As your kids get older they begin to see their friends with credit cards and a lot of times it maybe their parents. With nagging questions from your child everyday of when can I have one seems to haunt you? Well, here is some debriefing to help you with the perfect age in allowing your child to have a credit card:
- Wait until they are juniors/seniors in college: Your kids are not going to know the value of money until they have worked and figured it out for themselves. If you give them a card they can become reckless and not only ruin their credit but even your own.
- Manage cash first: Once your child is great at managing cash then they are ready to get a card. Until then, they need to learn the basics before they rack up and unneeded bill.
- Don’t hook it up to a parental account: When your kids are young the worst thing you can do is hook their card with yours if they don’t know what they are doing, The debt most young kids get themselves into can be unreal. Be sure you manage their account and make sure they are managing their money.
Getting a credit card for your child can be a time of growth. To make this time a time of experience and success, teach them at a young age the value of money. Be sure your kids know what they are getting themselves into before they invest in a card.
