In my opion being a teenager.No.Plan and simple No.When my responseable friend got one she bought loads of things she didn't need and stuff for our friends for no reason.But if there was an energency it would be useful.
In one word - NO. Children need to learn the value of money and how it's acquired...i.e. by earning it...before being handed a piece of plastic to acquire things they don't need and wouldn't buy if they had to pay for it in cash. Because eventually *somebody* has to fork out *real dollars* for whatever was purchased with the card.
You can't. You're just setting them up to view credit as a helpful "tool" when actually it will put them further behind in life because they will be paying for the principal & interest. Yeah, they may have their toys now instead of later, but they will pay a lot more for them.
However, if you insist on giving a teenager a credit card, ask the credit card company for a very small limit, like $50. Go over the bill every month with your teenager & make sure they pay it off in full each month.
Give a teenager a debit card.
They can't overspend because it won't charge for what they don't have. It's much safer and as I am nearing the end of my teenage years, I can safely say that it is too tempting to spend parents' money!
A credit card with out them knowing the value of it should be a No No.
I would ask them to save some money like 250-500$ over a period of time from their pocket money or from doing a part time job. Then introduce them to something called "Secured Credit Card". Most Credit Unions provide it. Here's how it works, you deposit 500$ and you get a credit card for 500$ limit. Ask them (teach them) to use budgeting software like Mint.com to monitor their credit card (you should police them). Teach them budgeting and saving and paying off in time. Show them how they are building their credit score over time. You better follow all of this advice yourself before you preach.
If they screw up, their credit score screws up, and their hard earned/ saved 500$ is taken away by the credit union. But if they are disciplined they learn valuable lessons, there is nothing like it. When they get to college one of these credit card sharks is going to sign them in for a snickers bar or lousy t-shirt. Why not prepare them for it? Do you think they will not be introduced to credit card for ever? Instead be wise and teach them your self. It is better to lose 500$ in early teens rather than them having a 50000$ credit hole when they are 25.
I guess it is like sex education, it is better you teach them before they learn it.
Put them under your account as an authorized user, then allow a certain spending limit.
I would recommend if you are going to do this getting a low-limit card that prevents the person from racking up huge balances. And keep in mind that if you are a cosigner on the account and the person gets in trouble down the road your credit is on the line too!
There is no safe way to give a teenager a credit card. I've done the math on credit cards and there's no way I'd start a child down the road of debt. The average American family pays $442,400 (inflation adjusted) in interest ALONE on their debts in the average lifespan. I encourage my children to save and invest instead of using credit to get the things they want and need.
Getting your teen a credit card could be a wonderful exercise in fiscal responsibility, but you need to make sure your son or daughter is ready to handle it. Evaluate your children's responsibility level before choosing what type of card.
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