Usually, when your son sets out for college and lives separately from you, you kind of worry for his financial capacity to support himself. Definitely, college education requires a lot of money. What could be a better move than getting a student credit card for him? A student credit card will give you a feeling of security that your boy will not be so financially challenged. Likewise, this will also give your son the same feeling of security and will definitely be able to concentrate on his studies free from financial worries. Indeed, getting a credit card for students makes a lot of sense.
Being a parent, you want to be mindful of the consequences in getting a credit card for your son. First time student cardholders usually get overwhelmed of the free money notion and chances are that they will spend left and right. I am certain that you , as a parent, do not want this to happen.
Of course, you cannot sacrifice your son’s education for fears that he will misuse the card. To help you weigh things out, I will present advantages of having a student credit card for your son.
First stop – values. Getting him a card will instill in him the value of being financially responsible. Advise him to look for a part-time job that will enable him to pay his dues especially those which are not related with his schooling. Do not forget to remind him that it must be done on time.
Second – interest. It will make your son realize that every spending he does is coupled with interest. Tell him that the interest can be a burden to pay if he does not extinguish his financial obligation to the card every end of the billing period cut off.
Third – time. Stress the fact that if payments are done late, it will balloon the total amount due. In credit, it will create a slack in his credit standing. Explain to him the significance of having a good credit standing.
Fourth – budgeting. Your son will acquire skills in budgeting and financial programming. For example, his credit has an available balance of $100 only. He can either choose to spend this bar hopping with friends or spend it on things he needs in school such as books. His decision will let you see his skill in financial programming and management.
Parents can somehow rely on a student credit card not only for financial security reasons of their children, but also for teaching the children the right values in life.