Student Credit Cards - do they exist?
in Student MoneySaving
16 replies 83 views
My son is in University - 21 years old and he needs to start getting his credit rating going. I'm thinking a credit card may be the best option as he can spend online and get S75 protection, and build his credit at the same time. He does not work (yet - he'd like to though) - I give him a living allowance and he has some healthy savings in the bank too. He's very sensible with money and doesn't believe in credit - but in today's world, you need a credit history and/or a credit card just to exist - like rent a house, or a car while on holiday.
So - do student credit cards exist? I'm happy to sign surety for it, and even a low £250 or £500 limit is quite fine to start with. Thing is - I can't seem to find any cards which do not require you to move your current account too. He currently banks with Barclays.
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Right - that's how this silly game is played. You need to get some small credit early on to show that you can manage big credit in the future. You have to start somewhere. Preferably not some dodgy pay-day loan.
Thing is he does have the money - the credit card is just a tool he is using to his own advantage. Clearly you don't like them - which is fine.