how do credit cards work?

[pb4ugo]

I'd turn it down and go for some no annual fee student cards. Or at least wait to activate it 'til after you see what else you can get. Based off what you said, I think you could get better. If you close the account down you suffer a ding to your credit also (average age of accounts) so I avoid any annual fees so I can just keep them open without it costing me money.

Others are right in suggesting against to many applications. They do hurt your score for a year, most significantly for the first six months. If you know what you are doing (research the sights I mentioned earlier) you can minimize or avoid that damage by spreading the inquiries across the three major bureaus.