Despite the lack of understanding, my parents were very responsible with the one credit card they have. When I was younger and wanted something I would always tell them to “just put it on the credit card!” Of course, they would explain to me that they still had to pay for it, but at age 7 I didn’t quite understand that Now, though, I think it taught me valuable lessons about how to properly use credit.

If I were a parent, and my husband and I were diligent about paying cards in full every month, then I might think about letting them have one, say, strictly for gas. I would definitely not get them a card when they go to college and say “Have fun!” Even though that worked for me, I don’t think it’s a good idea in general.

I like RB’s (29) point about two weeks of a kids pay being the credit limit. Financial advisors generally advise not borrowing more on a credit card than you can pay off within 30 days, so cutting it in half seems reasonable for a kid who’s just starting out.

If they’re going to make mistakes, and they will, it’s better that they’re small ones.

I think it depends on the child and sometimes I wonder if I didn’t handle money better than my friends since I was brought up not to expect things just because I wanted them. Don’t get me wrong, I wasn’t deprived, but I do recall my friends getting the designer clothes etc that I was not given(those teenage years, right!). Just a thought… and I realize that it’s not a one size fits all theory.

Also, how do people rent cars without a credit card? It is my understanding that they do not accept debit cards for that.

Some of us feel the same way about both. No one sprinkles magic responsibility dust above your head on your 18th or 21st birthday.

As others have stated, it depends on the person. Some people shouldn’t have a card at 45, while others are ready for one in their teens.

We arranged for all of our sons to carry a family credit card at age 16. They drove 30 miles each way to school and gassing up otherwise would have been extremely inconvenient. I have always downloaded transactions each day as a matter of course and they’d be questioned about any untoward usage and be made to immediately reimburse us. From birth, they’ve been subject to much discussion over the idiocy of carrying a credit card balance–and they have a clear understanding of that issue.

Upon the two eldest going to college, we pushed them to get their own cards both for credit building and for ease of purchases without us looking over their individual charges. After 1 year and 2 years use (and living/working year round at their colleges in excess of 1000 miles from us), they’ve had no problems.

When moving off-campus this summer, the middle son had his utility deposits waived due to his credit history–that was an unexpected and beneficial result of his card usage. Because of their cards, both college students are able to make online purchases of books (needed) and other items (many of which are not “needed”)–and have access to more than ample funds in case of an emergency.

CCs are a tool and like other tools, can cause harm if misused. That is no reason to forbid their use–imagine applying that logic to guns, chainsaws, and/or internet access.

The teen can play around and learn early, without blowing themselves up. If they earn $200 every 2 weeks, they can’t do much damage………………… and if they max out at $200, then better they understand the penalty fees and such at this level, then at $20,000!

Rgds, RB
Sorry, forgot to add great post! Can’t wait to see your next post!