This is the newest to arrive at my house for the 19-year-old college sophomore. I guess that one arrives at least every three days or so. Yesterday two came.

Chase Student MasterCard:
"Trust Chase to help you." (This from the bank that a few years ago paid millions to settle lawsuits alleging that credit-card customers were forced to pay late fees and extra interest even when monthly payments arrived on time.)
-- BIG print: Starter teaser rate of 0 percent for six months
-- No annual fee
-- Smaller print: 18.24 percent variable interest after teaser rate expires
-- 3 percent charge on cash advances
-- $39 fee for exceeding your credit limit
-- Really small print: Cash advance interest of 15.99 percent plus prime (prime is 7.75 percent)
-- Really small print: "Default" rate if you start paying late etc.: 23.99 percent plus prime
-- Really, really small print: "You authorize us to allocate your payments and credits in a way that is most favorable or convenient for us. For example, you authorize us to apply your payments and credits to balances with lower APRs before balances with higher APRs." (This is the worst feature of all.)

Memo to college students (and everybody else). Get ONE credit card. Pay off the balance in full every month. Do not buy more than you can pay off. NEVER get a cash advance. NEVER use the checks the card company sends. Tear them up and throw them away immediately. Do not allow your hard-earned money to get siphoned off by the card companies through your own cluelessness. This is what they are counting on. Disappoint them.