Boy 2.0 will be a full time student beginning this fall, 18, living independently - but at our hometown university, so 5 minutes from home, with an accessible stocked pantry and freezer and toolbox and stuff. Nevertheless, we’re discussing whether he would be wise to apply for a low-limit credit card, for 2 reasons: establishing a credit history, and in case of emergency (what if he needs a tire during a road trip, or has to have a motel room while waiting for a car repair, that sort of thing.) He is good with budgeting, sensible enough to understand that having money in his pocket isn’t the same thing as being able to afford something - bills are due next week. His checking account is tied to ours right now, because he still lives at home - makes it easy for me to transfer $ to him if I need him to pick up dog food or reimburse the copay for his dental appointment.
Naturally, I’m aware of the potential for disaster. But I also see the benefits. Any advice on how to handle this? Horror stories? Recommended cards, and companies to avoid like the plague? Things I haven’t even thought about? Thanks!