Student Credit Cards

I recently wrote about student health insurance. If you are packing your kid off to college in a few weeks, there is another thing you should think about: a student credit card.

The best time to teach your children to be responsible with credit is when they are becoming semi-independent and the only credit cards for which they can qualify have relatively lower limits.

I used to think that student credit cards weren’t a good idea because of the potential for kids getting carried away with them. These days, it is so much more convenient to use a Visa, MasterCard, or American Express card than to carry cash around. Also, with rewards and cashback rebates, students can actually make out better financially using a student credit card as long as they pay the bill monthly and avoid carrying a balance so they don’t have to pay interest charges.

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