topic Re: For someone heading off to college... in Credit Cards

For someone heading off to college...

Anonymous — Tue, 24 May 2016 13:34:42 GMT

I have zero experience with any kind of reloadable giftcard and the only time I've seen them talked about on these forums is when it's for MS. But I was wondering if anyone had advice for a giftcard that's reloadable that I could use as a grad gift and beyond. The simplest thing would be Amazon, and that has benefits on my end and I'm sure it would be appreciated. But are the Visa/MC cards you buy in the grocery store reloadable? I know you pay a fee, is that once or IF you reload them are there more fees? What about Amex? I'd rather give her something to carry around for anything, hence the Visa/MC. But I have a feeling that what I'm asking for Amex would be better and Amazon would be even better (again, for me). Thoughts?

Re: For someone heading off to college...

takeshi74 — Tue, 24 May 2016 13:48:37 GMT

@Anonymous wrote:
What about Amex? I'd rather give her something to carry around for anything, hence the Visa/MC. But I have a feeling that what I'm asking for Amex would be better and Amazon would be even better (again, for me). Thoughts?

I generally don't have issues with AmEx acceptance but some find it to be an issue for the merchants that they use. That could be a consideration for her.

An understanding of your reasoning would help. Why do you feel that AmEx would be better and Amazon would be best? I can understand not digging right away into Visa/MC given the number of options out there but have you checked the AmEX site for details on their cards?

Is top concern better for you or better for her?

Re: For someone heading off to college...

Anonymous — Tue, 24 May 2016 13:50:26 GMT

@takeshi74 wrote:
An understanding of your reasoning would help. You can hit sites for info on the options such as AmEx.

My reasoning is I'm horrible at sending gifts. I'm hoping there's somewhere I could set up some re-loads in advance. Or at least calendar them and do reloads online. She's going from living in a town with <5000 people in CO to a college in FL and I figured out-and-about spending would be more enjoyable. (Though I'm still talking myself into Amazon for the ease on me.)

Re: For someone heading off to college...

Anonymous — Tue, 24 May 2016 13:51:55 GMT

@takeshi74 wrote:

@Anonymous wrote:
What about Amex? I'd rather give her something to carry around for anything, hence the Visa/MC. But I have a feeling that what I'm asking for Amex would be better and Amazon would be even better (again, for me). Thoughts?
I generally don't have issues with AmEx acceptance but some find it to be an issue for the merchants that they use. That could be a consideration for her.

An understanding of your reasoning would help. Why do you feel that AmEx would be better and Amazon would be best? I can understand not digging right away into Visa/MC given the number of options out there but have you checked the AmEX site for details on their cards?

Is top concern better for you or better for her?

Heh. Both. Or maybe the answer is I don't know which is top, hence my problem. Yes, I was saying Amazon and Amex better for me. Visa/MC better for her.

Re: For someone heading off to college...

Anonymous — Tue, 24 May 2016 14:04:22 GMT

My last two gifts I gave were both Amazon cards, at the request of those receiving. One was a bride and groom and the other, a graduate. It seems to be the card of choice out there because of ease of use and availability of so many products.

Re: For someone heading off to college...

Anonymous — Tue, 24 May 2016 15:04:00 GMT

It's nice that you want to help your daughter out.

My suggestion is to add her as an authorized user for a card with a limit that you'd be comfortable with her having access to.

If you have a credit card with limits between $500-1500, that would give her more flexibility and convenience than a prepaid/reloadable and will prevent her from saying something along the lines of, "Ok, I only have $95.50 remaining on this darn prepaid card. Looks like I can't buy this $96 textbook. Thanks a lot, dad!"

Re: For someone heading off to college...

DoroLucky — Tue, 24 May 2016 15:07:51 GMT

@Anonymous wrote:
It's nice that you want to help your daughter out.

My suggestion is to add her as an authorized user for a card with a limit that you'd be comfortable with her having access to.

If you have a credit card with limits between $500-1500, that would give her more flexibility and convenience than a prepaid/reloadable and will prevent her from saying something along the lines of, "Ok, I only have $95.50 remaining on this darn prepaid card. Looks like I can't buy this $96 textbook. Thanks a lot, dad!"

+1 This is exactly what I'm thinking.

Re: For someone heading off to college...

MrsCHX — Tue, 24 May 2016 15:55:23 GMT

@DoroLucky wrote:
@Anonymous wrote:

My suggestion is to add her as an authorized user for a card with a limit that you'd be comfortable with her having access to.

If you have a credit card with limits between $500-1500, that would give her more flexibility and convenience than a prepaid/reloadable and will prevent her from saying something along the lines of, "Ok, I only have $95.50 remaining on this darn prepaid card. Looks like I can't buy this $96 textbook. Thanks a lot, dad!"
+1 This is exactly what I'm thinking.

