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Dream Come True or Financial Nightmare?

It's a day students live for and a day parents dread – the day a student credit card is brought into the household. If you don't want this potentially-priceless tool to turn into a weapon of mass financial destruction, there are some measures you'll need to take and some rules you'll want to set up.

Get A Good Card
First and foremost, make sure the student credit card you bring into your home is a good one. The wrong card will come with unnecessary fees and may even result in late payments and penalties that your child doesn't deserve.

To find the best student credit cards on the market, visit consumer opinion websites or review sites like StarReviews.com. It's a great way to get "insider" information on the cards out there without having to go through the whole trial and error thing yourself.

Set Spending Limits
You can't count on a card's credit limit to act as a spending limit for your child. Some student credit cards have limits in the thousands. If you don't set up any rules, your child could max it out in a day.

Clearly define what can and can not be put on the card and how much the child can spend per day/week/month. Put it all in writing and have your child sign a "contract" agreeing to your terms. That way, if any mishaps do occur, the "I didn't know" excuse can't be put into play.

Keep An Eye On It
Don't wait for the monthly statement to come in to see how your child is doing with their student credit card. Keep an eye on it via online account management and have email alerts set up when purchases and/or balances exceed a certain amount. Many student credit cards offer this service, and it's a great way to ensure your child doesn't make any big financial mistakes before his or her financial future even really gets started.

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