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Debit/Credit Cards for kids
Posted on 5/21/24 at 4:02 pm
Posted on 5/21/24 at 4:02 pm
Any recommendations for a debit/credit card for a 12 year old? Kid is going to camp this summer, and would prefer to not send cash. Would also prefer a debit card connected to an account that I can easily add money to without a bunch of fees. The credit union that I use doesn't haven't a debit card option until 15 or 16.
11
Posted on 5/21/24 at 4:12 pm to CubsFanBudMan
I used Capital One teen accounts for my kids, but they were a few years older. A quick search and it seems 8+ are eligible.
Super easy to move money on the mobile app but I already banked with them too.
Super easy to move money on the mobile app but I already banked with them too.
Posted on 5/21/24 at 5:09 pm to CubsFanBudMan
I was able to add both of my kids to our Chase United credit card as authorized users. From what I’m told it establishes credit too, not sure if that’s true though
They were 12 and 10 when added
They were 12 and 10 when added
Posted on 5/21/24 at 5:35 pm to CubsFanBudMan
Cash App. Seriously, open you an account add a minor and you can send them money instantly via your bank with no fees. They can get a free debit card and you can see their transactions.
No need to open a bank account. That's what most of the middle/high school kids use these days.
No need to open a bank account. That's what most of the middle/high school kids use these days.
This post was edited on 5/21/24 at 5:37 pm
Posted on 5/21/24 at 6:38 pm to CubsFanBudMan
Did an authorized user card for each of my kids on my Amex Blue Cash Preferred. Each AU has their own card number, charges are shown on the statement by cardholder, and you can easily set the limit to whatever you want and instantly cut off the card if needed. Each AU can also register separately for the Amex site and app and track their own spending (no visibility to the other cardholder activity or ability to access the account admin settings).
Posted on 5/21/24 at 9:04 pm to CubsFanBudMan
Check out Busy Kids. We have one for each of our kids. They have an app that they can check off when they do chores and you can pay them on there. They each get a Visa card that it loads too. We now put everything on there from bday money , report card etc…. They also allow you to split it up into spending and savings. So half of everything they get we put in the savings side and half on the spend card. Once savings gets to $500 I move to their Neigbors savings account.
Posted on 5/21/24 at 9:06 pm to CubsFanBudMan
Chase First Checking is pretty good. Easy to transfer money into their account from the app and it comes with a debit card. App lets you assign them chores with a set payment amount, then the kid can mark off on their version of the app when the chore is done. When you hit confirm, the money transfers. You can put spending restrictions on the card via the app too. But I think the parent needs to have a Chase checking account to be eligible for a kid’s account.
This post was edited on 5/21/24 at 9:08 pm
Posted on 5/22/24 at 8:18 am to CubsFanBudMan
From what I understand, you can add him as authorized user to credit card. He will obtain your entire credit history from that card. To where his oldest account might be older than him. But he would also have your spending power too with the credit limit. As long as you teach him limits/responsibility and pay the bill in full this might be a good idea for him to establish credit history. I’m considering same thing for my son around his age
Posted on 5/22/24 at 8:49 am to DaBeerz
quote:
From what I understand, you can add him as authorized user to credit card. He will obtain your entire credit history from that card. To where his oldest account might be older than him. But he would also have your spending power too with the credit limit. As long as you teach him limits/responsibility and pay the bill in full this might be a good idea for him to establish credit history. I’m considering same thing for my son around his age
I have a capital one credit card with a relatively small credit limit that I can add a child as an AU. It does not allow me to enter SSN for anyone under 18, so I doubt it will start a credit history for my kid. I have been thinking about how to get a credit history started for my kids though.
Posted on 5/22/24 at 8:59 am to CubsFanBudMan
I was reading a chart that capital one does report to credit bureau
Posted on 5/22/24 at 9:05 am to CubsFanBudMan
The capital one teen account is really good, the app (kids side) is set up to teach them to manage money and has an adult monitoring and transfer portion(adult side). I think all you need as the adult is a 360 savings which earns a pretty good APY.
I set mine up and then let my son use my 360 as his savings. And I'll move money to and from it for him to the teen checking if he needs me too.
