James Franco would probably get enough offers for student credit cards to make him howl. In the past few years, the actor has attended NYU, Columbia and Yale, to name just a few. Typically, student cards come with higher fees and interest rates, but they also have lower limits. So if Franco were to pick one of those offers, he'd probably only have enough to buy milk and a few other essentials. If Franco were younger, he might also have to check with his mom before getting a student card because issuers may require a co-signer for applicants under 21 years of age. But if Franco's mom said no, he might consider asking a high school star like Justin Bieber what he has in his wallet.

For parents who never want to say never to the idea of giving their teenagers a credit card, a popular option for someone in Bieber's age bracket is to sign up for a prepaid card. While technically not a credit card, a prepaid card limits spending to the money on the account, but affords the student the flexibility to pay for emergencies without the risk of carrying large amounts of cash.