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This is the stuff you millionaires in the making need to know to kick start or propel you on your financial fitness journey. Tracey Bissett, Founder of Bissett Financial Fitness and award winning Financial Literacy Champion, gives you the straight goods each week to set yourself up for financial success. As a former executive at TD Bank, one of Canada's Big 5 Banks, Tracey has worked with and in support of thousands of individuals and entrepreneurs to secure the financing they needed.  This hands on experience combined with her formal financial education, Masters of Business Administration and Chartered Financial Analyst designation, position Tracey uniquely to coach all things money. Tracey goes behind-the-scenes of all the money matters with need-to-know tips, money-making demystified, and special power-player interviews. Join us weekly for Financial Fitness Training that will turn even a Cash Couch Potato into a Marathon Money Maker.

Sep 18, 2018


If you walk around any post-secondary campus at the beginning of the semester, you’ll often find many credit card company representatives setting up booths to promote their companies and sign up students for their credit cards. While this is convenient for many students - and a great marketing strategy for these companies - the reality is that many post-secondary students do not know enough about credit cards and the proper way to use them without getting buried in debt. 


Today, I’m sharing the five critical questions post-secondary students and millionaires-in-the-making need to answer before applying for a credit card. I explain why it’s important for you to understand your motivation behind wanting a credit card and how you plan to pay off your monthly purchases. I also share alternative card options you can use as well as tips on how to be a responsible credit card holder if you decide that applying for a credit card is the best choice for your needs. 


“I don’t believe credit cards are good or bad. Like anything, it is all in how you use them.” - Tracey Bissett 


This Week on Young Money: 


  • The average credit card debt for post-secondary students. 
  • The importance of understanding why you want a credit card. 
  • The importance of pre-planning how you will pay for your credit card purchases. 
  • Evaluating alternative options beyond applying for a credit card. 
  • Considering and comparing credit card introductory rates and interest rates. 
  • Comparing credit card rewards and benefits. 
  • Considering annual fees, cash advance fees, and other fees associated with being a credit card holder. 
  • Considering specialized cards to meet your specific needs such as student cards and retail credit cards. 
  • Why it’s critical to pay off your credit card balance in full each month. 
  • What to do if you are unable to pay off your balance in full. 
  • The importance of regularly checking your credit card statements for errors and reporting them promptly. 
  • The importance of keeping your personal information confidential. 
  • The impact of irresponsible credit card usage. 


5 Questions to Answer Before Getting a Credit Card: 

  1. Why do I want the card?  
  2. How will I pay for the purchases on the card? 
  3. Do I need my own card? 
  4. What should I look for when comparing credit cards? 
  5. How do I use a credit card responsibly? 


Resources Mentioned: 




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