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Secured Credit Cards for College Students
So your son or daughter is headed off to college and you are worried about them having the funds they need to purchase books, school supplies, or eat properly.
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Well, you may consider secured credit cards.
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Secured credit cards are a great way to help your college freshman learn how to manage money and also give them a beginning on building a quality credit rating.
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You can find credit card companies that will allow them to spend only what is deposited into the account or some that will double or triple the amount of their credit by what is deposited.
This is great, because you can deposit $300 and if the lending company doubles or triples this amount then they will be able to use their secured credit card and purchase up to $600 to $900 per month. Or if you prefer you can have the limit as to what is deposited.
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Remember, though, you will have to pay the balance before they can purchase the next month. If your student has a part time job a secured credit card will be great for them because you could ask that they pay back all or a portion of the money they spent on the secured credit card.
This will teach them responsibility and how to use a credit card properly and also learn to not over extend themselves or they will not have any money the next month.
As long as they pay the balance monthly, they will be receiving a good credit rating by using their secured credit card. They will also not have all the late fees to pay and they will be learning a valuable lesson on budgeting and credit.
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While they are learning to spend wisely with their secured credit card, you will have the peace of mind that they have the funds they need and you will not have to send them checks monthly.
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Don’t be surprised though if they are still not eating healthy and spend their money on items that you would not. They are just learning who they are and how to spend and use their secured credit cards wisely.
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