It can be quite stressful in so many ways when sending off your teenage child to college. You can get so worried about the ability of your college teenager to handle his/her affairs independently and responsibly; of course, every good parent will have such worries. However, prepaid credit cards can help keep your worries low, or even eliminate them completely.
Perhaps you are among those parents who are not too sure whether it is right to obtain a regular credit card for their college teens. Well, a regular charge card may provide a safety net for emergencies since it has overdraft feature; however, a teenager who does not have previous credit card experience may accumulate debts for the parents faster than they imagined! Therefore, a prepaid one is the perfect solution. Since your child in college can only spend the amount loaded onto the card, you will be able to track the spending habits of the child and also the amounts they are spending.
They Offer Protection to Both Parents and Students
Opting for a regular charge card as a means of helping your younger kids away from home to take care of unexpected expenses may end up leaving you in deep regret. Research has shown that most college students get into a lot of unnecessary credit charge debt while in college which can be both frustrating for the parents and the students. In a situation where the credit card account is in your name as a parent, careless spending by your college teen child can become a huge burden. The scenario is even worse if the account is in the teenager's name; the debt can quickly build up resulting to poor credit score as the student strives to pay up the credit card bills. In addition, the student's life can become very difficult after graduation with high credit card debt.
Therefore, the best way to help with college financial needs is through prepaid credit cards. The best thing about these types of credit cards is that they offer the same conveniences and benefits as the regular charge card; the holders can use them to make purchases online or on-phone, book airline flights and also reserve rental cars.
When it is time for your children to go back to college, it is wise to get a prepaid card for them (if they don't have any), or replace a regular charge card with the prepaid type. This is the best way to take care of their school related expenses, while keeping an eye on their spending practices.
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About the author.
The author Julia has a degree in the finance from University of North Florida. She has been in the financial industry for over 10 years and is a recognized financial expert in Florida.
