rocket jr is a full-time student and I want to get him a credit card he can use instead of cash. He has no fixed income or credit history but he'll be paying off the balance in full every month. A credit limit of £500 would be plenty
Have looked at some of the big names and they require a minimum income of £3000
Anyone found a suitable card for a student?
Ta
He has no fixed income or credit history but he'll be paying off the balance in full every month
What with? Can't he just get a job?
Giving someone with no income a credit card seems like a strange concept to me.
I was lucky enough that my parents supported me through my undergrad.
They gave me a credit card with credit limit (forgot how much now) and at the end of the month we'd look at the statement and review my purchases.
Worked well for all involved and taught me how much I'm actually spending and on what. Helped me build up some credit history too.
Get a pre-pay credit card and just push a certain amount onto it at the beginning of each month?
I'm a student and have a Santander 123 account. Gets good interest and cashback on the credit card. Needs £500 a month into the account but I'm lucky enough to be able to meet this.
Can you just get him a card linked to your credit card account?
My wife has one linked to mine.
he can get his own student credit card from the bank, I don't know where you would figure in any of this though
I ran up a huge credit card bill whilst at uni. They start off with a low limit but then make it bigger - I ended up with a £10k limit?!!! Fortunately I never got near that limit. However, I did get enough debt to not be able to afford the payments. In the end my Dad cleared the balance on condition I cancelled the card. I had to pay him back. I suggest that most students shouldn't be given a credit card. It's just too easy to be tempted by "essentials" like new laptop and buying £200 text books that you never read.
If I were to get my child one I would open the card and make them a second user. That way I could control the limit (i.e. reject the increase in limit).
