Allowing your adult child to apply for their own credit card can be a wise choice, particularly if they are in college and starting to find their own way in life. A student credit card can teach them many things, financial independence being one important aspect that no college class can fully impart.

If you son or daughter is heading off to college, then equipping them with a credit card makes sense. In some cases you will have to co-sign the card for them, but in other cases they may be able to get a small spending limit to pay for books, car repairs, even tuition. Concerning the latter, if your student already has worked and paid bills on his own, then he could qualify for his very own credit card.

Some parents worry that their child will be saddled with credit card debt, a debt that could hound them for years. Don't worry, they are already being saddled with student loan debt and they'll be paying back those loans for as long as 20 years! Your child needs to learn financial responsibility and a student credit card can help them out. Besides, when they leave college to go to work, whose credit do you think will matter when they rent an apartment, seek to turn on the utilities, or even apply for a job? Theirs will. So, starting off with a student credit card with a small credit line has its merits. Besides, once they are fully employed they can get that credit line increased. This can help out when they need to buy furniture, clothes for work, or have something on hand for emergencies.

Speaking of emergencies, a credit card can come in handy when cash isn't available. If your daughter leaves a late night party and finds that her car won't start, she'll already know to call AAA and have a tow truck driver to bail her out. However, if at 2 a.m. she has to run to the emergency room, the hospital may require that she show some ability to pay the charge. An insurance card may do, but a Visa or MasterCard can go a long way.

Tuition, books, a late night pizza, clothing, and a new CD are other areas where a credit card can come in handy. Of course, frivolous purchases should be discouraged, but that lesson needs to be learned sooner rather than later. With a student credit card in her portfolio your co-ed can learn a valuable lesson that no college professor can impart.