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Student offered credit card

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My son has just told me that during an interview for a bank ac with overdraft facility at his local HSBC branch, he was offered a credit card. He has an account elsewhere with a building society and no o/d facility. He's a second year student in an area with limited job possibilities.

He was offered the o/d there and then - was given money to pay a deposit on a house - before even the card arrived. I wasn't happy about this - long story about him being stung by a landlord which I may post elsewhere for advice - and even less happy when I heard about the credit card offer.

Perhaps it was a student credit card, with a limit on lending, but it nevertheless strikes me as deeply irresponsible behavior by the bank. He said no to the card - thank goodness.

OTT if I write to the bank venting my feelings about irresponsible lending to students? Your thoughts would be appreciated.
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Comments

  • bengal-stripe
    bengal-stripe Posts: 3,354 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    It is absolutely normal for a student account to come with a (limited) overdraft and a (low limit) Credit Card. I do remember when I did my degree (some 30 years ago) all the different banks having set up their stalls at "Fresher's Fair". It was there, where I got my first CC, if I remember correctly, with a limit of £250.

    Your son is an adult now, you should stop being an over-protective parent. The majority of young people, presuming they have been brought up correctly, can well navigate the pitfalls of life, be they debt, alcohol, drugs, sex etc.

    So stop micro-managing your son's life.
  • cockaleekee
    cockaleekee Posts: 622 Forumite
    Agree with bengal-stripe, your son's financial affairs are none of your business.

    I also had a credit card when I was a student, several actually, having access to credit does not mean you have to spend it.
  • Calfuray
    Calfuray Posts: 1,003 Forumite
    Uniform Washer
    I was in the queue for the ATM on campus and the staff member came out of the bank and asked me if I wanted a £100 overdraft.
  • CLAPTON
    CLAPTON Posts: 41,865 Forumite
    10,000 Posts Combo Breaker
    your son is only 19 ish and is not a 'real' adult

    he lacks experience about the real world as he hasn't had time to learn

    it is still your role to guide and educate him about many things including money

    however, credit is now part of life; used properly is can be useful, used badly can cause endless problems.

    I spent a lot of time explaining the financial facts of life to my children and the simple mantra... spend only what you have saved for (except a mortgage on an asset).

    they all chose their own path and didn't take all my advice but turned out be be in total control of their finances.

    also worth noting that a credit card used regularly and always paid in full each month will enhance their credit rating for the time they may want a mortgage or an essential loan
  • fishforsale
    fishforsale Posts: 374 Forumite
    what does he study, if its dentistry then its not really anything to be worried about, unless he doesnt go 4 figure overboard
  • terryw
    terryw Posts: 4,396 Forumite
    Part of the Furniture 1,000 Posts Photogenic Combo Breaker
    what does he study, if its dentistry then its not really anything to be worried about, unless he doesnt go 4 figure overboard

    The young man is on a course " in an area with limited job possibilities."

    Probably not dentistry but why on earth do such a course?
    "If you can bear to hear the truth you've spoken
    Twisted by knaves to make a trap for fools"
    Extract from "If" by Rudyard Kipling
  • Cerys1
    Cerys1 Posts: 9 Forumite
    To clarify - it's the University town that has very limited job possibilities - with a lot of luck on his side, that won't necessarily apply to his job prospects once he graduates.

    My concern is he has not job, no clear prospect of one over the next months, and an inability to budget. He's been 'guided and educated' as you rightly suggest, Clapton, but ...

    OK - OTT but I remain at least surprised that he should be offered an overdraft on an account with nothing in it and a credit card given his limited means (the loan is a loan - and the grant is minimal).
  • safestored4
    safestored4 Posts: 464 Forumite
    If your son is old enough to vote, drive a car, buy alcohol and cigarettes isn't he old enough to have a credit card? On the basis of your logic he is too immature to be allowed to vote.
  • callum9999
    callum9999 Posts: 4,434 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    CLAPTON wrote: »
    your son is only 19 ish and is not a 'real' adult

    he lacks experience about the real world as he hasn't had time to learn

    it is still your role to guide and educate him about many things including money

    however, credit is now part of life; used properly is can be useful, used badly can cause endless problems.

    I spent a lot of time explaining the financial facts of life to my children and the simple mantra... spend only what you have saved for (except a mortgage on an asset).

    they all chose their own path and didn't take all my advice but turned out be be in total control of their finances.

    also worth noting that a credit card used regularly and always paid in full each month will enhance their credit rating for the time they may want a mortgage or an essential loan

    How patronising can you get. 19 IS a "real" adult...

    And how on earth do you know what "experience" he has? By the time I was 19 I'd travelled extensively and held jobs on 3 different continents - which is probably better than what many "real" adults (whatever they are?) achieve in their whole life...
  • Cerys1
    Cerys1 Posts: 9 Forumite
    Thanks, all, for replies. Clapton didn't sound at all patronising to me - but supportive and sensible.

    My son is a young adult but unfortunately - and this of course is something that may be short lived - lacking in just about any financial acumen.
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