While it will be a long time before my children go off to college, I often think about it. One of my biggest fears is that they go to college and rack up a ton of credit card debt without me knowing about it. That got me thinking that AmEx gift cards would be great for college students.
If you have a child who is going to college, you might want to think about using AmEx gift cards to prevent them from applying for credit cards. You can load the gift card up and give it to them to have money throughout the term. Maybe you could send them a new card every other week to prevent them from blowing too much money at once.
Another great option is a prepaid debit card that you can recharge by depositing money with the bank that issued the debit card. One such bank debit card like this is the Wachovia Buxx prepaid debit card.
Do you have a child in college? I would love to know how you give them money.
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I always thought parents just sent their kids money direct debit or something.
Or a transfer into their bank account.
I didn’t receive anything from my parents after I left to live on my own at the age of 18, but I guess it’s a moot point, as I never carried any credit card debt.