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re: Kids credit / debit cards?
Posted on 12/9/22 at 9:28 am to CincinnatiTiger
Posted on 12/9/22 at 9:28 am to CincinnatiTiger
My dad co-signed a small like $1500 limit credit card when I started driving
Used only for emergencies of course but it helped to build my credit score up from an early age
Highly recommend others to do that .
Also, we used cash for most everything growing up so I realize that part isn’t something people do anymore
Used only for emergencies of course but it helped to build my credit score up from an early age
Highly recommend others to do that .
Also, we used cash for most everything growing up so I realize that part isn’t something people do anymore
This post was edited on 12/9/22 at 9:30 am
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Posted on 12/9/22 at 9:28 am to GreatLakesTiger24
quote:
Can’t believe all the people giving their kids a debit card smh
I can’t believe people are still using debit cards in the year of our lord 2022
I'm not giving a teenager a credit card
Posted on 12/9/22 at 9:29 am to NATidefan
quote:open one with a $1,000 limit on it and add them as a user.
Well they can't have credit cards except as authorized users. I'll add them as a user to help them build credit, but I'm sure not handing over a card with a 20k+ limit to them.
Posted on 12/9/22 at 9:31 am to CincinnatiTiger
Got my daughter a GreenLight card when she was 8
Posted on 12/9/22 at 9:31 am to Displaced
quote:
open one with a $1,000 limit on it and add them as a user
I might with my son when he gets older. My daughter just turned 18 and now has her own credit cards. Son is only 13 and doesn't really need either right now.
Can you request a lower limit? I've always tried to get the highest limit, lol.
This post was edited on 12/9/22 at 9:33 am
Posted on 12/9/22 at 9:31 am to tgrbaitn08
quote:My kids are 11 now, and I plan to go this route once they get cell phones.
It looks like Chase has an option for joint accounts for kids 6-17
Luckily they haven't really asked us much about cell phones so we're going to milk that as long as we can. They're mostly responsible but I can't imagine them with cell phones and going to their friends houses to play, seems like a disaster. We had an old cell phone they used around the house only and only to play games on it. The legit one and only time I allowed one of them to take that phone when we went to a Monster Jam thing, he lost it at the venue lol.
But I'm guessing in the next year or 2 we'll finally break down and get em cell phones. They're savers, so they both probably have around $1k each saved up, so I'd want to get them used to handling their money electronically so I'd want to deposit all their money into their accounts, and less so for the actual debit card itself, but more so letting them "handle" their money electronically.
Most of what they spend, we buy for them and they give us their cash, so it would be cool for them to learn how to do the exact same idea but going to their phones and transferring the money out of their accounts or just downright buying it online with our help but paying with their cards.
Posted on 12/9/22 at 9:32 am to jamiegla1
quote:
GreenLight card when she was 8
don't you pay fees for that? frick that. Till free.
Posted on 12/9/22 at 9:33 am to fallguy_1978
quote:You're not wrong in theory but that teenager is going to be 18, leave your house, and then have to handle money on their own. Seems like a good idea to get them a card before they go on their own entirely. It can be a smaller limit, just something to get used to.
I'm not giving a teenager a credit card
Posted on 12/9/22 at 9:34 am to Chad504boy
I want my daughter to see money show when she deposits it, and see it go as she spends it. I don't want her to just be able to spend. I like the idea of her managing the balance.
Posted on 12/9/22 at 9:34 am to shel311
quote:
You're not wrong in theory but that teenager is going to be 18, leave your house, and then have to handle money on their own. Seems like a good idea to get them a card before they go on their own entirely. It can be a smaller limit, just something to get used to.
why is credit spending any different to a 16 year old than debit spending? debit spending deducts of what is actually there. You don't want to gift them the idea of spending what is not even really there.
Posted on 12/9/22 at 9:34 am to fallguy_1978
open a card with a low limit and add them as an authorized user. wayyyy safer than a debit card and almost certainly a better tool to learn about personal finance.
Posted on 12/9/22 at 9:35 am to CincinnatiTiger
My kids got checking accounts and debit cards when they were sophomores in HS (and debit cards).
It's a good way to teach them about money and spending.
It's a good way to teach them about money and spending.
Posted on 12/9/22 at 9:35 am to CincinnatiTiger
I have a 25,20, and 16 y/o and have never done that for any of them
Posted on 12/9/22 at 9:35 am to Chad504boy
quote:kids are dumb and lose their stuff and/or get scammed
why is credit spending any different to a 16 year old than debit spending? debit spending deducts of what is actually there. You don't want to gift them the idea of spending what is not even really there.
rather lose the CC company's money than your own real money
Posted on 12/9/22 at 9:41 am to shel311
quote:
that teenager is going to be 18, leave your house, and then have to handle money on their own. Seems like a good idea to get them a card before they go on their own entirely. It can be a smaller limit, just something to get used to.
This is all so true
And plus it helps a teen with responsibility and trust . To be responsible using the card and acknowledging the parents trust the teen with the credit card itself
Of course there are consequences for abuse of the card and those should be made clear
Posted on 12/9/22 at 9:41 am to fallguy_1978
quote:
I'm not giving a teenager a credit card
I give grandkids a debit card, they can use it, and add money when they get paid if they choose.
Way preferable when dealing with adolescents as they learn responsibility. They spend $300 and its gone.
It helps with economics education to manage their own accounts.
Posted on 12/9/22 at 9:44 am to GreatLakesTiger24
quote:
open a card with a low limit and add them as an authorized user. wayyyy safer than a debit card and almost certainly a better tool to learn about personal finance.
She can learn about spending money she doesn't have in theory vs practice. She doesn't have a job or income. What's that going to teach her?
I don't really care if her debit card number is compromised. She never has more than $100-200 on there
Posted on 12/9/22 at 9:47 am to tgrbaitn08
quote:
I got my son a student checking account when he was 13, Capitol One was the only bank we could find that would set it for us....of course we had control over it but it was his money, I just had to sign him up and authorize him to have it......not many banks will open up an account for kids under 16
and you need an ID to set up their own account, which we also did.
Posted on 12/9/22 at 9:48 am to GreatLakesTiger24
quote:
kids are dumb and lose their stuff and/or get scammed
rather lose the CC company's money than your own real money
the way my till works, i transfer monies into a parent account that sit there. I do manual transfers to each of my kids' cards. they never have more than say a $100 or so or if whatever needed.
Posted on 12/9/22 at 9:48 am to CincinnatiTiger
Zero reason for a kid to have a credit card. Checking and/or debit card, yes if they have a job and are earning income.
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