If you’re heading back to campus this month, you need a credit card with the lowest possible interest rate and minimal fees.
With lots of expenses and not much income, you want to spend as little as possible to get the credit you need.
In a perfect world you’d pay off your balance every month and the interest rate wouldn’t matter all that much.
But a whopping 82% of college students don’t do that, and by the time they graduate they’re carrying $4,100 in credit card debt.
I think you have to be very careful about credit cards and college students. That little piece of plastic can be very powerful.
First, I think if parents allow a student to have a credit card, they should call the credit card company and ask for a low line of credit. Perhaps $1000 to $2000 – something that is manageable.
Another option is to buy your kids prepaid cards, such as a prepaid VISA card. This can help them understand that they need to monitor purchases and watch the balance – because the money may not be there.
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(6 votes, average: 4.17 out of 5)
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