Student Credit Cards Are Smart!
By Adam J. Heist
Allowing your adult child to apply for their own card can be a wise choice, particularly if they are in college and starting to find their own way in life. A student card can teach them many things, financial independence being one important aspect that no college class can fully impart.
If you son or daughter is heading off to college, then equipping them with a card makes sense. In some cases you will have to co-sign the card for them, but in other cases they may be able to get a small spending limit to pay for books, car repairs, even tuition. Concerning the latter, if your student already has worked and paid bills on his own, then he could qualify for his very own card.
Some parents worry that their child will be saddled with card debt, a debt that could hound them for years. Don’t worry, they are already being saddled with student loan debt and they’ll be paying back those loans for as long as 20 years! Your child needs to learn financial responsibility and a student card can help them out. Besides, when they leave college to go to work, whose do you think will matter when they rent an apartment, seek to turn on the utilities, or even apply for a job? Theirs will. So, starting off with a student card with a small line has its merits. Besides, once they are fully employed they can get that line increased. This can help out when they need to buy furniture, clothes for work, or have something on hand for emergencies.
Speaking of emergencies, a card can come in handy when cash isn’t available. If your daughter leaves a late night party
and finds that her car won’t start, she’ll already know to call AAA and have a tow truck driver to bail her out. However, if at 2 a.m. she has to run to the emergency room, the hospital may require that she show some ability to pay the charge. An insurance card may do, but a Visa or MasterCard can go a long way.
Tuition, books, a late night pizza, clothing, and a new CD are other areas where a card can come in handy. Of course, frivolous purchases should be discouraged, but that lesson needs to be learned sooner rather than later. With a student card in her portfolio your co-ed can learn a valuable lesson that no college professor can impart.
Adam Heist is the owner of the foreclosure Wwebsite. At their website, you can learn more about Mortgage Foreclosures as well as many other things relating to the industry. We encourage you to visit our site today and see what we have.
