<p>For parents who have had experiences with getting credit cards for their college children...which ones have you found to be the best (i.e. Citi's student card that gives a certain percentage of cash back on some items, etc.)? I don't plan on getting loaded with debt, just to buy little things to build up my credit and for emergencies</p>
<p>thanks</p>
<p>My D is a second year and does not have a credit card of her own - her choice.</p>
<p>She does have a card in her name on my Visa account, so she has something to use if an emergency arises. If she makes a routine purchase, like for textbooks, we reconcile later on. (She's supposed to cover her expenses and books out of a fixed amount we give her every month. Truth is, though, I'm often a soft touch. Besides, she's not abused the opportunity,)</p>
<p>B of A has a student account that includes checking, debit and credit card (if you qualify). It doesn't have a large limit, but it does begin to teach her how to handle credit.</p>
<p>Wells Fargo has a similar program to Bank of America's. Our daughter has a checking account and a debit card with them, and once she's decided on a college, we bring in her acceptance letter and she can get a credit card with a relatively low limit.</p>
<p>She is to use it ONLY for emergencies, like car repairs or unexpected travel expenses. NOT for a Spring Break trip to Cancun!</p>
<p>Someone told me once that it's a good idea to establish a payment history on a credit card by buying one tank of gas on it a month, and they paying that off in full when you get the statement. Makes sense to me.</p>
<p>My kids both have Wachovia MBNA cards also linked to their checking accounts. I like them having their own cards even if we are reimbursing the charge (ie books) so that they are establishing credit rating. Also I can check charges online and can transfer money to their checking if I need to reimburse or can make a payment myself to the card. (card is in their name, but I am listed as authorized user). I feel that they need a card of somekind as emergencies have happened--car breakdown, ER visit, urgent care visit, and my kids are notorious for never carrying cash.</p>
<p>Ellemenope, I am considering the B of A student cr card, partly because we have a B of A accnt already and because I assume that there will be a BofA office where my D is going in the fall (not a big city.) Do you electronically deposit into her account if needed? Does she pay her own statement with the checking accnt? What is the credit limit they gave her? Are you allowed to check the accnt balance? My D is pretty responsible and tends to be frugal, but she is also a bit naive about finances and runs her own economy on a strictly cash basis.</p>
<p>My son is a sophomore and has had a credit card since he entered college. It is in his name (no cosigner)
and started with an $ 800 limit. He has handled this card responsibly and clears any extraordinary purchases with me beforehand.</p>
<p>I can check his balances online and have established a link that allows direct payments from his checking account to his credit card.</p>
<p>One problem is that the companies increase lines periodically. The credit line on this account is now $ 2,400. The account is with Citibank.</p>
<p>DD has the B of A student package, including a credit card. Unfortunately the credit limit won't permit her to purchase a single semester's books, so we also gave a card from one of our accounts (with her name on it of course). She's been very responsible with both cards. And as patsfan said above, it's easy to track purchases online. Works for us.</p>
<br>
<blockquote> <p>Ellemenope, I am considering the B of A student cr card, partly because we have a B of A accnt already and because I assume that there will be a BofA office where my D is going in the fall (not a big city.) Do you electronically deposit into her account if needed? Does she pay her own statement with the checking accnt? What is the credit limit they gave her? Are you allowed to check the accnt balance? My D is pretty responsible and tends to be frugal, but she is also a bit naive about finances and runs her own economy on a strictly cash basis.<<</p> </blockquote>
<br>
<p>To answer your questions:</p>
<p>You can transfer $$ from your checking account into hers and do it online. Very convenient and easy.</p>
<p>B of A ATM machines are all over the place. We are in CA; she is in MA. ATM $$ available without pesky fees.</p>
<p>She pays her own credit card from her own checking account.</p>
<p>Initial credit limit was in the $500-700 range, if I recall. Has already gone up.</p>
<p>D has the paper statements for bank and credit card mailed to our house, so we can look at them if we'd like. We give the statements a quick glance--just to make sure nothing is amiss. We don't comment on her spending habits nor do we make her account for every purchase. She accesses her statements online. </p>
<p>Because it is HER account, you will not be able to check the balance unless she gives you access and you won't be able to call the bank and straighten any problem she may have with the account.</p>
<p>She has paper checks, but doesn't use them much. Never got the university address printed on checks.</p>
<p>Bottom line--the B of A plan works with us, especially the ease by which we can deposit her allowance directly into her account.</p>
