Their ability to balance an account accurately and make needed corrections is of great importance. Banking Many students keep their checking accounts in their hometown bank. However, long-distance management of financial affairs can be difficult. Some banks have alleviated this difficulty by offering convenience services, such as online and telephone banking. While some parents feel that a credit card might provide too much of a cushion to a student without strong money management skills, others find that a credit card can be a good backup for college students.
Credit cards help with travel expenses and emergencies.
Trying to get money to college students in different locations can be frustrating, and it is often difficult for anyone to cash personal checks away from home. Perhaps you feel your freshman student may have a problem controlling spending with a credit card. Another option is a debit card. The debit card can be from an account you control back home where you can deposit or transfer money for large expenses such as travel or books when needed. Although your student has the convenience of a credit card in an emergency, they don't have the ability to spend themselves into needless debt.