If you’re a high school student and you want to start building your credit early, you can get a high school student credit card. This can help you learn to be responsible with credit card behavior and you can also learn fiscal responsibility at an early age. If you are a high school student, you can get one, as long as a parent or guardian cosigns with you. If you as a student have a credit card like this, it can help you build a sense of responsibility.
However, before you apply for a high school student credit card, both you and your prospective cosigner should look at any available options. You have many lenders to choose from, both banks and credit card companies, so it’s in your best interest to look around. Some credit cards, for example, will have a high interest rate and annual fee. Others are more reasonable. Because you as a high school student don’t have any credit of your own, some lenders will try to charge you unreasonable rates. This is why you as the prospective credit card holder need to do your research and find your best deal. Don’t just take the first one that comes along.
If you are the prospective cosigner, you can help the student make the best decision. You will be cosigning the application with the student, so you’re going to be the one responsible for payments if the student is not able to pay the bill. It’s likely that you as someone with a credit history will know where to look for good credit card deals. This means that you should help your high school student pick out the best credit card for him or her.
For some high school students, prepaid credit cards are ideal. These credit cards have absolutely no risk for students and will still teach financial responsibility. With this particular type of high school student credit card, a prepaid amount is put on the card and is the spending limit. Make sure that you as the student get your parent or guardian to assist you when you fill the information out so that your application is correct.
If you are the parent or guardian, your student should be given some advice as to how best to use the credit card he or she receives. Some students, of course, will be tempted to run up their bill and buy whatever they want, but the best situation is to save the card for emergencies. Teach students how to pay the bills off at the end of every month so that they don’t get into debt. In addition, if a student can pay the bill in full every month, it will only help boost his or her credit score.
If you’re interested in obtaining a high school student credit card, you can also apply for one online. These applications are processed as quickly as possible, and you’ll likely get a response in a matter of minutes. Again, credit cards can be wonderful to have, but prepaid credit cards are oftentimes the best way to go with students. If you’re not sure, look into all the options you have available to you and then make the choice based upon what you find.