Student credit cards and facts for parents

Advertising Disclosure

Credit-Land.com is an independent, advertising-supported web site. Credit-Land.com receives compensation from many credit card issuers whose offers appear on our site. Compensation from our advertising partners impacts how and where their products appear on our site, including, for example, the order in which they may appear within review lists. Credit-Land.com has not reviewed all available credit card offers in the marketplace.

Credit Card Applications » Research » Guides » Building Credit History » Student credit cards and facts for parents

Student credit cards and facts for parents


Updated: December 26, 2012

Add to Favorites:

Credit cards are an essential item irrespective of age and work. Nearly all people of all ages have a credit card or want one. The student population is no different and most often applies more than any other. Earlier colleges were the ripest ground for students to get credit cards. It was easy to sign up and in case of defaulters the parents would have to inevitably pitch in. With a lot of college going youngsters incurring large debts there has been changes in rules about students getting credit cards at a young age.

New regulations for student cards

The new rules require that any student who gets a credit card has to be over 21 years of age. If they are under this age then they will have to show proof of employment and ability to pay their bills on their own. student credit cards may be having special deals and discounts at select stores and brands. There is however a need for the student to have a co-signor before they can get a card. While getting student card sir a great way to begin working on your credit history from early on, it can also cause complications if you make wrong judgments and overspend on the credit limit given. If it has a co-signor then both parties are equally affected for any mistakes made.

How you can work things out with your teen

When looking for student cards for your youngster look for flexible options. Firstly check if you can regulate the credit limit and also decide on the cards usage. If you have an upper hand you can always stay abreast of the way the card is being used and close it if you feel the activity on it is not justified. It will help your youngster to learn to use credit responsibly as well. The biggest problem is when you give your youngster the credit card for emergencies. When they go out with their peers and are out of money, they might consider it an emergency and go on a spending spree.

Spending on luxuries and parties is also something most youngsters end up doing. Having a cut off on the cards limit and also having an eye on the monthly expenses will help you to have a hold on things. Have open channels of communication so you can discuss what is okay and what is not. Try to approach things in a non aggressive and non intrusive way so that your teenager learns to spend responsibly without feeling like you are interfering all the time.

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.
Add to Favorites:
Get the latest news, articles and expert advice delivered to your inbox. It's FREE.

Related Research:

How to Subdue Wedding Expenses and Earn up to $1,000 for Honeymoon

How to Subdue Wedding Expenses and Earn up to $1,000 for Honeymoon

Posted: June 21, 2017

Whether you are married or not, we all agree that marriage is incredibly important for a person. It signifies the beginning of two people as a team, as a family, of a long commitment. It is a newly born union and the sign of your choice, ... Continue reading
How To Choose The Best Credit Card For Everyday Spending

How To Choose The Best Credit Card For Everyday Spending

Posted: June 21, 2017

When you reach for your wallet to pay for groceries, gas, dinner out, or any other everyday purchase, are you searching for cash, a debit card, or a credit card? Many people hesitate to charge this type of everyday spending to a credit ... Continue reading
How to Save Money. Best Credit Card Deals and Tips.

How to Save Money. Best Credit Card Deals and Tips.

Posted: June 20, 2017

We all've been through or may find ourselves in such an emergency when money is needed immediately. Lucky you are if you have savings for unexpected expenses. If not, it's never too late to start saving money. There are different ways to ... Continue reading