Student Credit Cards
Can Really Help!

Should students be allowed to apply for their own student credit cards?
That is a tough question, but it can be a huge relief for a parent to know that they do have access to cash other than the bank-of-mom-or-dad in an emergency. Yes, they do have to learn to treat their account responsibly, and it is yet another of life's lessons that they can begin to learn while they are at school.

Should you encourage your student to have a credit card?
Now, no-one should be forced to do something that they don't want to do, so if your student does not want  a creditcard, it is a good opportunity to talk to them about financial matters. Perhaps they are worried that if they have their own card they know they will go on a spending spree!

Being a student is a time of becoming responsible for the things you do. There is no-one who will chase you up if your project isn't handed in on time. The responsibility is the student's, and this applies to money too.

So, think carefully about the type of card a student should have. Perhaps a prepaid card would be best, one that is paid in advance for purchases in the future. This way you can only spend the amount available on the card, but at the same time, you will be building a good credit history, one you may need when you go to rent your own place etc.

These days, with ATM machines all over the place, and debt cards easily used in stores to pay for goods directly from a bank account, there is perhaps less of a need for credit cards than in the past, but with creditcards accepted nearly everywhere and in many, many countries, it can still be an advantage for a student to have their own. Who knows when you will want to go travelling? And a credit card then becomes a very important thing to possess. It can enable you to travel home again at short notice if you need to, and it can just provide a level of security.