A few days ago we wrote about two Citi student credit cards that are offering double rewards for three months. In response, a reader calling herself “Wilt’s Mom” wrote the following comment:
Awesome! Providing credit cards to people who don’t even have an education yet – never mind a job – is one of my top 5 favorite Evil Things Credit Card Companies Do! Thanks for promoting it DR! And thanks for helping me decide whether or not to visit your blog again!
First, let me say that I welcome contrary views. If you ever disagree with anything on the Dough Roller, please let us know. I hope you don’t decide to leave for good, like Wilt’s Mom, but that of course is up to you. Now back to the question at hand.
I don’t subscribe to the notion that college students are unable to handle a credit card. Just like adults of all ages, some will use a credit card responsibly, and some won’t. I had a credit card in college, and it helped me build a solid credit history, was a safe and secure way to shop, and helped me through a couple of emergencies. In fact, I can’t imagine sending my kids away to college without a credit card.
I also don’t subscribe to the notion that credit card companies are evil. I know they’ve been a convenient target of late, but at some point we have to take responsibility for our own financial decisions. Some of the on-campus credit card marketing was certainly over the top, but that was as much the colleges and universities as it was the credit card companies. And on-campus marketing will be a thing of the past with the Credit Card Act of 2009.
But what’s your take? Did you have a credit card in college? Are credit card companies evil for offering college students credit cards?