| As soon as my older D turned 18, I took her to the local credit union (where we have accounts) and had her apply for a student Visa. Student cards have a credit limit of $1000 and a reasonably low fixed rate (around 14%, iirc). Limit was high enough she could buy textbooks and airfare home in case of emergency (her dad was undergoing cancer treatment at the time)--but not so high she could run up serious debts.
I've been quite pleased. Customer service has been terrific! D has been quite responsible over the years and requested (and was granted) an increase on her credit limit to $2000 about 2 years ago. (CU will only increase credit limits if the cardholder requests it and they have a record of positive payment history.) When she graduates in May she will 'upgrade' to regular credit card also issued through the credit union.
Younger D has a debit card connected to her checking account, but since she too will going to college OOS, I will have her apply for a student Visa at the CU befores she leaves because it has more fraud protections than her debit does.
BTW, I was appalled that older D was issued not one, but TWO credit cards from a major commercial bank basically on her signature and EACH card had a higher credit limit that I have on my own credit cards. No way should an unemployed 19 year old have TWO $30,000 lines of credit. I made her shred both cards and then call and cancel both accounts. (Then had her check her credit report to make sure they really did close the cards.) |