Comments on: Student Credit Cards– Great or Awful Idea?

By: Kirk

Kirk — Tue, 09 Aug 2011 13:18:17 +0000

I agree that it’s unfair to assume all college students are irresponsible. You can’t make an argument against credit cards just because the people using them might be irresponsible. At 20 years old, you are an adult and should be treated as an adult. Credit cards are very valuable tools that I think everybody should learn to use.

My father wanted me to get a credit card when I was 18 to start building credit, but only recently, at age 21, did I find myself in a situation where I have enough steady income/steady monthly expenses that I could responsibly use a credit card. And with todays technology, it is incredibly easy to set up monthly automatic payments. I actually don’t even keep my credit card on me because my max is much less than what’s in my bank account so my debit card is my emergency resource.

By: Daniel

Daniel — Thu, 14 Apr 2011 15:02:55 +0000

Good stuff.
I feel like people’s viewpoint on this topic is so anti-credit cards, which proven by this post is ignorant. In order to have good interest rates on future loans (which are inevitable for a mortgage unless you plan on hitting the lottery or have a brilliant business plan), you must build your credit. Credit cards are a for sure way to do that. I also have a post on my blog, studentfinancialadvice.blogspot.com similar to this highlighting the benefits and rewards of credit cards. Feel free to stop by

By: Tonei

Tonei — Sun, 17 Jan 2010 19:21:08 +0000

I use mint.com to automatically track my finances, and I keep the bulk of my money in dedicated savings accounts at Alliant Credit Union (with the significant exception of a Roth IRA and a “moderately conservative” 529 at Charles Schwab). I set aside a little over half of my paychecks in savings – 10% for travel, 20% for my general savings/emergency fund, 20% for college expenses, and 3% to my IRA (I put $1000 in it last year, so I’m focusing on college costs now). 2% gets set aside to give to charities, and the rest gets used for my monthly expenses.

When I’m shopping online, I use evreward.com to find cash back opportunities, and retailmenot.com to find coupons for discounts and free shipping.

By: Studenomist

Studenomist — Thu, 14 Jan 2010 16:31:51 +0000

@Doctor S Good argument. As I mentioned in the article, I do realize that some students will blow the $500 on clothes but that’s better than blowing a grand or 5 grand on junk. It will happen more often than not but at least the $500 won’t necessarily ruin your financial situation. It’s manageable to work and pay off the credit card bill. Of course your credit rating will take a hit if you miss payments you’ve got to build self-control at some point.

It’s also unfair to assume that all college students are irresponsible. I have many buddies that manage their credit cards just well. In my opinion credit cards are not the reincarnation of Satan himself.

By: Doctor S

Doctor S — Thu, 14 Jan 2010 16:26:31 +0000

I will agree with you partially on this one, again, only under conditions of responsible use by the student with the credit card. But then again, if you answer this question like that, are you really answering the question?

A credit card in college should only be used to pay for emergency items… Books when you dont have cash, medical supplies when you notice something wrong with yourself and dont want to tell anyone, or food when you run out of meal money on your school card.

I think there obviously more cons than pros to having a credit card in college b/c you cant just tell them… “OK im only going to give you this card if you act responsibly w/ it”. 6 months later the kid has maxed out their $500 balance and not yet made a payment.

If you can get buy through college solely on paying w/ cash and a debt/checking card, then do that. Master paying with cash before moving to credit cards.