As you plan for how to pay for college, be careful not to rely too much on credit cards. It’s easy to get a credit card — managing a credit card can be more difficult.

• Know that whenever you use a credit card, you are borrowing money. If you don't pay off your balance every month, interest will be added to the total amount you owe.
• Choose wisely. Before you select a credit card, compare different cards to get the best deal for your situation. Look for:
  1. A low annual percentage rate (APR). With a lower rate, you pay less interest. But make sure it is not a special introductory rate that may be raised after a few months or a year.
  2. How interest is calculated. Even if two cards have the same APR, interest may be different, depending on how it is calculated.
  3. Low or no annual fees. If the issuer charges an annual fee, you can generally ask them to waive it.
  4. Any other charges (e.g., late payment fees, transaction fees, over the limit fees, etc.). These can really add up.
  5. A low credit limit. Think about $500 or less to make sure you don’t get in over your head.
  6. Wide acceptance. A major credit card is more convenient.
  7. Services and features. Some cards provide cash rebates, frequent flyer miles, extended warranties, etc.
• Limit the number of cards you have. It will be easier to keep track of your spending.
• Think about ways you can track your spending. Waiting until your statement arrives once a month to know your balance can get you into trouble quickly.
• Keep a record of the account number, issuer’s name, and issuer’s phone number for each of your cards, in case your card is lost or stolen. Even better, keep a photocopy of the front and back of your card in a safe place at home.

Most important: Don't spend more than you can afford to pay each month. If you use your credit cards wisely, you can establish a solid credit rating and avoid financial problems.

— adapted from http://mappingyourfuture.org/money/creditcards.htm