College-Bound

It can make a lot of sense to send a credit card along with a college-bound child. There's peace-of-mind in knowing he or she has it in case of an emergency. Plus it's easier for you and your child if the card can be used to buy books and other materials.

Whether or not you're comfortable with the idea of your child having a credit card is a personal decision. However, if you do think it's worth considering, here is some information that can help you figure out how to do it.

Since the minimum age for applying for a credit card varies from state to state, consider having your child added to your account as an authorized user. His or her charges will appear on your statement. You'll always know how much your student is spending and on what.

In all cases, have a frank discussion with your card carrying, college-bound student before the school year begins. Be specific about what you do and do not expect the card to be used for. Also, mention all the credit card offers that may arrive in the campus mailroom. You may want to suggest he or she give you a phone call before signing on any dotted line.