<p>Fendergirl, I’ve got you beat - my daughter got a Visa from a major bank when she was 8. This was a mistake, of course – you know how credit card companies are always sending out those solicitations? Well, she had been filling them out and sending them back. I told her to keep the card in a safe place, and we would use it once a year for Christmas shopping - to charge one or two things - pay the bill, & put the card away again. So of course the card stayed active. She’s now 16 & there is now a limit of several thousand dollars - of course she uses the card more now, but we have always stuck to the rule of carefully monitoring expenses and paying it in full each month. When the bill comes, we simply divide it up, as she also now uses the card for to charge many things that I am happy to reimburse, such as airfare for an out-of-state college visit.</p>
<p>Calmom-
My s. got a survey and invitation to join the republican party when he was 2! (We filled it out and had him scribble on it). This year, at college, he was active in the Young Democrats, campaigning for Kerry. Does that count as a change of party affiliation??</p>
<p>D, a freshman, has separate credit card and debit card in her own name and on her own account. She accesses credit card bills online and pays them herself. Hard copies of credit card statements and bank statements are sent to our house. We don’t make comments about her spending, but if she starts to run into credit card trouble, we’ll be able to spot it quick and to advise.</p>
<p>Yeah, My statements are sent to my house, and my mom opens it and tells me how much I owe. We normally go over it together because i pick things up for her and charge them… so the entire bill is never just mine.</p>
<p>Fendergirl, it sounds like your arrangement is similar to mine. I like my duaghter having a separate card – so I don’t have to worry about unexpected charges on my own card. But it is also just more convenient if my daughter can use her own card for purchases that I would ordinarily pay for.</p>
<p>Credit card with low limit. I did the debit card thing for years and learned my lesson: no credit history, so I couldn’t get a cell phone plan without… (drumroll) an $800 deposit! Now, I have a few years of good credit to my name. Very happy, as I’ve been able to take out $40k in grad school loans without a co-signor.</p>
<p>As for the low limit, some student cards are maxed out at $500. If you are really worried, have her set aside that amount in a separate bank account, where it hangs out, gaining interest. Should something bad happen and all hell breaks loose, she can pay off the balance and be done with it all.</p>
<p>This is the table of student credit accounts listed on bankrate.com. It lists many, but by no means all student credit card option.s It is an handy table, though, for comparison. <a href=“Bankrate: Guiding you through life's financial journey”>Bankrate: Guiding you through life's financial journey;
<p>oops–meant to post this on the new credit card thread…</p>