The first thing to consider is whether or not your child has learned enough about financial responsibility to handle having their own credit card. This is because if you want your college student to have one, you will likely have to co-sign for the card. Co-signing means that you are putting your own credit history on the line if your child defaults on their credit card and that you will likely be responsible for paying back the amount charged as well as any late fees associated with the overdue charges.

You will know if your child is financially responsible, from what they do with money they earned from summer jobs to how they handle their allowance. It is important that you explain to them as early as possible the value of good credit and how messing up your credit can affect you for many years to come. If you are going to get a credit card for college students for your child you’ll want to make sure that they are fully aware of the long term implications of not paying it, being late on payments and how these actions will ultimately affect other types of financing years down the road.

When it comes to credit cards college students may still at times be irresponsible and it is for this reason that you may want to start with a card that has a low limit, such as $100 or $200. Getting your child a credit card with a $1000 limit may be troublesome as “emergencies” such as new clothes for a party, or supplies to entertain friends will possibly end up on the card. You’ll want to make sure that you thoroughly explain the difference between a true emergency and something that they will have to put on hold and wait for.

The best credit cards for college students are those through a financial institution that you trust. Your child may already have a checking or savings account through your local bank and this is a good place to start for credit cards. Find out if they have an associated credit card and bank account for college students, as many banks and other financial institutions offer these type of services to young people to prepare them for life as a financially responsible adult.