Worries are two-fold when considering whether to get a student credit card for your son or daughter! TOUGH CHOICES have to be made in today's world. Many adults are 'credit card illiterate' so how FRIGHTENING can it be to think of credit cards FREELY in the hands of kids? On the other hand...if you are the parent LOSING your child to a college far away and cannot STAND the worry of them having MONEY for calls, books, and emergencies, then a student credit card MIGHT be your answer to 'stress relief!' There are multiple choices for beginning credit cards for students. YES, most companies offer a 'light' credit experience for kids 18 or older by offering a card with a pre-set maximum allowable credit! Not so LONG ago, this would have been considered UNTHINKABLE. But FACT IS, like it OR NOT, even adults in today's world can't make it WITHOUT a credit card! We are a society BUILT on CREDIT!
Some Parents Choose to Give Students THEIR Credit Cards
The whole idea of giving18 year olds credit cards is to cover emergencies WITHOUT the hassle of long-distance travel and high charges for wiring money! But let's NOT forget the importance of TEACHING responsibility! Whether you land on the 'right or wrong' side of the question of issuing students credit cards, there MUST be a moment when SOME responsibility 'lands' squarely on the shoulders of 'the youth!' Many parents give their own personal cards to their students, but does this defeat teaching responsibility and (maybe more importantly) does it give TOO much temptation to 'minds' not ready for the word UNLIMITED? Taking all issues into consideration, it HAS to make some sense to give students the opportunity to PROVE themselves 'on a small scale' with a LIMITED credit card THEY are responsible for paying!
Opponents Worry About Temptation From Credit Companies
Many opponents do not believe students should think credit cards are NECESSARY. They worry about the 'fiscal responsibility' of the entire nation where credit spending is concerned, and believe students should learn the 'basics' of economics FIRST, which is ONLY spending the money you HAVE in your pocket! Much 'ado' has been made about credit companies sending literature encouraging students to use their credit cards for such controversial things as food purchases, alcohol and other 'trivial' items. But, perhaps, 'kids will be kids!'
Whether you like the idea or not, it is highly probable your student will apply for and receive a credit card for students. Be the 'parent' and guide them in HOW to use it wisely!