Going off too college is a big step all by itself. There are many decisions to make, and a new freedom that many young adults are not accustomed too. Money is often of concern to both students and parents, and credit card firms are well aware of this. Your child will more often than not be solicited by a credit card company before they have a chance to get into class.
Credit card companies often set up shop on college campuses during enrollment periods to solicit students. They can be found in high traffic areas, aggressively selling their product to anyone on hand. Few financial requirements are needed to receive a student credit card, as creditors assume that parents will help students should they get into too much debt. It only takes your child moments to sign up for a credit card, and it is unlikely that they understand how much damage they can cause to their credit history, and what that may mean.
Student credit cards work and are used the same way as any other card, although they tend to have higher interest rates and smaller credit limits. Even with a limited balance, the high APR can get costly, and student credit cards must be used with...
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