I’ve talked about the debate regarding credit cards for college students on many occasions. As I have mentioned before, I don’t see anything fundamentally wrong with allowing college students to gain access to credit cards. In fact, I believe that you can really be helping your child out if you help him or her get a credit card at a younger age – as long as education and responsible ownership are at the cornerstone of its use. Tips and some good advice on finding the right college student credit card can make the process easier than it might first seem. If you’re looking for the right college student credit card that provides you (the parent) more control over the account activity on the card, you might want to check into the Citi Dividend Platinum Select Card for College Students. This card actually gives you, as the primary card holder, the ability to control the credit limit amount.
|Regular APR||Annual Fee||Balance|
|0% Intro APR for 12 months on Balance Transfers and Purchases||12.99%-22.99% (Variable)||$0|
Especially if this is the first credit card that your young student has ever used, setting a small credit limit in the beginning, of say $500, is a good way to test the waters without having to worry about overspending or irresponsibility right out of the gate. This is a really good way to give your children a safe start to learn how to use it responsibly while the small credit limit really forces them to stay within budget. At the same time, having a card with a $500 limit is still adequate enough (or should be) for monthly expenses. An unsecured credit card with a small limit is also a smart way to begin the process of establishing a credit history for young college students with no established credit.
Additionally, easy online account access gives you the ability to actively monitor the spending activity of your student. While monitoring your child’s account activity might seem a bit overbearing for some parents, for others it might be just the tool that you need to feel comfortable with the process. The card provides you with the tools necessary to exert the type of control that you might feel that you need. You can also monitor activity by simply calling in on the toll free 800 number.
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