When College Students And Credit Cards Do Mix

Choosing the right credit card for your child who’s getting ready to go off to college and, for the first time, be completely on his own, can be difficult, especially knowing the dangers of giving an inexperienced young adult a credit card that could land him in debt before he’s even out of school.

College is an exciting time, whether your child is getting ready to move away to an out-of-state school or is going to commute to class while still living at home with you. It’s an opportunity for him to grow and achieve new things and become more financially responsible and secure. However college students can tend to be irresponsible, especially when it comes to credit card use, so it’s important to conduct a credit card comparison before deciding upon the right card for your college student.

Before Getting a Credit Card…

Before doing your credit card comparison alongside your child, you should make sure that he’s ready to get a job to pay off the bills he will accrue through the use of his credit card. In this way, you can rest assured that he’ll have income coming in to support himself, especially if he’s going away to college and will be far from home and from the aid you can provide him in the event he gets himself into a bad financial situation.

Choosing the Right Card

When you’re able to do a credit card comparison online, you can determine which card is the safest for your child to use and which credit card companies are willing to issue credit to someone so young who has no prior credit history. Keep in mind that not every credit card company is willing to gamble on an inexperienced spender, so this will narrow down your choices quite a bit.

Choose a credit card that doesn’t expect any annual fees, as this will make it easier for your child to keep the card on hand and make payments whenever a bill arrives. He won’t have to worry about annual fees that he may not be able to cover. Also, when looking at your credit card comparison sites, choose the cards that offer the lowest interest rates possible so that, in the event your son or daughter isn’t able to pay off the credit card bill on time, the interest will still be low enough that, if he or she works hard enough over the next month, it will all get paid off before it accumulates to the point that it’s too much to handle.

Teaching the Basics

Because your child has never used a credit card before, you need to make sure you teach him the basics, including how to read bills and how to pay them online or by mail. In addition, you want him to know how much his credit limit is, and the consequences for exceeding that limit, as well as how to reconcile bank statements to make sure he can keep his spending in line with what’s in the bank.

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Lisa was looking for the perfect site to make a credit card comparison and was happy to find uSwitch.com, which provides information on credit cards and their rewards programs so that consumers can find the perfect credit card that is right for their spending needs.