Credit cards, debit cards and other bills: As a student just starting out on your financial life, it’s important to learn about credit. Using a credit card or a debit card (the credit function attached to an ATM card) can be a good way to establish a positive credit history that will be a benefit throughout life. In addition, you’ll find that a credit card can be very valuable in case of emergency. Under new federal laws, if you are under 21 years of age and want a credit card you must demonstrate income, savings, or have a co-signer to obtain a card.