The Motley Fool Discussion Boards
Personal Finances / Credit Cards and Consumer Debt
|Subject: Credit Card for College Freshman||Date: 5/27/2007 7:53 PM|
|Author: bigdan195||Number: 253666 of 308232|
My son will be going away to college in August.
He is 18. Just graduated from High School yesterday.
He is a responsible kid.
I am thinking of adding his name to the credit card account with my wife and I.Then, he would have his own card, but all 3 of us would be on the account.
I am asking if others have done this and if it is a good idea.
I trust him, but my only fear is that he will lose the card.
The whole deal is this: he need some money for day to day expenses. Is there another way to do this that makes more sense?
I gues we could give him a few hundred dollars cash we he leaves, and maybe wire him some cash every couple of months.
I just don't know the best way to handle this money situation.
Of course, he has been bombarded by several credit card companies because they know he is agoing away to college. The college (University of Illinois, Champaing-Urbana) has even sent some info about TCF bank located on the campus.
Like I said, I trust him, but I would like to keep an eye on him financially for at least his first year away, and maybe having him on our credit card is one way to do that.
As always, any and all ideas are appreciated.
|Copyright 1996-2014 trademark and the "Fool" logo is a trademark of The Motley Fool, Inc. Contact Us|