Need Help - Credit card/account advice - Daughter turning 18

titaniumtux wrote: ↑ CTFS!!! Pay uni tuition, right? Grab the Cash Advantage and call it a day.

jcg1545 wrote: ↑ Sorry, I may need a little spoon-feeding.
Can you spell out your advice a little further why you feel this is the best option?

Creditn00b wrote: ↑ Apply for the TD Cash Back Visa card. $0 annual fee & it gets you up to 1% cash back. (1% gas/grocery/re-curring bill) Because she already has a relationship with TD, might be easy approval just to get started.

shylok wrote: ↑ Cuz you can get cashback or points I forget when you pay university tuition using the cards online bill payment portal

jcg1545 wrote: ↑ trying to research on CT site but can't find details about cash advantage card or if it's cashback or CT money on university fees

shylok wrote: ↑ No idea how to parent a 18yr old.. Mines 2. But I remember lots of kids when I was late teens messing up with credit. So perhaps an account on mint or similar that tracks income and expenses, where you sit with them every quarter to talk about responsible debt and usage etc. Dunno.. Easy to go wild lol

Quentin5 wrote: ↑ A credit card can be with any bank, not just the one she is with now. So start with TD, if they are not interested shop around.
Also they typically want to know income level and part time job works in her favour.
At university there will be many banks peddling cards sand trying to sign people up a their booths.
She will get allow credit limit but by building good credit it will be raised. If the raising takes too long feel free to contact a bank and ask for an increase (say after the first year).

Finally its never too early to teach how to budget, starting with never carrying a balance on a credit card. If you can't afford to pay the full balance at the end of the month then you can't afford to have the card. Its also important to bear in mind the size of any student loans. making sure the loan amount is commensurate with post uni expected income.
And don't forget to teach the rest of budgeting from living within her means (student loans come as a lump sum but have to last the semester) to paying bills on time (late payments trash the credit rating) to saving for the future and investing for retirement. The earlier she starts the bigger her nest egg, having a few million dollars by saving early and saving a good percent of her pay means financial freedom and even possible early retirement.

jcg1545 wrote: ↑ Thanks, appreciate the advice/info.
We have worked on almost all the topics you mention, especially not carrying any balance on a cc.
She has been able to save 10k so far and looks after her finances better than I did at that age.
There are so many cards/offers out there, it's hard to be sure which one to pick that will benefit her the most.

Quentin5 wrote: ↑ Keep on it, its easy to fall off the wagon when one is in a new stage in life. But also remember she is growing up and she needs to be able to make her own decisions.
Also don't drive yourself crazy to find the best card, just find one that is good enough for now. This is called analysis paralysis.
If you find the ultimate one in the future she can sign up for it, most of us have more than one card.

jcg1545 wrote: ↑ lol, analysis paralysis, may describe me more that I care to admit.

jcg1545 wrote: ↑
Also thought it may be a good time to also switch banks to one that will offer her unlimited transactions/etransfers for preferably no fee.

Quentin5 wrote: ↑ TD is a good bank but they have some quirks as you are finding.
She can add a Simplii or Tangerine account. No need to close TD if there are no fees (iirc on student plans they offer no fee accounts).

Ask her to read this thread, in the end you can only teach, she has to live it.

smartie wrote: ↑ I might be wrong on this, but I thought student account in all banks give you unlimited transactions? And no fee?

smartie wrote: ↑ I might be wrong on this, but I thought student account in all banks give you unlimited transactions? And no fee?

jcg1545 wrote: ↑ The current student account she has at TD only allows her 25 transactions, one of the reasons I'm looking for options