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News Tips & Updates on Student Credit Cards

Regulation backfires for student credit cards

Monday,22nd December, 2014
Most people have done well out of the Credit Card Accountability, Responsibility and Disclosure Act of 2009 (the "CARD Act"). Consumers face fewer "gotchas," shorter impositions of penalty interest rates, and lower and less frequent fees. Credit card companies are thriving financially and have better relationships with their customers, according to the record satisfaction levels across the industry recorded in the J.D. Power 2014 U.S. Credit Card Satisfaction Study. As discussed in "Are federal regulators up to protecting us?," the law has generally worked well. But recent news suggests one group may have been disadvantaged by it: those who use .......

Credit cards and kids: Should you let your high schooler have a credit card?

Thursday,22nd November, 2012
Your 16-year-old wants a credit card for essential shopping trips and school excursions. That way, she explains ever so reasonably, she doesn't have to carry wads of cash or drag you along to the mall, and she's covered in case of an emergency. Meanwhile, you envision wild spending sprees and whopping credit card bills. Should parents ever add teens as secondary card holders to their accounts? The answer depends on a variety of factors, and there is no correct answer for everyone. Here's what you should consider: Financial experience before credit card Children who have handled a savings account, earned money from household .......

The 4 biggest credit card mistakes college students can make

Wednesday,05th September, 2012
Even some of the smartest college students don't make the grade when it comes to handling their credit cards, and it remains to be seen whether the new credit card regulations affect the learning curve. Under the new rules, issuers cannot market credit cards on campus, and they can't let students open accounts unless they can prove they have sufficient income to pay the bills or get adults to cosign. If you do cosign for your child, be aware that your credit is at stake. Any mistakes your student makes appear on your credit report as well, and ultimately you bear .......

Starting college? Choosing the right student credit card is crucial

Wednesday,01st August, 2012
Off to college? It can be a bit scary, especially if you don't know anyone at the school you plan to attend. Still, take heart; things could be worse. Girls and boys of the Okiek tribe of Kenya are ritually circumcised or excised when they're 14-16 years old. They then cover themselves in clay and charcoal and live in segregation for up to 24 weeks. Even the most extreme fraternity or sorority hazing in this country can't be that bad. Almost certainly. Among the things that might be worrying you about college, credit cards are probably pretty low down your list, .......

Credit Card Restrictions: What Happens After 21?

Thursday,21st June, 2012
Under federal law, you have to cosign for your kids to get credit cards in college, unless they can prove they have income to pay the bills. But what happens after your kids turn 21? Here are four things to know: 1. Credit Card Independence The federal credit card regulations for college students don't require a cosigner after they turn 21. But can a young adult who's studying full time qualify for a credit card? Maybe not, especially in a tight credit market. To maintain the accounts, your kids might need you as a cosigner until they get full-time jobs. 2. How to Quit as .......

Student credit cards: A parent's perspective

Monday,19th September, 2011
Your little prince or princess is (nearly) all grown up, and is off to college this year. Not an easy time, is it? Your help may still be needed, but it's unlikely to be greatly appreciated. And you can expect fireworks at the mere suggestion of interference. Hint in the mildest possible terms that, while the apple of your eye is packing for freshman year, he or she might choose to find room for a few pencils and books among the sports equipment, weird clothes and electronic gadgets of unfathomable purpose, and you could be on the receiving end of a .......

Should You Co-sign for a Credit Card with Your Teen?

Tuesday,26th July, 2011
Changes in credit card legislation have made it tougher for teens to get credit cards. Unless your kid has enough income to pay monthly credit card bills, he cannot get a credit card without you or some other adult serving as a co-signer. You may be thinking you'll just pay the bill for junior until he gets out of school, but while that seems like the obvious solution, you may want to reconsider such a plan before it's too late. Yours, Mine, Ours The fact is that anytime you co-sign for a credit card, you are just as responsible for paying it back .......

Reasons You Should Handle Credit Cards With Care in College

Tuesday,31st May, 2011
If you talked your parents into cosigning for credit cards, then you might have been lectured about the dangers of college credit card overspending. You know to pay bills on time, use credit cards only when necessary, keep balances low, charge only what you can afford and avoid staggering credit card debt. Yeah, yeah, yeah. You know the instructions for wise credit card use. Now, here are 5 reasons to follow those instructions: 1. Get a Car After College You build a credit history when you have credit cards, and that history is checked when you apply for car loans. Good credit ratings come .......