<p>Anyone have any recommendations/suggestions for the best credit card for college students. Is it better to just add student’s name to parent’s credit card or get them their own account? There was another thread on this topic, and I did read it. We did receive some credit card promotions in the mail but have not selected one as yet. It would be nice to be able to get a credit card with a benefit like cash back, etc, which some compatnes offer.</p>
<p>companies offer.</p>
<p>My kids’ answer to this: none.</p>
<p>They’ve seen too many of their friends run up scary credit card debt.</p>
<p>I guess that could happen, depending on the student and the situation. Son already has one and is very careful with it - doesn’t overspend, etc., so that’s not an issue. Plus, there’s a limit on the card, so he can’t go over a certain amount.</p>
<p>Google “student credit card”. Multiple choices with the advantage of a credit limit of $500 or $1000. If a student limits him/herself to just one card, they won’t be able to get in too deep (though ideally they would pay it off monthly). I think it is good to have for “emergencies” and a I think these kids are old enough to begin learning how to be fiscally responsible.</p>
<p>I think it depends on the student but for most I would urge a $500 credit limit and no annual fee. I would suggest they use it for school required purchases for the first two years…books and limited food. Parents could agree to pay a share of credit card if it is used for books and supplies more than food and entertainment but that is up to the family. Mastercard and Visa seem to be accepted at the most places.</p>
<p>I encouraged my kids to use the one offered by our credit union as it also works as a cash card.</p>
<p>Mine refuses to get a credit card, opting instead to use only the Visa-logo debit card attached to his credit union account. At some point he’ll need to establish credit, though, and I assume he’d need an actual credit card (or loan) for that purpose.</p>
<p>mootmom - or a utility bill…regular payments to the phone gas and electric companies are a start. Store credit cards are easy to get and all they need to do is buy some jeans, pay with the card, pay the card off completely…after a short period their credit history is started.</p>
<p>Mootmom, look into a ‘nontraditional credit history.’ No credit card involved…instead, a history of regular payment of bills for utilities, rent, telephone, etc, is needed.</p>
<p><em>edit</em> mr b, you beat me to it 
<em>/edit</em></p>
<p>I strongly believe in learning fiscal responsibility. one card he’s had for years, and I get bills. Books account for most of the charges, and they often are more than $500. He’f encouraged to charge dental appts and haircuts on this card. Other card is attached to his own bank account, and I don’t have a password.</p>
<p>1moremom - thanks for your idea about the Google “student credit card”. I’ll definitely look into it. There are so many different ones out there, it’s impossible to know about all of them. Thanks to everyone for their words of wisdom. The main thing is to be able to trust our kids when it comes to spending - mine know the drill already - and it’s great having the financial limit set on them by the credit card company - that way it’s not our fault that’s all they can spend. It works like a charm!</p>