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Started By
Message
re: Kids credit / debit cards?
Posted on 12/9/22 at 9:54 am to RogerTheShrubber
Posted on 12/9/22 at 9:54 am to RogerTheShrubber
quote:
Way preferable when dealing with adolescents as they learn responsibility. They spend $300 and its gone.
Granted I'm in my mid 40s and people use credit way more now than they used to, but my dad would have laughed me out of the living room if I had requested a credit card as a teenager that he's ultimately responsible for paying
This post was edited on 12/9/22 at 10:27 am
1
Posted on 12/9/22 at 10:05 am to BabyTac
quote:
Checking and/or debit card, yes if they have a job and are earning income.
that's stupid and obvious you don't have young teen kids right now.
Posted on 12/9/22 at 10:07 am to TDTOM
quote:
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.
What’s your point?
Posted on 12/9/22 at 10:09 am to fallguy_1978
quote:
if I had requested a credit card as a teenager that he's ultimately responsible for paying
Yep, when they go to college, you bet.
Until then, learn to manage their money.
Posted on 12/9/22 at 10:09 am to Chad504boy
quote:
What’s your point?
quote:
I like the idea of her managing the balance.
Posted on 12/9/22 at 10:11 am to TDTOM
you replied to my till post. Not sure if you thought she can't do all of that on till.
Posted on 12/9/22 at 10:16 am to Chad504boy
I don't know what is. I am good with her having a joint account with me at my credit union.
Posted on 12/9/22 at 10:27 am to CincinnatiTiger
About age 12.
Good for their credit history.
Locked the cards in the safe.
Good for their credit history.
Locked the cards in the safe.
Posted on 12/9/22 at 10:30 am to CincinnatiTiger
My 11 yo son has had one for a year or so.
Posted on 12/9/22 at 10:31 am to BabyTac
quote:
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.
quote:kiss of death for this take
by BabyTac
Posted on 12/9/22 at 10:35 am to momentoftruth87
quote:
I’m an independent type where I’d rather them earn their own credit if they’re going to borrow.
Credit scores are utter bullshite. Setting up your kids with a good start instead of starting at "zero" doesn't take away their independence.
I am adding my kid as an AU to a couple of cards when he turns 16. Right now he has access to a couple hundred in his apple wallet if for some weird reason he would need it but it has never been used.
Posted on 12/9/22 at 10:36 am to NATidefan
quote:
Can you request a lower limit? I've always tried to get the highest limit, lol.
Yes you can request a lower limit.
My son is about to turn 16. We will be adding him as an AU on our credit card, but he isn't going to have access to the card or even really know about it. He's also going to have a checking account with a debit card.
I don't understand why any parent would not want to help their kid start off with good credit. I sure as hell wish my parents would have done that.
And yeah when he's 18 and out of the house I think is a good time to introduce an actual credit card for him.
Posted on 12/9/22 at 10:39 am to CincinnatiTiger
If you can put a limit on it, I think it’s a great idea.
Posted on 12/9/22 at 10:45 am to RoscoeHarper
quote:
And yeah when he's 18 and out of the house I think is a good time to introduce an actual credit card for him.
Pretty much did this. Son had debit card (still uses same one) at 15 or so. Then when he went to college got him on a low limit card and it's for "emergencies". He can't use it for day to day stuff, but if something comes up with his car which I pay for he can use it. So far so good and he seems to have an understanding of the difference and how credit purchases cost more if you dont pay it off. He does get a crap ton of credit card offers now though
Posted on 12/9/22 at 10:51 am to RoscoeHarper
quote:
Yes you can request a lower limit.
My son is about to turn 16. We will be adding him as an AU on our credit card, but he isn't going to have access to the card or even really know about it. He's also going to have a checking account with a debit card.
I don't understand why any parent would not want to help their kid start off with good credit. I sure as hell wish my parents would have done that.
And yeah when he's 18 and out of the house I think is a good time to introduce an actual credit card for him.
Yeah, this is what we did with my daughter (added as authorized user to build credit, but didn't giver her access to the card). And then she used debit until she turned 18 and I taught her along the way how to manage funds coming and going. Now she has credit cards that she understands how to use and good credit.
I just don't know if it's really worth it to start them off with a low limit credit card. But I might with my son.
Posted on 12/9/22 at 6:57 pm 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.
My 13 y.o. kid has $35.12 in her account with her debit card. I'm willing to lose that than deal with CC disputes. She hardly uses it except for what she really wants because she knows she'd have to do work to get more. If she had a CC with $1k limit, it would be maxed out in a week...how is that setting them up for success?
I'll do what my parents did and take out her college student loans in her name that we'll repay so credit is straight upon graduation. But I'm damn not giving her access to a LOC as a teenager.
Posted on 12/9/22 at 7:59 pm to CincinnatiTiger
13. Chase has/had an account for high school students that is only a debit card and also won’t let them overdraw.
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