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College students are galore of the worst offenders when it comes to racking up mountains of unpayable debt; a problem that stay with them long after college has finished – the irresponsible use of credit in college may proceed causing harm until much later in life. By instructing your kids how to manage cash responsibly when they’re young, you’re setting them on the road to financial health and happiness. Many banks offer credit cards tailored peculiarly to the needs of high school students. They are issued with a guarantor or co-signer – normally parents or guardians. So altho the uttermost obligation of the card payment lies with the co-signer, wise students will also find they are capable to use the credit card to start out building a good financial history while they are still young. Be sure to check out all of the choices with your child before you commit to a card. Beware: a heap of banks will try to charge exorbitant fees, reasoning that the applicant has no credit history. But there are reasonable deals to be found if you are more than willing to do galore homework. Of course there are risks involved – you will have no control over your child’s spending and reckless behaviour could lead not only to a heavy burden of debt, but harm to the child’s credit rating in the long term. Make sure that the card has a very low credit limit when applying and offer your child as much guidance as possible; give hope or courage to them to keep within a budget and to make payments in a timely manner. If you’re not sure whether your child is ready for the obligation of their own credit card, another option is to get an extra card issued from your own credit card account and give it to them. Most credit card companies will be happy to issue cards to family members at no extra cost. Students will feel less tempted to run-up insurmountable debts and you may keep a very close eye on their spending habits. If your child is still too young to qualify for a credit card of it is own, or if your intent is to instruct them financial obligation after they have demonstrated the opposite, the best option may be a pre-paid card. It’s not incisively a credit card and not incisively a debit card. This will concede parents to set up accounts for teens and children. They are quick to set up and you have finish control over them – just put in the amount of cash you want your child or teenager to have – when it runs out, the card stops working. Giving your kids the obligation of a credit card could be a nerve-wracking ordeal, but it doesn’t have to be. If you make the right selections with the card, give proper instructions and aid – making sure they perceive the aftermaths of their activenesses – instructing your kids when it comes to the risks, the gains of credit may be immensely rewarding. This will give them a sense of obligation that will last for a lifetime. |
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Hilton
A secured one. Requires you to actually have the money in the bank to buy things.
Beyond that, if you can avoid credit cards, do so. They will cause you more headache then they are worth.
Christi
Avoid credit cards until you’re older and start getting offers in the mail preapproved. If you’re going to college they send them to college students. When you get an offer read the terms and conditions or have someone help you understand it. If you still want one after you see how screwed you can get with it, then use it sparingly. Your credit rating is based on how much credit you have available (max minus balance) and how many times you have ever been late paying any bill whatsoever.
Benton
If you’re sure you want to start using credit cards so soon:
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A lot of card companies have student cards, Chase is one that’s popular. Call and ask for the application department or go to the website for each company for more info. (IF you don’t start getting offers soon. Usually they start coming in right after high school.)
Read the details carefully before you apply. Maybe look over them with a parent or somebody who is familiar with credit cards.
With any card, read the cardmember agreement they send you. I know it’s a lot to go over, but that way you know how it all works and can call the company with any questions! You want to make sure your credit stays good from this first card on, and the way to do that is make sure you know the card policies…..and pay all your bills on time!
You may want to try to avoid using credit cards unless it’s necessary! A debit card linked to a checking account may be a better option right now….
Good luck!
Tracy
There isn’t one. You don’t need a credit card just out of high school. Wait until you’ve spent some time in college, or working with a steady income.
Better yet, open a checking account and use your debit card with the credit card logo for all transactions. That’s the only thing that will keep you out of trouble.
Denny
None! Credit cards exist to deceive you into willingly selling yourself into servitude through debt. Never, ever, ever pay for anything with a credit card unless it’s an absolute emergency.
Maxine
My first credit card was with cap one. I got the student credit card which had a pretty low rate considering I had NO credit. They also started me off with a small high credit and I would make small purchases, pay it off in full the next month and they would raise my limit after a few months.
I don’t think getting a ccd is a bad thing at all. It will help you build your credit so you can qualify for better rates on auto loans and credit cards in the future. Just be responsible about it. You only get one shot with your credit so make sure you pay back what you borrow and the banks will be good to you. GOODLUCK!!!!
Chelsea
get a student credit card check out here they have all major credit cards and you are able to compare them all side by side on rate, fees and rewards.
Fredric
Ok, here’s the deal. I agree with everybody’s answers. This is why. Unless you really “know the game” when it comes to credit cards, then I would stay away from them. If you really want to build credit, the right way to do it would be with a secured card. Although you would have to put up your own money for a deposit to establish credit, at least you get it back sometime later on, and by putting up your own money, it will make you more reponsible with the account since your own money’s at stake. I posted several links to some secured card companies that should help you.
Tamra
How I built my credit when I got out of High School was I got a signature loan. Something like $500 is fine. I put the money in the bank and paid the loan back from that. It isn’t as tempting as a cc that will have a higher interest rate. Plus it gives you credit history which is what your looking for. Take 6-12 months to pay it back.