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Back to school season is in full swing. But is your student fully prepared? Whether they’re a freshman in high school or college, a Student Visa is key for a successful school year… and beyond! Here’s five reasons why it’s so important to start young. So check ‘em out, then check out our student center to see how DECU can meet you there.
1. Establish a credit history
Most large purchases require good credit. While students may not be in the market for a house or a car right now, they will be once they graduate. Without a credit history, it’s common to be denied or have to put down a large deposit. It’s easiest to start early so by the time you need to pass a credit check, you have plenty of credit history.
2. Learn financial responsibility
I think it goes without saying that for most people having a credit card is hard. It’s hard because it’s pretty easy to swipe a card and pay for something you want now without worrying about paying for it later. It helps to get that responsibility early in life and at a time when it’s slightly less damaging if you do mess up. Having a monthly credit card bill teaches budgeting.
3. Some things require a credit card Some products and services require a credit card as payment. This is especially true nowadays. In the past, it has typically been car rentals and hotel rooms that require a credit card. However, now that online shopping has become so popular, a card is needed for a lot more purchases.
4. Emergency preparedness
While a first credit card can be scary, it can also give a parent peace of mind. Credit cards allow for last minute purchases in case of an emergency. Students can book flights home, pay for an Uber ride or doctor visit, or even just make a large, one-time purchase if need be. Parents can breathe easier knowing there’s a way to pay if their child gets in a bind.
5. Ease and convenience
Last, credit cards truly are so easy and convenient. There’s no need to worry about forgetting to grab cash or having to hit up an ATM. You always have a way to pay and it’s easy to track purchases. This is also helpful for parents who want to see where their child’s money is going.