Having a credit card has its own advantages and disadvantages. Most of the students are not well aware of the problems that may arise if they don’t handle their cards sensibly. There are some very valid concerns about college students and credit cards, which are discussed later in this article, but there are also many good reasons to motivate parents to help their children obtain a credit card before heading off to college. Here is a list of some of these reasons.
They’re going to get one anyways
According to a recent survey, almost 92% of college student have at least one credit card by their sophomore year. Out of these 92%, most of the students got their cards by just applying for an offer that they received in the mail, even without comparing the options available to them.
Thus by taking action early, you have a chance to help them find the best credit card with lower rates and a more reasonable spending limit. This will also provide you the opportunity to educate them on the risks of having a credit card.