Choosing good student credit cards to establish a good start

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Credit Card Applications » Research » Guides » Building Credit History » Choosing good student credit cards to establish a good start

Choosing good student credit cards to establish a good start


Updated: December 26, 2012

Today students are very independent and looking at ways to pay their own bills many times. Most kids look at a steady summer job as a ticket to college and financial independence. In such a scenario, credit cards are an extremely interesting prospect for nearly all of them. While the markets may not be offering the best deals for credit cards every time and interest rates are higher, having a credit card can really make a lot of difference to kids today. Most parents are wary of giving their kids a credit card early, but it is also a good way to teach them how to manage money and their expenses.

When considering student credit cards for your college going youngster, make sure you know that they can handle the responsibility that comes with it. Encourage them to put aside a certain amount for savings early on and make sure they know that the credit card will be an important step to establishing a good credit score for their future. Most kids don’t understand how having a credit card and making payments will impact their life. This makes them quite lax in doing their payments leading to losses at a later point in time.

When you look at a suitable student credit card, make sure you consider the options carefully. Many parents consider going for a joint card wherein their child will get to share their credit scores and can get a card with a good credit limit under their parent’s name. This is a good thing to do if you are confident your child is able to manage their expenses well. Be warned however that any errors or delays in payment will impact both of you in the long run. Talk to your children about student credit cards and make sure they understand it is a privilege that must be sued wisely.

A popular option for student credit cards is prepaid and secured credit cards. These allow for more control on the card and the spending habits of the child. This allows the child to ensure that they are not going out of line when making their payments. You can choose to increase or decrease credit limits on the card for your child in order to make sure that they learn to use the money available to them carefully and in emergencies. Secured credit cards are often a preferred choice among many students and there are interesting deals and discounts available on special student cards.

Disclaimer: This editorial content is not provided or commissioned by the credit card issuer(s). Opinions expressed here are the author's alone, not those of the credit card issuer(s), and have not been reviewed, approved or otherwise endorsed by the credit card issuer(s). Reasonable efforts are made to present accurate information, however all information is presented without warranty. Consult a card's issuing bank for the terms & conditions.
All rates and fees, and other terms and conditions of the products mentioned in this article/post are actual as of the last update date but are subject to change. See the current products' Terms & Conditions on the issuing banks' websites.
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