Joint Uni Credit Card?

Daisygirl

Hi, I hope someone can help, I've been looking at the credit card best buys but I wondered if there was a credit card that my son could use at uni but is a 'joint' one (my husband would be paying it off and keeping an eye on what is spent on it!) It would be an 'emergency only' one and NOT for general spending! Thanks very much

CLAPTON

no joint cards but you husband can get a second card on his own CC for your son.

depending upon your son it might be better for him to get a student CC and use is regularly and pay in full each mointh by DD (so he doesn't forget)
this will start to build a good credit record if used appropriately

however that depends upon your son...

Daisygirl

Thanks Clapton, yes I was thinking about maybe a student credit card for him which could then be paid off by my husband each month. He has a current account already with the co-op, not a student one though, which my husband puts a bit of money in every month for bits and pieces.

Also, how many people can be put as a joint a/c holder on one card (I'm already one other!) and can you put anyone on it? I'm thinking his age and uni student, no credit rating etc?!!! We're pretty confident about his usage of any CC - and we've told him already it would be for emergencies only!

InsideInsurance

There are no joint credit cards. Most cards will allow you to have a number of additional cardholders but the primary cardholder remains 100% liable for all the spending.

How many depends on the card/ issuer - for my Amex I can have up to 5 additional cards, from memory by Barclaycard allowed 2 or 3

CLAPTON

Daisygirl wrote: »

Thanks Clapton, yes I was thinking about maybe a student credit card for him which could then be paid off by my husband each month. He has a current account already with the co-op, not a student one though, which my husband puts a bit of money in every month for bits and pieces.

Also, how many people can be put as a joint a/c holder on one card (I'm already one other!) and can you put anyone on it? I'm thinking his age and uni student, no credit rating etc?!!! We're pretty confident about his usage of any CC - and we've told him already it would be for emergencies only!

Unless you have specific reasons for not trusting your son to manage his own finances (albeit with advise and support from yourselves) I would recommend that he got his on CC, used it sensibly and paid in full by DD.) They usually come with low credit limits in any case.

Building up a credit rating will be useful when he leaves Uni and wants a mortgage or whatever.
Learning how to budget and manage money is an essential life skill.

unimaginative_user_name

Obviously I don't know your son and everything might be fine but there are advantages to a student card. Firstly he would have a relatively low credit limit so wouldn't be able to rack up too much debt whereas if he were an additional card holder on your husband's account he could theoretically max it out but your husband would be left to pay the bill. Secondly your son would start to build up his own credit rating which will make it easier for him to get mobile contracts and other credit once he's earning. Thirdly it would be a more effective way for your son to learn to manage his own finances than if your husband is the one paying the bill each month. I know as parents you would have less control over the situation and that's scary but your son will one day have to take responsibility.

You also say he knows the card is only for emergencies but for the sake of his credit rating it would be better if he used it for small, regular amounts and repaid in full every month. If he uses credit cards for emergencies he may begin to associate credit cards with how he buys things he can't afford at the time and this could lead to problems later. Just a few thoughts which may or may not help!

Daisygirl

Thanks everyone, your replies are really useful, there might even be a few perks with him taking out a CC of his own Just another thing - since he's already with the Co-Op for his Current a/c, does he have to stay with them or can he go with anyone? I notice none of the Best Buys on the Which? site are with the Co-Op! Thanks again

Edit - That's for student CCs!

agrinnall

No, anyone can apply to any credit card provider, regardless of who they bank with.

However, there are two things to consider. First, the Co-op already knows his financial history so they may be in the best position to offer a CC. Second, if he doesn't want to go with them, do your research on who might be prepared to offer one before making the application, as too many declined applications in a short time will make it much harder to get one at all, and may affect other requests for credit.

unimaginative_user_name

Daisygirl wrote: »

Thanks everyone, your replies are really useful, there might even be a few perks with him taking out a CC of his own Just another thing - since he's already with the Co-Op for his Current a/c, does he have to stay with them or can he go with anyone? I notice none of the Best Buys on the Which? site are with the Co-Op! Thanks again

Edit - That's for student CCs!

The co-op do a student account which comes out quite well in the best student account tables so he could convert his current account to a student one with them. My guess is he'd be most likely to get a cc with the bank where he has his current account as they will have a better knowledge of how he manages his money.

bouncydog1

He's unlikely to get a credit card without a student account (they usually come as part of the package) because he has no income.

DD has an HSBSC student account with two years free travel insurance as part of the package. Interest on current account - first year also offered monthly savings plan at 8% - max £250 per month savings. Also got a credit card with a limit of £500 and was offered an interest free overdraft facility which she declined. (Could have stoozed the overedraft but chose not to).

She is also an authorised user on my card with Halifax which we like her to have in case of emergencies e.g. flight cancelled and she needs a hotel room for the night etc. and also to pay items that we have agreed we will pay - gym membership, travel etc.

Some users - M & S for instance - will only allow spouses/partners as authorised users so you may like to check with your current provider.

InsideInsurance

agrinnall wrote: »

No, anyone can apply to any credit card provider, regardless of who they bank with..

Not strictly true, a card issuer can make it conditional that you must bank with them or even that you can only apply if invited to.

To the OP - his best chance for a "normal" card would be with his current bank (assuming he is in good standing with them). If he doesnt have a great job and has minimal history then the other options are going to be more the sub prime offerings.