+1 more

I have a kid heading off to college in the fall and plan to make her AU on my low limit card. She's super responsible though (not sure I'd make my son AU ) but I would obviously instruct a dollar amount you're comfortable with her spending in a month; and check the account regularly to ensure nothing crazy has happened.

Re: For someone heading off to college...

kdm31091 — Tue, 24 May 2016 16:14:03 GMT

I'd echo the AU option instead of a reloadable card. I think the reloadable card will just lead to headaches to be honest.

Re: For someone heading off to college...

Berk — Tue, 24 May 2016 16:19:03 GMT

Yep, I'm doing the same for my nephew. He is an AU on my Amex and the first $200.00 is on me as a graduation gift. After that he is on his own. He will be responsible for any additional charges. He wants to go into finance so we will see how well he does with his own card. Hopefully, he will learn what it means to be fiscally responsible.

So, he has a credit card he can use in the event of a true emergency or to impress his current girlfriend and, at the end of 4 years, he will graduate with an already established credit file.

Re: For someone heading off to college...

Anonymous — Tue, 24 May 2016 16:23:30 GMT

So I understand this is slightly biased of me, but if you have an American Express Card, you could alternatively consider adding your child to your account as an additional card member and then setting a monthly limit/"allowance". I only specify American Express bevause I'm not aware of any other major banks that can do those limits for additionals. That way they are kept from accessing your full spending capacity, but they also get all of the core American Express benefits amd protections that a reloadable card may not get, you can instantaneously change that limit in case of emergency, you earn the points for their spend and you can help them build their credit history since only positive history is reported to additional card members. There are many parents who do this for their kids going off to college for that added peace of mind. Hope this helps a little bit!

Re: For someone heading off to college...

Anonymous — Tue, 24 May 2016 16:29:27 GMT

Soo I totally skipped half of the posts where i just suggested an additional cardmember... rather than me sounding like it was my idea originally just pretend I said +1 to the others

Re: For someone heading off to college...

Anonymous — Tue, 24 May 2016 16:31:20 GMT

@Anonymous wrote:
I have zero experience with any kind of reloadable giftcard and the only time I've seen them talked about on these forums is when it's for MS. But I was wondering if anyone had advice for a giftcard that's reloadable that I could use as a grad gift and beyond. The simplest thing would be Amazon, and that has benefits on my end and I'm sure it would be appreciated. But are the Visa/MC cards you buy in the grocery store reloadable? I know you pay a fee, is that once or IF you reload them are there more fees? What about Amex? I'd rather give her something to carry around for anything, hence the Visa/MC. But I have a feeling that what I'm asking for Amex would be better and Amazon would be even better (again, for me). Thoughts?

My daughter starts college this fall, I made her an AU about a year ago on my Citi DP to help establish her credit and have the cl grow in time for school. The cl has grow and she will not have to worry about any expenses, one less issue she will have to worry about her Freshmen year.

Re: For someone heading off to college...

Anonymous — Tue, 24 May 2016 16:34:08 GMT

@Anonymous wrote:
@Anonymous wrote:
I have zero experience with any kind of reloadable giftcard and the only time I've seen them talked about on these forums is when it's for MS. But I was wondering if anyone had advice for a giftcard that's reloadable that I could use as a grad gift and beyond. The simplest thing would be Amazon, and that has benefits on my end and I'm sure it would be appreciated. But are the Visa/MC cards you buy in the grocery store reloadable? I know you pay a fee, is that once or IF you reload them are there more fees? What about Amex? I'd rather give her something to carry around for anything, hence the Visa/MC. But I have a feeling that what I'm asking for Amex would be better and Amazon would be even better (again, for me). Thoughts?
My daughter starts college this fall, I made her an AU about a year ago on my Citi DP to help establish her credit and have the cl grow in time for school. The cl has grow and she will not have to worry about any expenses, one less issue she will have to worry about her Freshmen year.

That sounds wonderful!

Re: For someone heading off to college...

Anonymous — Tue, 24 May 2016 16:46:21 GMT

@Anonymous wrote:
@Anonymous wrote:
@Anonymous wrote:
I have zero experience with any kind of reloadable giftcard and the only time I've seen them talked about on these forums is when it's for MS. But I was wondering if anyone had advice for a giftcard that's reloadable that I could use as a grad gift and beyond. The simplest thing would be Amazon, and that has benefits on my end and I'm sure it would be appreciated. But are the Visa/MC cards you buy in the grocery store reloadable? I know you pay a fee, is that once or IF you reload them are there more fees? What about Amex? I'd rather give her something to carry around for anything, hence the Visa/MC. But I have a feeling that what I'm asking for Amex would be better and Amazon would be even better (again, for me). Thoughts?
My daughter starts college this fall, I made her an AU about a year ago on my Citi DP to help establish her credit and have the cl grow in time for school. The cl has grow and she will not have to worry about any expenses, one less issue she will have to worry about her Freshmen year.

