The No. 1 Alternative to Student Credit Cards

Starting today it's going to be harder for college kids to obtain a student credit card. Most students who are under age 21 will need an adult co-signer to get their first credit card.

I predict, however, that turning off the easy credit spigot shouldn't be that tough. Here's why: many students today use debit cards, which are just as convenient as student credit cards, but not as financially scary.

Students can use debit cards, which typically carry a Visa logo, nearly anyplace that they would rely on a credit card. With debit cards, college kids can buy a pizza, purchase a calculus book and order just about anything online.

Because these debit cards are tied to students' checking accounts, they should be more mindful of what they can spend.

Sometimes young adults use a student credit card to make a big purchase that parents will later reimburse. But that won't be a problem either if a student's checking account is linked to a parent's account. When the accounts are linked, parents can transfer money online into a son or daughter's account in just seconds.

I've made money transfers for my daughter, who is studying at the University of Barcelona this year. I told Caitlin, for instance, that I would pay for her gym membership at a local fitness center in Barcelona. I moved the money from my account into her checking account online and then she used her debit card to pay the tab.

Ask your bank if it offers college accounts (preferably free) for teenagers before they head off to school. We set up Caitlin's free college account at Wells Fargo where I've banked for 25 years. Because my account is linked to hers, I can see the activity in it anytime I want. And, of course, I can send her money within seconds if necessary.

Lynn O'Shaughnessy is the author of The College Solution, an Amazon bestseller, and she also writes for TheCollegeSolutionBlog. Follow her on Twitter.

Student credit card image by Andres Rueda. CC 2.0.

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