The Motley Fool Discussion Boards
Personal Finances / Credit Cards and Consumer Debt
|Subject: Re: Credit Card for College Freshman||Date: 5/29/2007 4:55 PM|
|Author: 6Bitsadollar||Number: 253760 of 309386|
Bother, I hit submit instead of preview--I wanted to check the italics...
Oh well, congratulations to your son on his graduation.
There are several ways you can handle the money situation.
First of all, check the college website for info on the student ID card.
Most cards these days do many other things--open doors, serve as a meal card, serve as a debit card for things like copying, vending, etc.
At DD's college, many off campus places also take the card. For instance she can order out Chinese and "charge it" to her card.
the one thing she can't do is make a cash withdrawal.
Our state university lets you put money on their ID cards with a credit card, but her university does not.
At the beginning of her freshman year, we put $800 on her card to pay for books and her other expenses. The card also serves as a meal card but we paid that separately. Also when we left her, I gave her about $130 in cash. That went a lot faster than we expected because one of her professors ordered the books for his class through a bookstore that didn't accept the card. She ended up buying several of the books used thru Amazon.com
Throughout the semester I would send her $20- $30 through the regular mail. I figured if one letter went astray, I wasn't out very much. Also she enjoyed getting real mail in her mail box.
This worked well for us. It may also depend on how far away your son is and whether he has a car on campus. DD flew home several times a year, but I bought the tickets.
This worked great for her freshman year, but we may try something different this fall.
|Copyright 1996-2015 trademark and the "Fool" logo is a trademark of The Motley Fool, Inc. Contact Us|