But the best part of this card is the online tracking feature that allows both student and parent to see, in real time, just where the money was spent or withdrawn. No more midnight calls needing cash for books, when Mom knows that she just charged a new pair of shoes or dinner out with friends.
As another alternative, Paypal.com now offers a student account, as a sub-account of a parent's account. And if Mom and Dad don't already have a PayPal account, they can sign up online. It, too, offers visibility of transactions and ease of reloading.
There's no reason young people can't learn to use credit wisely. And they're a lot more likely to learn if someone takes the time to explain the dangers of credit -- and if someone is watching over their first uses of credit cards on a daily basis. We have driver's ed for young drivers. Consider these suggestions to be a sort of "Credit Ed" for young spenders. And that's The Savage Truth.
Terry Savage
Terry Savage is a nationally known expert on personal finance and a regular television commentator on CNN, CNBC, PBS, and NBC on issues related to investing and financial markets.
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