Teen Credit Cards

How Early is Too Early?

A credit card at thirteen? Many adults are questioning whether to expose teens to credit at such an early age. Parents tend to be split on this issue.

When most parents are asked if their teen should be given credit, the answer is a flat “no”. Teens tend to have difficulties managing the cash they have, never mind the lure of credit. Many parents feel that the credit card companies are using the teen cards to have their teen hooked on credit before they have learned to earn money with a summer job.

The Flip Side

Another group of parents feel that the teen years are the perfect time to start teaching about money management and that includes credit cards in the “real world”. Many students leave high school with very little money sense and then go to college and are bombarded with the numerous credit cards being offered to students. Parents feel that the “teen credit cards” give them an opportunity to guide their child with the uses of credit while they are still holding the financial reins.

Secured Credit Card

“Teen Credit Cards” are being offered by Visa currently just for this purpose. The Visa Buxx card is a secured credit card, which means only the money put into the account previously can be “charged”. Parents need to open the account and are held financially responsible for the card. The cards are now being offered for teens 13-17 years old.

Will your teen have a credit card before their Driver’s License?

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