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Student credit cards and young credit

Credit card glossary terms to know for students

Summary

Before your child heads off to college, make sure you sit down and talk about financial responsibility, budgets and how credit cards should, and shouldn’t, be used.

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Credit card glossary terms to know for students College students and easy credit can be a deadly combination. Before your child heads off to college, make sure you sit down and talk about financial responsibility, budgets and how credit cards should, and shouldn’t, be used. The college years can be a time to build a stellar credit history, rather than graduating with thousands of dollars in credit card debt. Here are some common credit card terms you and your student should know. (Back to glossary of common credit card terms.)

Glossary terms to know for college-bound students

Additional cardholder — When you have a credit card, it is often possible to add an … (more)

Authorized user — An authorized user is any person who has permission to use a credit … (more)

Co-signer — A co-signer is a person who signs an agreement to pay off a loan for … (more)

Credit history — Credit history is the record of use of debt. In the United States, three major … (more)

Joint account — A joint account is a bank account equally shared by two or more … (more)

Linked transfer account — A linked transfer account is one in which a consumer’s … (more)

Piggybacking — Piggybacking is the act of improving your credit score or rating by … (more)

Prepaid cards — A prepaid credit card is a form of secured credit card that is tied to … (more)

Secured credit cards — Secured credit cards are those that require collateral … (more)

See related:Glossary of common credit card terms, 529 linked credit cards help make college more affordable, Top 10 ways students ruin their credit, Three must-ask questions for multiuse college campus cards, How to help your college age child establish credit, College student wants grandma to co-sign on a credit card, Why students pay for college with plastic, tips to avoid it, 6 tips for college students considering first credit card, Back-to-school credit card advice for students, parents, 10 ways students can build good credit

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Published: March 4, 2009

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