Your bright-young-thing goes to college as a student, away from home for the first time, full of the thrill of freedom. And she needs money to spend. While teaching her to manage her money, very often the question is is it ok to let her have access to huge amounts of credit in the first place? Is it OK to give her a student credit card? Credit card companies are among the first to line up at her door with their attractive offers including freebies, zero interest offers, etc. Before you know it, the student credit card becomes a family liability a credit trap from which it is difficult to escape. What should one know about credit cards for college students in order to avoid this credit trap?
Pros and Cons of Student Credit Cards
Student credit cards are, in fact, more good than bad. Like anything else, one needs to learn how to choose and handle them correctly, how to position them as an opportunity to build a good credit history, and how to control their usage. A student credit card can be used to teach budgeting and finance as well as to allow flexibility in expenditure while making it safer to use than cash.
Joint Ownership of a Student Credit...
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