I can’t believe my oldest son is a senior this year. A few years ago my son and I went to the bank to open up a checking out for him. I wanted him to start learning how to balance a checkbook and understand the importance of keeping it accurate. Now that he is even older it is time to start educating him on how to use and not abuse student credit cards.
One thing I wish I would have really known more about before I was on my own was how important your credit really is to your financial stability. As many of you know, having great credit is important when purchasing a home, or car, or getting a credit card.
Did you know that Discover has a card specifically for students like my son? The Discover it Chrome Card for Students, or the Discover it Card for Students, are great options for my son to manage his expenses and still earn rewards. I had no idea how many rewards I could earn with a credit card until just the last couple of years. I wish I had known about this added bonus when I was young.
5 Tips for Introducing Your College Student to Credit Cards
Think about the following when evaluating student credit cards in order to make an informed choice:
Students can still earn rewards with a credit card
Not all student credit cards provide rewards, so find one that does For example, Discover It Chrome for Students rewards your student with a 2% Cashback Bonus on the first $1,000 in combined gas and restaurant purchases each quarter.
Building a credit history begins on Day One
Students generally aren’t thinking about building credit, but as soon as their first credit card makes it into their wallet, they are building a credit history that employers, landlords, and lenders will one day use to assess their creditworthiness. All Discover cardmembers, including students, receive their FICO credit score for free each month on their statement and when they log into Discover.com
Stay protected from fraudulent purchases
In today’s world, fraud can happen to anyone – but it doesn’t have to be damaging in the long term. Students are protected with Discover cards with its $0 Fraud Liability Guarantee, meaning that you aren’t responsible for unauthorized charges. Just call Discover if something looks suspicious.
Fast, kind, helpful customer service is absolutely key
Make sure your student has a card that offers high-quality, day-and-night customer service agents to answer questions immediately. That’s why Discover’s customer service is available 24 hours a day, 7 days a week. Cardmembers can also reach out through Twitter @Discover or chat with a specialist when they log into Discover.com.
Bonus – take advantage of mobile apps on-the-go
Your credit card should offer a mobile app that you can access on the go with your smartphone or tablet; this can often be the quickest way to be aware of your account activity.
I have a hard time imagining my oldest son going to college or moving out. However, I know that when he does I want to be sure I’ve armed him with as much information as I can to make informed and good financial decisions.
Update 07/07/24: Wow it has been 10 years since I created this article. My oldest son is now almost 27. He has moved across the country, recently gotten married, and expecting his first baby in September. I am proud of him for all of this and his keen financial sense. Starting him with student credit cards and teaching him about interest rates and creditworthiness has really helped him make good financial decisions.
My youngest daughter is turning 19 years old this year. While she does not feel she is ready for a credit card since she loves to shop and doesn’t have many responsibilities other than going to school and work, we still got her one of the student credit cards to help build her credit. I use the card on her behalf, but this is a great way to help build their credit even if they may not be ready.
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