| At almost all colleges and universities these days, there | | | | You want to provide for your child every opportunity |
| is a ready supply of college student credit cards. But | | | | and advantage that they could have when they have |
| the sad fact is that most students going off to school | | | | graduated from college, and this is normal. So why not |
| in today's world do not understand how to handle | | | | get them a college student credit card so they will |
| financial responsibilities like having a credit card. In the | | | | have also learned about financial responsibility, since |
| past when they wanted money for something, they | | | | after graduation, they will likely be stressing out about |
| either called and begged you for it or they earned it | | | | finding a place to live, finding the right new job, making |
| from a part time job they were doing. But outside of | | | | tough decisions about their social life, and so much |
| you perhaps keeping track of those loans in a | | | | more. If they have had a college student credit card |
| notebook, they do not have experience with real credit | | | | while in school, they will have learned about the |
| cards. | | | | responsibilities that accompany having such a card, like |
| You should consider getting a college student credit | | | | how even minute charges add up at the end of the |
| card for your child when they go off to school. If you | | | | month, the magic of how much interest can |
| have already gone through the financial pain of having | | | | accumulate if they do not pay the balance in full, and |
| had a child in college before, you understand what I am | | | | perhaps even the embarrassing phone calls from the |
| referring to - you can plan and budget for hours at a | | | | card issuer when they are overdue with a payment. |
| time, but there is always something else that the | | | | This is a part of the overall education process as they |
| school is holding out their hands to be paid for, whether | | | | become acclimated to the real world, and something |
| a text book, a study guide, a parking permit, etc. Think | | | | they need to learn as it will be a part of their world for |
| about it, you are sending your son or daughter to | | | | the rest of their life. |
| college to be educated and learn, not to be stressed | | | | Be careful when establishing a credit limit on that |
| about trying tofigure out how to pay for this new | | | | college student credit card. Most card issuers will not |
| expense that they had not budgeted for, which seems | | | | give them a huge credit limit, but it should not exceed a |
| to hit them at least every week if not every day. | | | | few hundred dollars, just enough to cover the |
| There are also certain distinct advantages to getting a | | | | incidentals that you did not plan for. You cannot allow |
| college student credit card for your son or daughter. In | | | | the student to be tempted by the aspect of "free |
| addition to the lack of stress about those unexpected | | | | money" from a cash advance on their credit card |
| expenses that are almost certainly going to pop up, | | | | when they are considering a spring break trip to |
| they will be learning about fiscal responsibility. Up to this | | | | Florida, which is yet another reason to keep the credit |
| point in their young lives, the possibility is great that you | | | | limit reasonably low. |
| just did not take the time to teach them about "Basic | | | | You should know that the interest rate that will be |
| Finance 101" in terms of having a credit card and taking | | | | assessed on the college student credit card will reflect |
| responsibility for it every month. Who has the time? | | | | the fact that the card issuer is taking a chance. A |
| You and your spouse are probably both working full | | | | college student typically does not have experience |
| time in today's world to make ends meet. When your | | | | with credit card responsibilities, so the interest is going |
| child is in high school, with all the meetings and | | | | to be reflective of that risk. But after 6 to 12 |
| practices and club gathering and studying, there was | | | | consecutive months of timely payments where the |
| precious little time left over for other stuff. Do not | | | | minimum due or more has been paid, the student is |
| berate yourself about that, that is just the way it is in | | | | now in an excellent position to request a reduction in |
| most households in today's world, and the vast | | | | the interest rate, or to shop for a different college |
| majority of students are in the same boat. | | | | student credit card. |