credit card for college kid?

[CGB]

I added our kids as authorized users to the card with the highest credit limit while they were in high school. Even though they had their own checking/debits, they did quite a bit of traveling with their extracurriculars and I didn't want them to ever be caught needing money. Thankfully, both kids were responsible with it and never used it without talking to me first. As they've progressed into college & adulthood, they've gotten their own cards. They've never had any problems getting approved and I suspect it was due to their lengthy access to a large line of credit. I think it also took away the novelty of getting a credit card. Neither has credit card debt today.

FWIW, they both still carry my card because it makes it so easy to have them pick up something at the store for me.

 

[bjscheel]

My girls were able to get Discover Cards at 18. They were also authorized users on one of our cards.

Older DD tried for a Capital One student card and was turned down for lack of credit history?? I thought that was why they offered a student card!

 

[LuvOrlando]

We did Discover too during Senior year mostly out of strategy to have a score that would allow them to pay off a chunk of the loans and then refinance and build better credit ratings for a house and car in a few years. Both were directed to put the minimum on auto-pay and pay well over that each month, so far it looks ok.

I added them to one of my cards early on and that was a disaster with ordering food so later on, maybe 2 years in, I had each kid open a checking account with me on it so I could transfer money in as needed which forced them to check in as they went along. This was much more controlled and demanded stronger accountability. The only things they had linked to my credit cards were UBER accounts and Instacart, those Uber bills could get pricey BUT they were cheaper than the thousands some parents I knew spent on attorney fees, deductibles &. insurance rate increases for Underage charges and driving mishaps so worth it to me.

 

[MillauFr]

I think you'll find that most college students don't need any of the in person services that brick and mortar branches provide.

 

[aprilgail]

My daughter had a visa debit card when she got her checking account at 14 so she used that when she first went to college since she was only 17- her second semester she got Discover and Capital One cards. By her 3rd year of college she was approved for a jetblue credit card and that is basically the one she uses for everything and pays it off at the end of every single month- never carries a balance. She is 22 and was just approved for a mortgage and bought her first house with her boyfriend.

 

[QueenIsabella]

I think you'll find that most college students don't need any of the in person services that brick and mortar branches provide.

This. My kids do all their banking on their phones (Apple Pay, transfer between accounts, etc.). DD19 is a barista, so she gets cash tips--she gets me to cash her out (i.e., take all the ones and change). If she has too much cash on hand, she makes a deposit at the local ATM.

 

[MrsPete]

My girls got Discover cards when they were young college students -- we encouraged that specific card because Discover has been very good to us over the years.

Similar point: After they chose a college, we checked to see what ATM machines were on campus and made sure they had an account at the right bank.

 

[RamblingMad]

Credit card companies were lining up to give out cards when I was a freshman. Everyone got one or more. The downside was that some kids finished university with more credit card debt than student loans. And this was back in the early 90s.

 

[CaptainAmerica]

My only issue with Wells Fargo--might not be an issue for everyone--is that the account is in the child's name alone. There's no way for the parent to monitor it.

Children don't go to college, adults go to college.

 

[Mackenzie Click-Mickelson]

I did mine at a local bank. Back then banks and usually specific student-oriented accounts were one of the fewer places where an 18 yr old with no credit history could get approved. I still have that card.

Parents don't need to monitor the account, you can do joint checking or something similar if need be if you want to funnel money in.

These days there are many more options available especially reward ones which were less prevalent when I was younger.

 

[QueenIsabella]

Children don't go to college, adults go to college.

Not always true. My son will be 16 when he starts college classes this fall. He's already been accepted and registered and everything. With his current stats, he could have enrolled full-time, but he'll finish HS in tandem with college classes. He's a bright kid, but hardly unique. And he won't get a credit card until he turns 18. Because I said so.

 

[CaptainAmerica]

Not always true. My son will be 16 when he starts college classes this fall. He's already been accepted and registered and everything. With his current stats, he could have enrolled full-time, but he'll finish HS in tandem with college classes. He's a bright kid, but hardly unique. And he won't get a credit card until he turns 18. Because I said so.

Yes, because that's what people mean when they talk about college students: 16 year old high school students getting some credits on the side before they graduate.

Me: Commercial passenger cars can go about 120 MPH.

You: Actually, the Lamborghini Murcielago came off the factory floor with a top speed in excess of 200 MPH.

 

[Mackenzie Click-Mickelson]

My girls were able to get Discover Cards at 18. They were also authorized users on one of our cards.

Older DD tried for a Capital One student card and was turned down for lack of credit history?? I thought that was why they offered a student card!

It's sorta two different things

Student-based cards and accounts usually tied to things like what rewards you get, fees, rates or bonuses, etc
Student-based cards and accounts for those just starting out.

According to Capitol One's website presently (so could have been different then) all their student-based cards are for those with Fair Credit. It can and has generally been the case for many years that lack of credit history can prevent you from getting a CC, it's finding that place that takes no or little to no credit history is what you need. Like I mentioned in my other comment back when I was 18 banks were usually the place to go because all these reward cards weren't around nearly as much. I distinctly remember my bank when I applied for the CC saying their account was one of which very few were denied.

I did just randomly peek around and since you mentioned Discover they have several options for Student-based cards where no credit is needed.

 

[Mackenzie Click-Mickelson]

And he won't get a credit card until he turns 18. Because I said so.

The law says so not you.

 

[dreamer17555]

My dd at 18 got a student discover card. She’s smart with it. Now at 20 they increased her limit and she got a capital one card with rewards.

 

[CaptainAmerica]

FWIW, there's no need for anybody to open a credit card they don't want just to "build credit." You can add adults (and, depending on the card issuer, children) to your existing credit card accounts as authorized users and they'll inherit the credit history for those accounts.

 

[Mackenzie Click-Mickelson]

FWIW, there's no need for anybody to open a credit card they don't want just to "build credit." You can add adults (and, depending on the card issuer, children) to your existing credit card accounts as authorized users and they'll inherit the credit history for those accounts.

That's newer though in terms of building credit but regardless not all parents want to do that and have their own reasons. Plus there are minimum ages (usually 15 or 16) depending on the issuer, some don't have a minimum age but the primary account holder would have to have that card issuer to benefit from that.

Any action by the primary account holder can impact an authorized user's credit which included negatively.

I'd say if someone is okay with it and has excellent credit it would be one way to go however you should still get one in your own name and preferably as soon as one legally can.

 

[aprilgail]

Children don't go to college, adults go to college.

nope- my daughter was 17 the first semester of college- that is still a child, not an adult- couldn't even go to the store and buy meds when she was sick since she was not 18.

 

[CaptainAmerica]

That's newer though in terms of building credit but regardless not all parents want to do that and have their own reasons. Plus there are minimum ages (usually 15 or 16) depending on the issuer, some don't have a minimum age but the primary account holder would have to have that card issuer to benefit from that.

Any action by the primary account holder can impact an authorized user's credit which included negatively.

I'd say if someone is okay with it and has excellent credit it would be one way to go however you should still get one in your own name and preferably as soon as one legally can.

No, it's not "usually" 15 or 16. It's extremely rarely 15 or 16, and if the parent pays their bills, there's no downside. My two year old has a credit score in the 700s.

 

[RamblingMad]

Children don't go to college, adults go to college.

Not anymore. Have you hired kids out of university lately?