It was the best one I found will looking.
I set mine up and then let my son use my 360 as his savings. And I'll move money to and from it for him to the teen checking if he needs me too.
It was the best one I found will looking.
This post was edited on 5/22/24 at 9:06 am
Posted on 5/22/24 at 9:08 am to DaBeerz
quote:
From what I understand, you can add him as authorized user to credit card. He will obtain your entire credit history from that card. To where his oldest account might be older than him. But he would also have your spending power too with the credit limit. As long as you teach him limits/responsibility and pay the bill in full this might be a good idea for him to establish credit history. I’m considering same thing for my son around his age
I did this with my kids to help with their credit when they turn 18, but no way I'm letting them use my cards with large limits.
BTW, it did help with my daughter's credit, she had a 790 score at 18. She also got approved for good cash back cards on her own at 18 with good limits because of it
This post was edited on 5/22/24 at 9:26 am
Posted on 5/22/24 at 9:17 am to NATidefan
I added my youngest to mine too, but she doesn't even know she has a credit card with her name on it. I'm not giving a credit card to a 17 yr old
Posted on 5/22/24 at 9:18 am to CubsFanBudMan
quote:
I have a capital one credit card with a relatively small credit limit that I can add a child as an AU. It does not allow me to enter SSN for anyone under 18, so I doubt it will start a credit history for my kid. I have been thinking about how to get a credit history started for my kids though.
They all have different rules for adding authorized users. But most will let you under 18 from my experience. Some they have to be 15 or 13. Some they just have to be alive. I have had my kids added to most of mine since they were 10-13
This post was edited on 5/22/24 at 9:25 am
Posted on 5/22/24 at 9:20 am to fallguy_1978
quote:
I added my youngest to mine too, but she doesn't even know she has a credit card with her name on it. I'm not giving a credit card to a 17 yr old
Exactly! Mine know I did it, but their cards got cut up as soon as they arrived or I didn't order them one, lol
This post was edited on 5/22/24 at 9:20 am
Posted on 5/22/24 at 9:31 am to NATidefan
That’s why I went with the student checking debit account. I transferred just enough to cover their needs and they had to call and ask if additional money was needed.
Once my oldest got her first real job, I told her to open her first CC to build credit and get the rewards.
Once my oldest got her first real job, I told her to open her first CC to build credit and get the rewards.
Posted on 5/22/24 at 9:38 am to LSUSports247
quote:
That’s why I went with the student checking debit account. I transferred just enough to cover their needs and they had to call and ask if additional money was needed.
Yes, like I said, my son has the capital one teen checking that I do the same with for his money and I let him use the 360 saving account in my name with it as his savings. It doesn't allow him to move money to and from that savings, but I can for him easily.
Adding them as AU on my credit cards is a completely separate thing and they have no access to use those. It's just to help them build credit.
Posted on 5/22/24 at 9:43 am to CubsFanBudMan
I'd add them as an authorized user on your credit card. It gets them their own card and starts building them credit.
Most have the option to set spending limits and get alerts when the card is used.
So you could set a hard stop on any transaction over whatever amount you choose, and also get an email any time the card is used. Plus you're getting the points on whatever they're spending money on as well.
Most have the option to set spending limits and get alerts when the card is used.
So you could set a hard stop on any transaction over whatever amount you choose, and also get an email any time the card is used. Plus you're getting the points on whatever they're spending money on as well.
Posted on 5/22/24 at 9:44 am to NATidefan
Fidelity also has a youth account. Free 50 dollars and the money is kept in a money market account earning 5%. But it doesn't have as nice of features as the cap one app, etc. My son doesn't really use it, but I did set it up for him along with a UTMA account with them and got the free 50.
I keep the money he and we have set aside for his car to purchase in a few years in the UTMA and have it invested in USFR currently.
I keep the money he and we have set aside for his car to purchase in a few years in the UTMA and have it invested in USFR currently.
Posted on 5/23/24 at 6:34 am to CubsFanBudMan
If you have access to USAA they had kids accounts with cards that'll allow them pretty early. All of mine had cards by 11
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