Currently, it is easier for students to have a credit card in comparison to the past. However, I believe that the drawbacks are far more significant than the benefits.
Admittedly, one of the benefits of having a credit card at younger age is the access to newly purchase options. The credit cards allow beneficiaries to buy any product they cannot afford through installment plans or in a form of loan to be payed on latter date. As a result, it encourages students to buy products with low interest over longer period of time. Another benefit is that credit cards offer discounts on several product and services all over the globe, such as hotels reservations and airplanes tickets. For example, Bank of America offers 15% discount to any student who purchasing tecnhnological products as laptops and Ipads to support their educational journey. In addition, the bank is offering low interest rates if the student plans to pay on installment.
Nevertheless, these advantages are minor in comparison to the major drawbacks. One of the main drawbacks of credit cards is that the interest rates could grow rapidly leading to financial distress on young people. For example, in 2010, the federal bank of United States raised the interest rate on credit cards from 3% to 5% without prior notice, which increase the installments load on the users. Another drawback is the small limits allowed by the banks to be used by younger indivduals, because the banks consider the liability of losing their money due to the fact that students and young people do not have a high income to cover the total amount lent. Unlike the benefits that are mentioned earlier, they are outweighed by the long-term negatives.
In conclusion, while there are certain advantages to easy access to credit card, including installment plans and discounts, the disadvantages are more impactful in the long run. Therefore, I believe that the negatives clearly outweigh the positives.