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Author: bigdan195 One star, 50 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 2818  
Subject: Credit Card for Freshman Date: 5/27/2007 8:04 PM
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My son will be going away to college this Fall.
He is 18, responsible, and just graduated from high school.

I am thinking of getting him a credit card in the same account with my wife and I. My thought is that I could keep tabs on him financially, at least his first year.

Actually, I am trying to find the best way to deal with money for him. I assume he will need some money for day to day expenses. Maybe I should just give him a few hundred dollars when he leaves, and then wire him cash when he runs short.

How do college students deal with money this these days?
I graduated 36 years ago, so I am a little rusty.

Any and all input is appreciated.
Thanks.
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Author: kahunacfa Big funky green star, 20000 posts Top Favorite Fools Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 2800 of 2818
Subject: Re: Credit Card for Freshman Date: 6/18/2007 5:46 PM
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My advice would be to get him a credit card now before he leaves in the Fall. Get the card in his own name. You do not need nor should you want to see how he uses the card. In the couple of months that he will be home, you can watch how he uses the card without seeing the statements. Co-sign the credit card application, if necessary if he needs a higher credit limit than he can get on his own. I have a USAA card I got when I was commissioned a 2LT in December 1968.

I was in Honolulu, Hawaii from January 1969 to March 1972 when I left as a Captain with my wife and then young son. Our son was married in February he was born in December 1971 in Honolulu.

Kahuna,CFA

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Author: BlueGrits Big gold star, 5000 posts Top Recommended Fools Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 2803 of 2818
Subject: Re: Credit Card for Freshman Date: 8/22/2007 2:10 PM
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The latest "Money" magazine offers some advice and, in an article titled "Send Off a Frugal Freshman" they recommend Citi's mtvU (at citi.com).

They best tip, though, is one I used with great success: buy books online instead of the campus bookstore. I regularly bought at books at half price and, for this semester, bouth Business Plan Pro for about $40 via eBay versus about $90 (plus tax) from the bookstore.

They also rag on campus dining card programs, pointing out that many meals are missed due, I guess, to things like schedules, distance, travel, etc. On the other hand, if the meals themselves are good bargains then maybe even missing some of them still results in a positive. At my undergrad school a number of meal items came from the campus ag farm so, if anything, they were probably as good as or better than a standard eatery.

Graduating in Dec. with an MBA,

BG

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