Should a college student get a credit card? That’s certainly a heated question.
One the one hand, it’s terribly easy for a young adult to get themselves into credit card debt they may regret years after they graduate. Students loans are bad enough without other debt looming over you.
On the other hand, a credit card can be a great tool to help a college student with their cash flow as well as be a means to build up their credit history early on. Used wisely a credit card can help a student achieve an excellent credit history and score by the time they graduate.
Sure a student can use cash or a debit card to make payments. It’s probably a good idea most of the time. But neither of those options help a student build up a credit history.
Once a college student hits the “real world,” and maybe even before, they may find that their credit score can be used for things as diverse as getting a job, getting a cell phone, or renting an apartment. Building up excellent credit early on is a clear incentive to have a credit card in college.