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He's going to need some help managing it, but I can do that. That's not a basic life skill taught at school, but I'd be more than happy to take that on to ensure these guys don't run into trouble.
@haulingthescoreup wrote:
Congrats!
DD#2 got a student Discover card at summer orientation before her freshman year. It freaked her out so much that we helped her cancel it. If only we'd known...
IMO, be sure he has a checking and savings account to.
IMO: Have him enter any charge he makes into his check register like a debit so that the money is not "double" spent. Use of credit for the convenience, rewards, access to hotels/rentals/flights is all good. But actual use of "credit" meaning to spend then pay back over time with interest is a terrible thing for young people to get into the habit of.
I like to show them how to watch savings grow. To see the dividends/interest add up (getting paid interest rather than paying it) and to manage a checking account with checks and debit card so that expenses stay within income (including scheduled deposits to savings and emergency fund).
Congrats and good luck "Professor!"
do you know the limit on the card?
discover gave me a $4,400 limit on my student card. Bad idea.