Comments on: Credit Cards And College Kids: It Doesn’t Have to be a Dangerous Mix http://www.mint.com/blog/how-to/student-credit-cards-06282010/ The blog of the free, simple personal finance solution. Track all your spending automatically, find the best deals, save more money. And save the world. Sat, 11 Feb 2012 21:46:28 +0000 hourly 1 http://wordpress.org/?v=3.1.3 By: JKD http://www.mint.com/blog/how-to/student-credit-cards-06282010/comment-page-1/#comment-56164 JKD Thu, 08 Jul 2010 02:25:46 +0000 http://www.mint.com/blog/?p=12314#comment-56164 We've been using the VISA BUXX cards for our kids for over 10 years - only $ 2 fee to reload regardless of amount - we give their "allowance" once a month so for $24 in fees per year, it beats most other pre-paids by a mile. (If you load with a Wachovia checking account or credit card, there is NO LOAD FEE !!) Check it out - other banks beside Wachovia offer the card but Wachovia worked well first us after First Tennessee discontinued the program. We live in Northern Virginia with a high cost of living and having this card really taught my two "angels from below" how to handle their money - major budgeting lessons with real life cash - no class can teach that as thoroughly as having this card did. We’ve been using the VISA BUXX cards for our kids for over 10 years – only $ 2 fee to reload regardless of amount – we give their “allowance” once a month so for $24 in fees per year, it beats most other pre-paids by a mile. (If you load with a Wachovia checking account or credit card, there is NO LOAD FEE !!) Check it out – other banks beside Wachovia offer the card but Wachovia worked well first us after First Tennessee discontinued the program. We live in Northern Virginia with a high cost of living and having this card really taught my two “angels from below” how to handle their money – major budgeting lessons with real life cash – no class can teach that as thoroughly as having this card did. ]]> By: capflowwatch http://www.mint.com/blog/how-to/student-credit-cards-06282010/comment-page-1/#comment-56083 capflowwatch Tue, 06 Jul 2010 17:05:26 +0000 http://www.mint.com/blog/?p=12314#comment-56083 A prepaid card or a bank debit card would seem to me to be a reasonable choice for a college student (unless you're a millionaire running a profitable business on the side). I got through college without having a credit card and didn't find this a problem at all. Of course, some social pressure may ensue, but college is a good time to grow up anyway. I don't think that the restrictions of the new law will really amount to much to those lenders that are determined to reach the college student market. Determined loan sharks always manage to find their victims. The 1,000 feet-from-campus rule seems downright silly. However, the most important restriction on credit for college students will probably be simply the tightening of consumer credit. Banks are de-leveraging, employment is getting more difficult. People are cutting up their credit cards and saving. My advice to college students would be simply to try to get by without a credit card. You'll be much happier the rest of your life. A prepaid card or a bank debit card would seem to me to be a reasonable choice for a college student (unless you’re a millionaire running a profitable business on the side).

I got through college without having a credit card and didn’t find this a problem at all. Of course, some social pressure may ensue, but college is a good time to grow up anyway.

I don’t think that the restrictions of the new law will really amount to much to those lenders that are determined to reach the college student market. Determined loan sharks always manage to find their victims. The 1,000 feet-from-campus rule seems downright silly.

However, the most important restriction on credit for college students will probably be simply the tightening of consumer credit. Banks are de-leveraging, employment is getting more difficult. People are cutting up their credit cards and saving.

My advice to college students would be simply to try to get by without a credit card. You’ll be much happier the rest of your life.

]]> By: Financial Freedom Lover http://www.mint.com/blog/how-to/student-credit-cards-06282010/comment-page-1/#comment-55860 Financial Freedom Lover Tue, 29 Jun 2010 20:35:54 +0000 http://www.mint.com/blog/?p=12314#comment-55860 I'm not a big fan of students using credit cards. In fact, I'm thinking about getting rid of my credit cards as well pretty soon. Even if you have good intentions about paying them off, you never know what the future will hold and you may end up working yourself into a hole... especially students. Responsible students can use them fine, but like I said... you just never know - Not in today's economy anyways. Thanks for you take on the situation. Good stuff. I’m not a big fan of students using credit cards. In fact, I’m thinking about getting rid of my credit cards as well pretty soon. Even if you have good intentions about paying them off, you never know what the future will hold and you may end up working yourself into a hole… especially students.

Responsible students can use them fine, but like I said… you just never know – Not in today’s economy anyways.

Thanks for you take on the situation. Good stuff.

]]> By: Marianna http://www.mint.com/blog/how-to/student-credit-cards-06282010/comment-page-1/#comment-55853 Marianna Tue, 29 Jun 2010 16:47:04 +0000 http://www.mint.com/blog/?p=12314#comment-55853 These are very good tips! Even with these new laws in place, the thought of luring students to credit cards is immoral to me! I guess the true responsibility lies in the hands of the parents and what they teach their children. These are very good tips! Even with these new laws in place, the thought of luring students to credit cards is immoral to me! I guess the true responsibility lies in the hands of the parents and what they teach their children. ]]>