Welcome back to Money Matters. In this week’s column we answer a question about credit cards. If you have a question that you would like answered, please send them to [email protected].

How do I get a credit card in my own name? I heard it is important to get a credit card to build up my credit profile. Is that correct? — Emily R. ’20 biology major

Erkis: In 2009, President Obama signed the Credit Card Accountability, Responsibility and Disclosure (Credit  CARD) Act. Among other things, this act made it illegal for credit card companies to offer credit cards to college students unless they have an adult co-signer or can qualify for the credit card based on their own credit.

This law makes a lot of sense as it is financially dangerous to have a credit card without a regular income. The law requires income from a job but it does not have to be a full-time job. If you have income from a job and want to try, apply for a credit card with a low credit limit (like $500). The credit limit is the maximum a person can charge on a credit card. In the annual income line on the application, put in the income you will earn during the year. Do not annualize the amount if it is a summer job.

Many credit cards have an annual fee, which can be $35 – 75 for basic cards and a lot more for premium cards with perks like cash back. It’s best to apply for a card with no annual fee and perks like cash back, but those types of cards are not usually available to people with limited or no credit history.

Your best chance will be to apply for a basic card with the lowest annual fee you can find. If you are denied (which is likely), try your local bank to see if they will issue a card in your name with a limit based on the funds you have in savings at the bank. Don’t worry, the credit card companies will find you once you graduate, have a real job and are receiving regular pay checks.

Lubomirski: It’s very tempting to get a credit card, but as a college student who does not have a stable income, a credit card is not something I would sign up for. Credit card debt is one of the worst debts that you can have due to its high interest rates. I found through research that some cards have interest rates of 2% per month (24% per year!).

Note to self: whenever I get a credit card, pay it off in full each month! The law which Professor Erkis talks about earlier is actually a good thing to have, as I don’t think many college students realize the full cost of having a credit card. Perhaps the safest bet for a college student is to get a credit card that is under your parent’s account (if they’re okay with that).

*Nothing stated in this column should be considered investment advice or an offering of securities. Stock investing has risk and you should do your own research before investing.