I am considering getting a low level credit limit card for my soon to be college boy as a way of establishing credit for him as he continues in his own life.
I need opinions, pros and cons, etc... Any input is welcome.
Sandy :O)
2007-08-14 08:28:38 · 4 answers · asked by Anonymous in Entertainment & Music ➔ Polls & Surveys
Great suggestion, Richard C, about making small purchases that must be paid off in the next statement.
2007-08-14 08:45:21 · update #1
OH!!! I thought you meant little kids when I first read your question! I was about to say "Hell no!", LOL!
Alrighty, here's what I think as a college student myself. First of all, I'm totally against credit cards. The only kind of plastic I have is my debit card and my driver's licence. I saw what my mother went through when she was up to her ears in debt and I NEVER want to have to go through the kind of stress she went through.
However, I think it's a good way to teach someone some responsibility. What you must realize is that he's no longer a kid. He's an adult. A young adult, yes. But an adult nonetheless. Explain to him the seriousness of the credit card and how it should only be used for emergencies. When he too gets up to his ears in debt and has to go bankrupt, he'll have learned his lesson, right? Ha, just kidding!
Good luck!
2007-08-14 08:41:46 · answer #1 · answered by Anonymous · 1⤊ 0⤋
The con is it becomes a pay now, worry later situation. The obvious pro is a responsible person is building a line of credit for the future. But the deal is it is only for small purchases that must be paid off in the next statement.
2007-08-14 15:43:35 · answer #2 · answered by Zombie Birdhouse 7 · 1⤊ 0⤋
Why not start out with a pre-paid card for him until you get an idea how he's gonna do with one? Then move him to a small credit limit one. No damage that way if for some reason he spends too much! Just my 2 cents worth - if it's really worth anything!
2007-08-14 18:36:08 · answer #3 · answered by ? 3 · 1⤊ 0⤋
make sure it has a limit of like $500. Some college freshmen go ape poop thinking hey ive got a credit card i can buy that. My sis did and bought all her friends supper at outback steakhouse. (the bill was around $200) my brother was the one paying the bill on it, needless to say here it is 7 years later and hasn't repaid a cent of all her splurges.
2007-08-14 15:49:28 · answer #4 · answered by me 3 · 1⤊ 0⤋