Student credit cards and facts for parents

ADVERTISING DISCLOSURE

ADVERTISING DISCLOSURE:
Credit-Land.com is an independent, advertising-supported web site. Credit-Land.com receives compensation from most 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

The content is accurate at the time of publication and is subject to change.

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.

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

Related Research:

Top 5 Cards for Travel from Our Partners: Summer 2018 – Expert’s Choice

Top 5 Cards for Travel from Our Partners: Summer 2018 – Expert’s Choice

Posted: February 12, 2018

The sun shines more and more each day, flowers are in bloom and you already feel how hot it is getting - summer is here. Summer holidays are almost here, and you are in need of dire preparation. You can lift in spirits and let CreditLand ... Continue reading
Cash Back or Travel Rewards? Here’s How to Decide On The Right Card

Cash Back or Travel Rewards? Here’s How to Decide On The Right Card

Posted: February 10, 2018

If you're trying to find the perfect rewards credit card, you might feel like you're drowning in options. There are just so many out there, and many of them look similar. This can make it tough to decide on a card. One thing people often ... Continue reading
Price Protection: Credit Cards That Will Refund a Price Drop

Price Protection: Credit Cards That Will Refund a Price Drop

Posted: February 8, 2018

Those who often find themselves buying stuff and then discovering that they could pay less for the same item they've just bought, will appreciate this credit card benefit – price protection. This is the least known and the most neglected ... Continue reading
You've successfully subscribed!

Please specify the following:All these fields are optional

Your Credit History
Themes you are interested in:

By providing this information you help us make our news letters more useful and informative. Thank you!