Money Tips for Students, November 2015

Be cautious about zero percent credit card offers

College students and high school seniors headed for college may receive letters offering them credit cards with zero percent fees. They should read those offers carefully, advisesthe Kentucky Higher Education Assistance Authority (KHEAA).

Most cards that offer zero percent interest to new cardholders do so for only a limited time, perhaps six months. After that, the interest rate may rise to more than 20 percent, depending on the cardholder’s payment record during the introductory period.

If all the purchases are not paid off before the introductory rate expires, the higher interest rate may be applied to those purchases from the time they were made.

Students should contact the credit card issuer to make sure they understand exactly what their obligations will be. It is always a good idea to get that information in writing and to save it for future reference.

KHEAA is the state agency that administers Kentucky’s grant and scholarship programs, including the Kentucky Educational Excellence Scholarship (KEES). It provides financial literacy videos at http://itsmoney.kheaa.com. KHEAA also provides free copies of “It’s Money, Baby,” a guide to financial literacy, to Kentucky schools and residents upon request at This email address is being protected from spambots. You need JavaScript enabled to view it..

To learn how to plan and prepare for higher education, go to www.gotocollege.ky.gov. For more information about Kentucky scholarships and grants, visit www.kheaa.com; write KHEAA, P.O. Box 798, Frankfort, KY 40602; or call 800-928-8926, ext. 6-7214.

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