<p>Yep, we have the B of A accounts for the 4 oldest. DS the senior, has had his since last summer. We put him on a joint account with his older sis who was going off to college this past fall. She is the spender, he the miser so it has been an interesting year. She was kept in check (sort of) and he has a great handle on how to NOT spend the money.</p>
<p>Checks balances online, transfer money online and she can pay whatever bills/deposits she needs to at college with her debit/credit card. Each kiddo also has a secondary credit card account, to be used for plane tickets and emergencies. We went with USAA's credit card, low low interest rate and decent credit lines.</p>
<p>So now they have 2 solid lines of credit. It helps manage all the kiddos finances and we all have access in case they need something quick. But the access is granted through being able to sign on online not by being a signer on the account. Their accounts are their own. And so far, the 4 kiddos have managed to not overdraw their accounts in the 5+ years they have had them.</p>
<p>And no they have never used a paper check. They rarely even use an atm, if they need cash they just get it on their trips to Walmart, the grocery store or Target, when they run a purchase as debit with cashback. That way no hidden atm fees! And they end up not carrying around much cash. </p>
<p>Kiddos also have their workstudy or their college account excess electronically deposited to their accounts. That way they don't need to run to a bank to cash the school checks. And their end-of -the-year checks are also deposited rather than mailed. Much, much easier.</p>
<p>Anybody have any questions I will be glad to answer any as we have done this multiple times and its working out fab!</p>
<p>Kat</p>
<p>Thanks, everyone. Kat, what is a debit/credit card? Can one card be both?</p>
<p>My ATM card is also a debit card; you can use it anywhere they accept credit cards, but the money is debited to your bank account automatically. They're not extending you credit.</p>
<p>I'm a big believer in paying off credit cards in full every month. I have an airline affinity card. We actually bought a kitchen remodel on our credit card a couple of months ago, paid it off the next month, and got a plane ticket out of the deal.</p>
<p>My daughter had a heck of a time getting a credit card as a college junior. She had lots of offers as a college freshman but didn't want to deal with a credit card then. She had a debit card with her checking account and was able to get what she needed with that. This year we decided and she agreed to get a credit card. She applied to three or four offers and was denied each time for lack of credit history. One was her own bank where she had been having direct deposit of a college job paycheck for over a year and the credit limit was $350! Finally, just a few weeks ago she got another offer from Capital One and was able to get a credit card with just a $200 limit. So, my advice, that we'll take with our senior HS son, is to get that credit card at the beginning of the kids college career.</p>
<p>That is exactly what we did kathiep!! And glad we did for the same reason you have cited. Oldest DD did so for airplane tickets at the time, years ago, and her best friend did not. Best friend had the hardest time 2-3 years later getting a credit card for the same reason you listed, not enough credit history.</p>
<p>Since then oldest dd has another card and only uses it for textbooks and pays it off before the next cycle so as to incur no finance charge. We have also increased oldest son's cards from 2 to 3, freshman to sophomore year and he uses it for the exact same thing. Needless to say they both have excellent credit and now a credit history. Cards have increased limits with good paying history but they never get close to the max since it is only for books and sundries at the bookstore.</p>
<p>The bill is mailed to the home address so that we can keep track of who spends what. That credit score can play havoc with their lives later on. This way they have a credit history for later down the road for car purchases, apt/condo leasing and hopefully someday a home purchase. I think my DD mentioned that the mortgage broker she spoke with wanted to see 3-4 maybe 5 years of credit history from 5 seperate reliable sources, so that is what she and her younger siblings have been keeping in the back of their minds.</p>
<p>Kat</p>
<p>Has anyone experienced with cards such as the Citi's or PNC's?</p>
<p>bump...any opinions on the Citi® Dividend Platinum Select® Card for College Students ?</p>
<p>bumppppppppppp</p>
<p>Does anyone have experience with PNC?</p>
<p>I'd also be interested in responses concerning PNC credit cards, reasonabledad. My son is a freshman now and has been using a PNC debit card with my name it too. This has worked well for transfers and monitoring, but I am persuaded by remarks of other parents here that we should try to get a credit card for him too, now while still a freshman.</p>
<p>I have two Capital one cards. I say def. get one right away, because it will be really hard to get one later if you don't. Plus, as long as the kid is responsible, it will help to build credit which can later help with loans and things like that..</p>
<p>and about the limits increasing, they do periodically increase them, but it's not nearly as much as the increases when you're older. I got my first card when i was 16 and it only was raised one time until i turned 18. Since then it's gone up like three times... but it still only has a limit of 2500. I think that's the maximum for that card though because it hasn't gone up in awhile.</p>