It can be a lot of work to send your child to college. If your child goes to college or university in another state, you won't always be able to take care of his or her needs because you are far away. You know that college is expensive these days, but you still need to make sure that your child has everything he or she needs while at college. So, even if you are having trouble with money, you will feel responsible to help him or her as much as you can. One way to do this is to get him or her a college student credit card.
It shouldn't come as a surprise that college students use credit cards. In fact, at the beginning of each semester of the school year, many college students get spam emails from fake credit card companies saying that they have been "pre-approved" for their college credit cards. Sometimes, they can't help but fall for these tricks.
As a parent, it's your job to teach your kids everything they need to know about having a college student credit card, including the responsibilities and possible consequences if they go over their credit limit and don't pay their bills on time. It's time for you to sit down with your child and talk to them about the things that come with this kind of credit card.
So, what are the best options for a credit card for your child to use in college? You can start with those credit cards that have low limits on how much you can spend. Keep in mind that you'll be paying off their credit card balances anyway, so it's best to give them college student credit cards with a low credit limit.
You might want to go with an annual percentage rate (APR) that is lower than one that is a little bit higher. But it is recommended that you choose an APR that is a little bit higher so that you can save a lot of money in the long run. For example, the low APR introductory period will only last between 6 months and a year. What will happen next? Much higher APR, which could go up by 100 to 150 percent from the introductory APR? If that's the case, college students should look for credit cards with an APR that is a little bit higher the first year but stays the same after that.
If you get your child a college student credit card that gives them rewards or money, you will only be hurting yourself. It will only encourage your child to use the card to buy more and more things, which will put a strain on your finances when you have to pay off high credit balances. Also, it's best to get credit cards that can be managed online so that you can see what your child is doing with it and know if their account is in trouble (the credit balance almost exceeds the prescribed credit limit).
Giving your college-bound child the credit card they need is not the only way to make sure they have what they need. The responsibility that comes with owning it is the most important thing here. After all, you'll show them that you'll still be paying for their credit card purchases, won't you?
