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And finally in this block back to school time will be here before you know -- if your kids even grandkids are headed off to college soon the right card for them could help them build their credit.
Here with recommendation Joshua -- authority.
Credit card expert and lead blocker for credit net dot com Joshua thanks for coming on the show tonight appreciate your time puts -- one thing that parents and grandparents should know.
About their college aged kids and grandkids.
Getting these cards.
They need to know back in you know credit scores are going -- credit cards owned car going anywhere so.
They need to know it is their responsibility as parents as grandparents to help there.
Child to help their college student get a credit card in their own name use it responsibly.
And start to build their credit score Eddie -- yeah.
-- what if you can't I mean what it's more difficult now.
Because the way the rules -- change the laws -- change Dodd-Frank as much to more difficult for college age kids to get credit cards should parents.
Give -- a credit card that that is in the parents name.
Or should they and some other way sponsor their kids credit card use.
But like you said there are still options -- I'm not a big fan of co signing for credit cards because I think it's risky it puts everyone's credit scores at risk.
But what do Perry can do you know from the young age you can add your child as an authorized user on your credit card hopefully it's one with a long history.
And that credit -- gonna show up on their credit reports.
It's gonna help them build a score from a young age so when they're older when they're in college hopefully they can apply for credit card in their own name.
And get accrued gets -- error what part of the police say gets -- early how hourly.
So I think it did ages is fifteen or sixteen years old while yet that a lot of different things about.
Well look I you can figure out we have a lot of yeah.
-- Xeon gets up on them let's about your your recommendation you don't even need to give your child be ought to card.
Just added is authorized user I never get -- should help them build Pennsylvania he never given to him.
That is genius they get some card recommendations I wanna go through here.
Capital One journey as one of them -- you can -- NET1 percent cash back.
-- said the downside is other cards may offer -- better cash back incentives.
-- like that cash threat bonus to 25%.
Like Citi dividend platinum select why.
I like -- like because it offers.
College students the opportunity or earned more than 1% -- back.
You know the capital and journey card is great because Capital One always keeps it simple but didn't give you 1% straight cash back.
Also they're going to -- your bonus if you pay your your bills on time every month.
That's great because it's supporting that they have this that we wanted to know in the first place so you can in essence get one point 25% cash back.
Every every month now we are -- evil dead the dividends -- card.
You get rotating categories every every quarter.
So you can earn up to 5% cash back if you -- those categories make sure -- signed up for.
Rose ten categories what does that mean Josh I don't understand you know -- Discover Citibank they -- -- these rotating categories quite a bit they're they're saying it.
You know utility is restaurants that give you categories for each quarter.
And every dollar that you stand in that category you're gonna get additional.
Bonus for RIT acted really carefully track your spending.
The last one discover more student why is this good ICF five back 5% cash back bonus what else is good about this cart.
-- -- to give you twenty dollar cash -- sign -- bonus after you make your first purchases in the first three months which is a nice benefit.
Other wanting to watch out for with -- with this card is that you actually have to me at 3000 dollar spending threshold in order to get the full one point.
I want my college kid doing that.
I mean yeah the end of the day do you think 3000 when you have a 17% interest -- that -- just may be too much.
-- One thing we want to make sure we're talking about here is you never wanna Kerry announced -- -- credit card we need to teach our young adults.
That credit cards are tool to build credit.
I have to agree Josh our -- -- thanks for coming -- -- appreciate your time great recommendations that.
Thank you for having me.