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Message
credit card for teen
Posted on 8/3/22 at 12:50 pm
Posted on 8/3/22 at 12:50 pm
I would like to get my 18 year old a credit card for emergency use only and to use for gas. I would be paying the balance, right now I transfer money to his bank account for gas while he is in school. Instead of doing this I thought a credit card may be beneficial in case he was ever in a situation where his debit card didn't work.
Someone mentioned to me recently that they add their teen to their credit card as an authorized user because that's the best way to help teens credit. I know someone that has their 15 year old as a user to boost teens credit.
Thoughts on this?
Someone mentioned to me recently that they add their teen to their credit card as an authorized user because that's the best way to help teens credit. I know someone that has their 15 year old as a user to boost teens credit.
Thoughts on this?
11
Posted on 8/3/22 at 1:00 pm to tigergrl
It's not a bad idea if your teen is responsible. Make sure to monitor their account closely for a while, then as they prove themselves you can begin backing off.
It's a good way to help them build credit, but it's also a good vehicle to use for discussions about fiscal responsibility.
It's a good way to help them build credit, but it's also a good vehicle to use for discussions about fiscal responsibility.
Posted on 8/3/22 at 1:21 pm to Bard
I remember getting high in college with a friend and going to a gas station convenience store to load up on snacks paid for by his dad's gas card. Definitely felt like an emergency situation at the time.
Posted on 8/3/22 at 1:33 pm to Diseasefreeforall
it definitely was! We all need to eat right? 
Posted on 8/3/22 at 2:35 pm to tigergrl
My Dad did it with me with USAA, and i did the same for my son. Card is in his name, helps build his credit, and is attached to my account. You can also set a limit on it so he cant go crazy.
Posted on 8/3/22 at 3:57 pm to tigergrl
Not a bad idea at all for them to build credit. I did this with my parents when I turned 16, just used it on gas basically through high school/college and thats it.
1. Add them as an authorized user to one of your cards
2. Set the limit to something very low, like $200-$500 or something
3. Definitely make sure to do #2 or else likely at some point you'll see a wacky spending spree and them claiming they will pay you back
1. Add them as an authorized user to one of your cards
2. Set the limit to something very low, like $200-$500 or something
3. Definitely make sure to do #2 or else likely at some point you'll see a wacky spending spree and them claiming they will pay you back
This post was edited on 8/3/22 at 3:58 pm
Posted on 8/3/22 at 5:16 pm to tigergrl
(no message)
This post was edited on 10/26/22 at 9:25 am
Posted on 8/3/22 at 5:30 pm to Diseasefreeforall
I had a rich neighbor in college and we just to load up on beer on his dad's Chevron card when funds were low
This post was edited on 8/3/22 at 5:31 pm
Posted on 8/3/22 at 6:56 pm to tigergrl
Just add them to one of your cards with good history. It will save your kids so much grief with the BS US credit score system. After that card reports to their credit they will probably be sitting with a 700+ score out the gate and could get a decent zero fee rewards card. Have them stop using the card in your name, but keep it on their credit for a few years and then have them use the new card to start building their own history.
Posted on 8/3/22 at 7:05 pm to tigergrl
Just add teen as authorized user to whatever you already have. They get their own card, and you get the statement.
Posted on 8/3/22 at 7:55 pm to tigergrl
quote:
add their teen to their credit card as an authorized user because that's the best way to help teens credit.
Do this...am doing this.
Know some of the risks:
If you don't pay your debt, can hurt your teen's credit before it starts, so to speak.
Make sure teen does not go wild or have a girlfriend go wild using that cc.
Good luck!
Posted on 8/3/22 at 7:58 pm to tigergrl
Many credit unions have great student credit card pro grams. Some with 0% interest. Shop around and I’m sure you’ll find a good one. Getting a credit card at a young age, and keeping it open, is one of the best ways to help your credit score. Longevity matters with credit trade lines.
Posted on 8/3/22 at 8:28 pm to thunderbird1100
quote:
I did this with my parents when I turned 16, just used it on gas basically through high school/college and thats it.
That was nice of you to do that for your parents.
Posted on 8/4/22 at 7:42 am to tigergrl
That’s what I plan on doing for my daughter when she gets old enough to add on as an authorized user. They get all of the years of the credit history. My daughter is 2 right now. I have a credit card oldest of 11 years. When she turns 12 and is eligible to be put on she will have a credit history of 21 years!
Posted on 8/4/22 at 9:04 am to Turf Taint
I have a card that I use often and has a balance or I have a card that I haven't used in years but still is open and no balance. Any idea which would benefit him better to be a user on?
Posted on 8/4/22 at 11:22 am to tigergrl
My kids all got "starter" cards when they were 18. It had a pretty small limit with scheduled increases after so many months of positive history. They set up auto payments for the full balance each month.
The kid that was the most financially literate and responsible had a hard time getting approved for some reason. I put him on one of my cards as an authorized user to get him a start but he never had that card in hand.
The kid that was the most financially literate and responsible had a hard time getting approved for some reason. I put him on one of my cards as an authorized user to get him a start but he never had that card in hand.
Posted on 8/4/22 at 11:35 am to tigergrl
quote:
Thoughts on this?
One of the best things my dad did for me was start building my credit at 15 doing the kind of things you are talking about.
Posted on 8/4/22 at 12:16 pm to I Love Bama
well unfortunately I'm late to the game since my son is 18 already, wish I would have known about this 5 years ago 
Posted on 8/4/22 at 12:36 pm to tigergrl
18 is still a great age to start.
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