Credit Cards For Students

As if kids do not have it tough enough, credit card companies have started targeting credit cards for students. Not just any student, mainly high school students and college students. Credit cards for students can be an important vehicle to purchase books and school supplies, but it can also leave the student with a lot of debt at graduation should they not exercise extreme caution. Commercial credit card companies have designed credit cards for students to help them get their financial start at 18 years of age. If the student is under that age, the parent will have to cosign should the child not be able to make payments the parent is financially responsible.

High School Students

Most seniors in high school, before some even graduate will receive offers from Visa, MasterCard, and American Express to start out with a low credit limit account. Once the student has exercised caution their account limit is raised proportionately. Once they have reached a certain level the card can be worth up to $1,000 or more. Some high school students will already be thousands of dollars into debt when they graduate, without even setting foot into college.

College Students

At most collegiate orientations and on the first week of school, most universities and campuses are packed with credit card peddlers who want to sign your child up for credit cards for students. They make it so easy to obtain them all they have to do is flash a college ID and a driver's license and the creditor will send them a pre-approved card within a month.

There has been legislation introduced on some campuses to reduce the number of credit card companies allowed on campus during the first weeks of the semester. Most college students leave college owing a large amount of debt even before they find their first job. Some colleges won't even allow credit cards for students and will not allow the credit card companies to solicit their students.