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[G561]Guaranteed Student Credit Cards

by Corey Landis, Cor

Is your child headed to college? Have they asked you for a credit card? As a parent, it is up to you to assess the situation and decide whether or not to grant this wish. When it comes down to it, it really depends on the level of responsibility your child has exhibited in the past. It's tempting for the student to have the ability to suddenly pay for a variety of items. Many students don't consider the usage of a credit card as the same as paying cash. Somehow the credit card bill just magically gets paid.

Students may have the tendency to show off in front of their friends by buying snacks and drinks for everyone. Or use the credit card to get cash by paying the entire bill for lunch and everyone paying the student cash for their portion.

Should you make the decision to have a credit card issued in their name, the next step is to sit down together and agree on ground rules, making the stipulation that if these rules are not followed they will no longer have the privilege of using the card. In most cases a student with no credit will have to have a co-signer on the account. That co-signer could be you.

As long as your child is responsible, a student credit card will help them to begin building their credit history at an early age. This will be helpful when it comes time for them to buy a car, purchase a home, etc. The chances that they will then need a cosigner will be greatly reduced.

On the other hand, if they have not proved to be responsible up to this point the improper use of a credit card could be detrimental to their financial future.

Many parents have made the decision to have a credit card issued to their child which carries a low credit limit. This way they will have funds available, in case of an emergency, but won't have the ability to go out and purchase things that they don't need… items that they won't be able to pay for. In the worst case scenario where the student maxes out the card there will only be a debt of perhaps $500 to $1000 rather than thousands of dollars on a card with a higher limit.

It is important for parents to instill in their children the fact that once credit is tarnished or destroyed, it is very difficult to re-build. These same children may not be concerned with something that they feel will only affect them a few years down the road. Unfortunately, many young people tend to be more concerned with the here and now.

Credit card companies solicit students through mailings, online and even on campus. It's not nearly as difficult to obtain a credit card if you're a student, even with no credit history.

Should your student have a credit card? Take the time to sit down and discuss both the pros and cons. It's up to you to help them make the right decision.

Credit cards can also pay for redoing that boring old dorm room. Getting the credit card that fits your needs all begins with filling out an application.

Banks and credit card companies will be falling all over each other in an effort to get your business as you walk around your campus. Some will offer you freebies like food and clothing if you just sign right here.

You should never choose a credit card based on these kinds of giveaways. There is no college student who doesn't love a freebie, but this is a big decision which can deeply affect you. You need to base your decision on thought, not free pizza.

Don't be in a hurry to fill out that first credit card application someone gives you. Get three or more applications and carefully compare what they each have to offer or shop online to see which has the best deal for you.

These companies all want to give you credit, maybe even the same credit limit is offered by each company. So how do you decide? First of all, you need to find out how much that this card will cost you (or perhaps, your parents).

One of the costs of a credit card is the annual fee, the other is the interest rate (or APR). If you can find a card with no annual fee, this is the best option. Why pay an annual fee if you don't have to do so? Shopping around will find a no fee card for you.

Generally speaking, interest rates will be somewhere between 12% and 18% on your outstanding balance. Other than interest rate, there are other factors which may make a particular company more or less attractive to you.

You might find that you can get an affinity card; this is a credit card which features your college or university's logo. There are other groups for whom affinity cards are available as well, including political and environmental groups.

Some credit cards will give you points which can be redeemed for rewards including travel and other gifts. These points are earned by paying your minimum monthly payments on time and keeping your spending under your credit limit.

If you do a lot of shopping at stores which offer points too, than you will be getting a lot more for your money if you use these kinds of credit cards. Some cards offer cash back (terms may apply, not all purchases will be eligible for this)

While it's perfectly alright to sit back and listen to the sales pitches from the campus credit card representatives (while eating their snacks), remember that these reps often do not have the information you need to make a wise decision about credit cards.

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Both Corey Landis & Nick Makaryk are contributors for EditorialToday. The above articles have been edited for relevancy and timeliness. All write-ups, reviews, tips and guides published by EditorialToday.com and its partners or affiliates are for informational purposes only. They should not be used for any legal or any other type of advice. We do not endorse any author, contributor, writer or article posted by our team.

Corey Landis has sinced written about articles on various topics from Credit Cards, Bad Credit Loans and Credit Card Offers. Complimentary report How to Start a Home Based Business: 27 Ways to Corey Landis contributes articles on. Corey Landis's top article generates over 246000 views. to your Favourites.

Nick Makaryk has sinced written about articles on various topics from Credit Cards, Airline Credit Cards and Credit Cards. Nick Makaryk is an Internet Publisher, Copywriter, and Founder of A Free consumer credit card comparison site helps consumers find the. Nick Makaryk's top article generates over 60500 views. to your Favourites.