That sounds wonderful!

Thanks M,

the last thing she needs to worry about is her Finances, I'm going to help get her 1st cc, so exciting and so many to choose from... (Open for suggestions)

she is so good with her money.... I'm a proud father.. Oh and pretty proud of her getting into a nice University...

Re: For someone heading off to college...

Anonymous — Tue, 24 May 2016 17:01:57 GMT

I was going to recommend the AMEX serve pre-paid debit card. I got my son one while he was in high school to help him manage his money. I live in NY though so there is no monthly fee. Otherwise the monthly fee is $1 unless you have direct deposit set up of at least $500. You can transfer $ via your debit/credit card or bank account but it looks like they have changed a lot of the rules for new accounts.

When he went off to college out of state for his freshman year in August 2015, we opened a bank account for him at Chase which is my primary bank. I easily sent him money via Chase Quickpay throughout the school year.

Re: For someone heading off to college...

Anonymous — Tue, 24 May 2016 17:05:16 GMT

Other than adding her as an AU, I also highly recommend going to a major banking branch to open an account and credit card under her name.

That way she's the individual user and can start establishing her own credit history.

Seven years ago when I was just starting college, my mother and I went into a Wells Fargo branch to open a college checking and savings account, and credit card for me.

The card started at 500 and grew to 3500 in a couple years automatically. Back then, I never knew about requesting credit limit increases or anything like that -- I just thought, "Cool! They're giving me more credit!"

Re: For someone heading off to college...

MrsCHX — Tue, 24 May 2016 17:06:26 GMT

@Anonymous wrote:
I was going to recommend the AMEX serve pre-paid debit card. I got my son one while he was in high school to help him manage his money. I live in NY though so there is no monthly fee. Otherwise the monthly fee is $1 unless you have direct deposit set up of at least $500. You can transfer $ via your debit/credit card or bank account but it looks like they have changed a lot of the rules for new accounts.

When he went off to college out of state for his freshman year in August 2015, we opened a bank account for him at Chase which is my primary bank. I easily sent him money via Chase Quickpay throughout the school year. t

There have been a lot of changes. I opened that AMEX serve and closed it within a month. Too many fees. I don't want to pay to get and use my own money.

Re: For someone heading off to college...

Kevin86475391 — Tue, 24 May 2016 17:08:49 GMT

@Anonymous wrote:
So I understand this is slightly biased of me, but if you have an American Express Card, you could alternatively consider adding your child to your account as an additional card member and then setting a monthly limit/"allowance". I only specify American Express bevause I'm not aware of any other major banks that can do those limits for additionals. That way they are kept from accessing your full spending capacity, but they also get all of the core American Express benefits amd protections that a reloadable card may not get, you can instantaneously change that limit in case of emergency, you earn the points for their spend and you can help them build their credit history since only positive history is reported to additional card members. There are many parents who do this for their kids going off to college for that added peace of mind. Hope this helps a little bit!

This sounds like a really good option. I've heard lots of good things about Amex's expanded options and monitoring for AU accounts. It does sound like a really good way to go.

Of course if your main goal is providing a regular set amount of money to her, then there are a couple of other options too. You could get a joint checking account into which you could deposit money whenever you wanted and she could use a debit card. Or you could simply transfer money online from/into separate accounts. For example Chase has their "QuickPay" service that allows you to send money to other Chase account holders for free, and very quickly and conveniently.

Re: For someone heading off to college...

Anonymous — Tue, 24 May 2016 17:10:19 GMT

@MrsCHX wrote:
@Anonymous wrote:
I was going to recommend the AMEX serve pre-paid debit card. I got my son one while he was in high school to help him manage his money. I live in NY though so there is no monthly fee. Otherwise the monthly fee is $1 unless you have direct deposit set up of at least $500. You can transfer $ via your debit/credit card or bank account but it looks like they have changed a lot of the rules for new accounts.

When he went off to college out of state for his freshman year in August 2015, we opened a bank account for him at Chase which is my primary bank. I easily sent him money via Chase Quickpay throughout the school year. t
There have been a lot of changes. I opened that AMEX serve and closed it within a month. Too many fees. I don't want to pay to get and use my own money.

Yup.... makes sense. It looks like changes do not apply to existing cardholders prior to October 2015.