Many teens dream of the days that they will be able to get their own credit card to make purchases on the things they want. You can be a great parent and give them the chance to prove themselves responsible with a credit card that is attached to your account. You can even use this opportunity to give them a wake up call on their skewed reality when they make a mistake to help prevent them from falling into bad credit situations in the future.
Credit cards are a very big responsibility no matter who you are. A teen that sees it as free money is more likely to make a bad mistake when using credit for the first time. Letting a teen make a mistake is one of the ways that they can learn not to continue to make those mistakes.
You might think that it is a bad idea to give a teenager a credit card, especially if you do not have funds to cover any mistakes they might make. Do consider this though, have you made a mistake because you took out a credit card application and were accepted then having a shopping spree only to fins out a few minutes later that you went over the limit? If yes then you could tell them about your experience and how you do not want them to go through that.
Credit card companies want you to share accounts with spouses or family members, this makes it possible to get a card for your teenager quite easily. It is always a risk to give a minor access to an account that has a high credit limit or high interest as if they go over your credit limit or make a mistake that you arte unable to pay for, you may end up with a blemish on your credit score. When this happens, it is usually a fight between parents and their teenage children over the responsibilities that one must take for their actions.
You might just want your teen to have a card for emergency purposes. This can be a problem when a teen does not know what counts as an emergency. Instead of emergencies, why not give them a card to use that they have to repay when they use. It may build their responsibility and promote getting a job and getting out of the house to be able to use the card online for stuff they really like or at the mall for something they are almost done saving up for.
You can set rules for acceptable purchases and also lay down the boundaries of which they can spend. If they break these rules or boundaries, you can cancel their card and have them suffer. If they get back on track, you may want to give them another chance, but until then their card is not active any more.
Closing Comments
Teens and credit cards do not always mix. There are some teens who are genuinely responsible and should be given a chance to use a credit card for emergencies or as a learning tool for their future. - 15224
Credit cards are a very big responsibility no matter who you are. A teen that sees it as free money is more likely to make a bad mistake when using credit for the first time. Letting a teen make a mistake is one of the ways that they can learn not to continue to make those mistakes.
You might think that it is a bad idea to give a teenager a credit card, especially if you do not have funds to cover any mistakes they might make. Do consider this though, have you made a mistake because you took out a credit card application and were accepted then having a shopping spree only to fins out a few minutes later that you went over the limit? If yes then you could tell them about your experience and how you do not want them to go through that.
Credit card companies want you to share accounts with spouses or family members, this makes it possible to get a card for your teenager quite easily. It is always a risk to give a minor access to an account that has a high credit limit or high interest as if they go over your credit limit or make a mistake that you arte unable to pay for, you may end up with a blemish on your credit score. When this happens, it is usually a fight between parents and their teenage children over the responsibilities that one must take for their actions.
You might just want your teen to have a card for emergency purposes. This can be a problem when a teen does not know what counts as an emergency. Instead of emergencies, why not give them a card to use that they have to repay when they use. It may build their responsibility and promote getting a job and getting out of the house to be able to use the card online for stuff they really like or at the mall for something they are almost done saving up for.
You can set rules for acceptable purchases and also lay down the boundaries of which they can spend. If they break these rules or boundaries, you can cancel their card and have them suffer. If they get back on track, you may want to give them another chance, but until then their card is not active any more.
Closing Comments
Teens and credit cards do not always mix. There are some teens who are genuinely responsible and should be given a chance to use a credit card for emergencies or as a learning tool for their future. - 15224
