Originated From
Dolans

Credit Cards and Children Under 16

Should I let my children have credit cards?

Liked this question? Tell your friends about it

Featured Answer From Dolans

If they're under 16, the answer is No! No! No! A credit card is practically a lethal weapon in unskilled hands. However, your kids will be bombarded with offers from card companies starting in their freshman year of college. To give them some practice for the responsibility, we suggest you let them have access to a credit card when they turn 16 with some very strict limitations. Keep the credit limit down to $500. Also, ask the credit card company to send duplicate bills: one to your teenager, so that he or she will get used to receiving the bills and paying them on time, and one to you, so that you can monitor every transaction. One of the best lessons you can teach your children is to pay within 30 days.

<a href="" rel="nofollow" cl="http://www.dolans.com/" class="comlink">Dolans.com</a> Money Made Simple

All Answers

Order by
Oldest to Newest
Newest to Oldest
Votes

I wouldn't recommend it unless there was a LOW spending limit on it and the child was pretty responsible.

My life was a mess before I got <a href="" rel="nofollow" cl="http://www.thecreditexchange.com" class="comlink">credit card counseling</a> . Don't underestimate what <a href="" rel="nofollow" cl="http://www.thecreditexchange.com" class="comlink">credit card relief</a> can do for you.

I would give my child a credit card if I absolutely know they will be responsible for with it.  I would not let my child keep the credit card in their possession.  I would lend it to them for certain things they may want.  Also, make sure they have the money to pay the balance on the credit card at the end of the month.  Teach your children that plastic money can have severe consequences if not used wisely.

Related Questions

Other people asked questions on similar topics, check out the answers they received:

Asked: Credit card that comes along with offers?

Credit card that comes along with offers?

Asked: Which is the best credit card in Singapore for ...

Which is the best credit card in Singapore for Womens?

Asked: Nys.com/dept of finance/taxlevy need copy 0f paid ...

nys.com/dept of finance/taxlevy need copy 0f paid tax levy and what it was for. need orginal request

More Questions

I received my card, is it a credit card or a loan ...

No doubt, it's a credit card you will charge some amount as the interest. Every firm has their own interest rates so without knowing the name of firm it is difficult to tell about the interest rate. So you need to specify the name of the firms or you can call their customer services they will ...

Gift card

To honeybuy mall to see, there you will find your card, beautiful and lovely

How many people have transferred their credit card ...

Balance transfer is the best way to pay off one credit card with another credit card at a lower rate. It’s a good idea to save hundreds or even thousands of dollars. Transactions fees are small relative to interest rates, finding a credit card that charges no balance transfer fee may save you ...

Credit cards

Other than MBNA, there are many credit card suppliers available, and you can actually choose from different types and brands. Try to search online and ask for “list of credit cards”. The list includes the name of supplier and the brand of credit cards .