CREDIT CARD FOR COLLEGE STUDENT

When kids get ready for college, parents begin thinking if their students will need a credit card. But you do have to think about that before they get offers in the mail, which they will get plenty of. In this article, we will go over a few things that will help you decide if a college student credit card is really necessary.

You need to talk to your children about the responsibility of having a credit card: You want them to build a good credit. But if they misuse the card, it could turn bad for them and their credit will be bad as well before they even graduate from college. Therefore, it is very important that they know to not get a bad credit.

If you do have a credit cards in college, it should only be used for college-related items, such as: books, room and board, food, gas, or any emergency that may come up. They may also get sick and may need to go to the doctor. In that case, they may also need to apply for a credit card.

Teaching your student how to develop a good credit history is important. Some of the important things you should teach your child is that: They should pay their bills on time, what a credit cycle is, how carrying a balance can accrue interest charges, and how to handle a late fee. These are just a few things they need to know before they get the credit card.

Is a college student credit card really needed? Yes, it is if they do understand that it can hurt them only if they do not use it properly, just like with anything else in life. It will affect them in the future in many ways: Whether when they buy their first car, or purchase their first home. It will also determine their interest free credit cards, and their down payment amount. It will also affect them on future loans and credit cards as well .

The best way to start is to give your student a Visa or Master Card debit card. Parents can help control how the student is spending their money. It will help put parents at ease using a credit to pay monthly student expenses.