Have you considered a College Credit Card?
If you are like many people that have a college age child, then you have had to consider many things that you never thought of before. Much of people’s college planning has to do with tuition and books, but most people do not think about the money required to feed and house their college age child living away from home. Of course, you could send cash each month, but there are dangers in that method. You might consider getting a college credit card for your college age child. There are advantages and disadvantages of a college credit card, but it is worth the time to consider the possibility.
College Credit Card—Advantages
If you were to send cash, you would risk the danger of losing the cash during the mailing process. You would also have to worry about upon what the money was being spent. You would have no way to track the spending habits of your child. If you were to get a college credit card for your child, then you would be able to track where they spent the money, on what it was spent, and avoid the potential loss of the cash in the mail. Another advantage of a college credit card for your child is that you have less concern for theft in the dorm or frat house than if you were to send cash.
College Credit Card—Dangers
As with any credit card, a college credit card for your child has its dangers as well. It could be that you can trust your child to spend their (your) money wisely, but there are always risks on spending habits. At least with a college credit card you have the ability to know where the money goes. Another danger has to do with college life. If your child has the credit card lying about, even in a wallet or purse, the possibility of someone finding the card and taking the number is substantial. Fortunately, credit card companies have some protections when dealing with this type of fraud. You would need to make sure that you kept up on tracking the spending on the card to ensure that you child’s card has not been stolen and used without your consent. The earlier you file your claim with the credit card company; the better off the end result will be in your favour.
College Credit Card—Possibilities
The possibilities of issuing a college credit card to your college age child are many. If you take some time researching the possible companies with which you could do business in this manner, you might find some very interesting options for your college credit card. Some companies offer a great deal of control and reporting for these types of credit cards. The credit card companies realize that many people use credit cards in this fashion and therefore have some special rules and regulations concerning this type of program. If you want to know more about the possibilities, take the time to do a bit of research on the internet.