Under age kids being allowed to have a credit card issued by their parents?

Question

When it comes to underage kids being allowed to have credit cards issued by their parents are some parents against it whiles some parents support it because in ln some states underage people can’t use a credit card due to state laws requiring them to show a valid drivers license to make a purchase with a credit card and a lot of people in these states support these state laws and parents who support these state laws would never under any circumstances issue their kids a credit if they are under the age of 18 because honestly kids should wait until they are 18 or older so that they can sign up for their own credit card accounts and get their own credit card because having a credit card is a lot of responsibility and should never require the help from their parents to get one because credit cards should always be paid off by the person who possesses it not by their parents 

Answer 1

Financial entities issue payment cards together with the accounts of minors, or the accounts of their parents. Thus, even eight-year-olds can pay with their own card. However, I don't think it's the right thing to do, since giving that responsibility to a younger child requires a maturity that he doesn't yet have.

Comments

I be surprised. I guess the parents would have to give a note or something to verify. How would they pay if the children are under age?

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Considering just how many college kiddies (age 18+) are in credit card debt, I much doubt that sort of"maturity" will be forthcoming anytime soon.

Answer 2

I can see how it could be a good thing, but only if parents keep a close watch over expenditures, cap debt, and actively teach responsible use...which of course most lazy parents will never bother to do.

Answer 3

It is unpopular in my country Philippines to have these student loans. Some parents work so hard to give everything to their children the best they could.

Answer 4

As much as possible kids should not be allowed by their parents to have a credit cards. They don't know how to control and manage at a young age. Though there is supervision by their parents they will think that having a credit card is easy with one swipe or use that they can get what they want even if it is not good for them. There is a proper time for having your kids have a credit card. If their kids will reach the right age or time and be responsible enough to know the does and don'ts of having a credit card.

Answer 5

I feel children should not be given cards or any form of money,if its a lot. They should wait till they are responsible enough to put the money to good use. What responsible use will a child do with money? 

Answer 6

For children below the age of 12 years, i don't think it cool for them to use credit cards, but we know many teens have alot of things they want to do and explore.

Comments

Yes, teenagers used to buy more than the adults because they are exploring things they saw whether it's online or in stores.

Answer 7

In some important situation it is better they have it. It will be more helpful if it was a debit card. The card transactions can be tracked and can set the limit of withdrawal too.

Answer 8

I guess that it's not advisable to have kids usually under aged a credit card. They are still under a parent's consent and if the parents are willing to teach them about money, they should talk to them and let them know the family's budgeting tips rather than having them credit cards. Also let them know that in the right time they're the ones who will manage the monetary system of their own family.

Answer 9

It is possible for a parent to add their child as an authorized user on their credit card account. This allows the child to have their own card and make purchases, but the account is still under the parent's name and the parent is ultimately responsible for any debts incurred. Some credit card issuers have specific guidelines for adding authorized users, such as a minimum age requirement. Additionally, it is important for the parent to monitor the child's spending and provide guidance on responsible credit card use. It is also worth noting that having a credit card at a young age can help children learn about financial responsibility, but also can help them build credit history which can be beneficial when they apply for loans or credit cards in the future.

Answer 10

It is ultimately up to the parents to decide whether or not to issue their underage child a credit card. While some parents may be supportive of this idea, others may be against it due to the potential risks and responsibilities associated with having a credit card. It is important to consider the age of the child, the child's financial literacy, and the potential risks before making a decision. It is also important to remember that in some states, it is illegal for minors to use credit cards.

Answer 11

While it's legal for parents to add their under-age children as authorized users on their credit cards, it's important to teach financial responsibility.

Answer 12

It's tantamount to stealing. While some card issuers may allow your child to use your card with permission, your child is technically committing fraud without permission. Make sure your kids know that your card is only for your use unless you've checked the terms and conditions and given express permission.

Answer 13

Yes, it's possible for underage children to have a credit card issued by their parents, but it typically involves the child being added as an authorized user on the parent's credit card account. As an authorized user, the child can make purchases using the card, but the primary account holder (the parent) is responsible for managing the account and making payments. This arrangement allows parents to monitor their child's spending and teach them responsible credit card usage. However, it's important for parents to set clear rules and boundaries regarding credit card usage to avoid financial mismanagement.