adults. Doing so requires learning and accepting new types of responsibility.
Managing money is arguably the most important responsibility a young person can undertake. This is a major reason why credit cards are so popular with students. They give young people chances to manage their money by making purchases and paying their credit card issuers by their due dates. “Credit cards can help students learn to become more fiscally responsible and manage their money better,” points out Discover.com.
Your credit history affects your ability to qualify for jobs, apartments and loans.
On CreditCards.com, Casey Hynes explains that using a credit card is one of the easiest ways to establish a credit history. It’s important for young people to remember that, in order to be eligible to make large purchases such as a car or a home, a strong credit history is required. When credit cards are used responsibly, they help to establish good credit scores. “Credit scores are reviewed for car and student loans, future mortgages and apartment rentals,” Discover.com confirms.
“Even if you have no intention of buying a car or home for the next 10 years, you still need a credit history,” writes Hynes, “Oftentimes, landlords and property management companies will run credit checks on apartment applications. If your credit score is low or your history is nonexistent, you may be rejected, or you may have to put down a hefty cash deposit.”
You can earn cash back bonuses and travel rewards.
Of course, establishing a strong credit history to set up a successful adulthood is far from the only reason students like using credit cards. Young people are also very well aware that credit card usage comes with many other benefits. Cash back, travel rewards and purchase protection are just a few of the major perks that come with pulling out the plastic. “Credit cards for students offer rewards like cash back, which can be used to help with bills, books and food,” affirms Discover.com.
“If you choose a card with reward bonuses and use the card consistently, you can accrue cash rewards, airline miles and points you can redeem for hotel stays,” notes Hynes, “Miles and hotel stays can be especially useful if you plan to travel during school breaks or have been planning a post-graduation backpacking adventure.”
Do you accept credit cards in your store?
If not, you’re certainly missing out on countless opportunities to grow both your sales and overall customer base. That customer base, especially if it includes students, will significantly grow if you do away with your “cash only” policy.
Contact Canadian POS today and ask us about the revolutionary Poynt Smart Terminal. Even if you already accept credit cards, it would be well worth your while to look into upgrading your current POS terminal. Call us at 1-877-748-2884 or email us at info@localhost.