College Student Credit Cards
Parents are always confused whether it is a sensible act to get their kids a credit card even when at school. There are many parents who are afraid of doing this because their kids just might splurge in a big amount of expenses. But aside from the bad connotation that college student credit cards have, there are some parents who would agree on the fact that this can help their kids become a wise spender.
Here are some ideas that may help in order for your child to wisely use a credit card:
1. Get them a card that possesses a credit card limit of %250 or %500.
2. They should be aware that they will be the one who must pay the bill.
3. Enumerate the expense tracking and budgeting.
4. Abolish their bad cash spending habits.
5. Give them strict rules for spending. (Show those things that they can buy and those that they can’t)
6. Enlighten them about the fees, grace period, and interest rate of the card.
7. Allow them to faithfully pay-off credit card balance each month.
It would make sense if you can look for a credit card that does not ask for any annual fee and have those one with 0%PRCTG% intro period. Point miles and other perks are necessary so you can have something in exchange of the interest rate that the company would normally give.
In the end however, getting your kids a credit card must still depend upon their spending habit.
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