digress
Definition: (verb) to wander from the main path or the main topic.
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Problem
If the cost of a 4-minute telephone call is $0.24, then the cost of a 15-minute call at the same rate is:
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As a medical school student, you have probably already received multiple credit card solicitations from banks very early on in your college years, sometimes before you've even left high school. You might have one or two cards already. However, be sensible. Many students get into financial trouble very quickly with irresponsible use of credit.
Most financial institutions suggest that you apply for only one or two major cards. Choose and use them very carefully. Pay close attention to which bank is offering the card, because terms can vary widely. For example, some banks require that the total charges are paid off each month, while some let a balance carry forward. Some banks also offer affinity cards, for which benefits such as airline miles are offered. The basic rule is, if the balance is going to be paid off every month, choose one of the cards with no annual fee. Inversely, if a balance is going to be carried over from month to month, choose the card with the lowest annual percentage.
Using a credit card to pay for tuition can make sense if the card provides additional benefits, such as airline miles. This is true only if the account starts with a zero balance and the entire balance is paid when the statement comes. Remember, if any balance is carried forward, interest is charged from the date a purchase is posted - there is no grace period.
Having a credit card is excellent insurance. You can't even rent a car without one. And, in an emergency, it's a way to get cash. Here again, though, use this privilege only as a last resort. There's a transaction fee to get cash and interest is added the moment the cash is withdrawn. Cash advances, though a terrific convenience and wonderful in an emergency, can be very expensive.
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