Hi all,
My daughter will be leaving the nest soon. She will be 1,500 miles away from home. I thought it would be a good idea to get her a credit card for emergency use.
Bank of America, where she has a student checking account, promptly offers a card with a $600 credit line. However, the interest rate is almost 19%. Although she has been instructed to never carry a balance beyond the grace period, I still find that rate outrageous. The bank representative told me the rate is common for new credit card owners. Is the rep right? Should I try another bank? Are there alternatives?
Thanks,
Sam
My daughter will be leaving the nest soon. She will be 1,500 miles away from home. I thought it would be a good idea to get her a credit card for emergency use.
Bank of America, where she has a student checking account, promptly offers a card with a $600 credit line. However, the interest rate is almost 19%. Although she has been instructed to never carry a balance beyond the grace period, I still find that rate outrageous. The bank representative told me the rate is common for new credit card owners. Is the rep right? Should I try another bank? Are there alternatives?
Thanks,
Sam