Getting A Student Credit Card Is Not Hard To Do

Category: Finance, Credit.

Getting a student credit card is not hard to do. Your student should not be carrying large sums of cash each month to get through the month.

The problem comes in how it is used. It could easily be lost or stolen. While we were at school he couldn t remember from one day to the next what he had done the previous day, or where he put anything, including his money. I had a friend that was considered a genius. Another friend constantly ran out of money by the middle of the month and was either borrowing form other students or on the phone crying to his father about needing more. A student credit card may be the first line of credit your child has.

Not to say I was a saint, but that is another story. It will depend on the child if they understand the responsibilities of having one. You have a choice in that matter, because usually the student will need a co- signer for that card. Student credit cards can come with a monthly limit or with no limit at all except for the bank limit. In a credit based family a child may have signature loans by the time they are twelve. They used a well known institution for signature loans and he would take out six month to one year loans for music equipment that he was easily able to pay back in half the time.

My uncle was one of those people. By the time he was sixteen his credit rating soared and to this day he has no problems with getting what he wants when he wants it. A student credit card should not be a gift and should not be considered a gift by the parents. Most of us are not that lucky however, and some students just are not driven by desire. The students themselves should be mentally- aware of how to handle finances. If it was lost or spent, you may need to start worrying.

If your child is one of those that still has a quarter when you give them the second one a week later, then chances are they can handle a credit card. For the sake of the article we will assume that, there is no, while yet unproven indication that your student will use the credit card for junk. Keep in mind that a cola and pizza a day adds up to over$ 4475 plus tips, in credit over a year! First sit down with the student and decide what the credit card will be used for. The sum does not take into consideration other meals and snacks. Try to remember your eating habits when you were a student.

A single candy bar at a school could easily add up to$ 365 dollars in credit over a year, if they only ate one a day. Dormitory, books and tuition, apartment rent should be paid by check. If you are giving support to your student you can setup an auto withdrawal from your bank account each month to payoff the student credit card payments. If there is a car involved it should also be paid for by check, unless you and your student are familiar with online banking and the great benefits a good system offers. The credit card can be great for just about anything but it, just like everything else, needs to be in moderation, and I mean moderation within your budget, not necessarily the students budget. Make sure you pay attention to the all of the details of the card, and all of its terms and conditions. After you have decided on what the credit card will be used for go online and start searching.

Above all, make sure there is an automatic bill payment feature so the card is never paid late.

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