UnThreaded | Threaded | Whole Thread (21) | Ignore Thread Prev | Next
Author: determinedmom Big red star, 1000 posts Feste Award Nominee! Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 308881  
Subject: Re: Add a Child to Our Credit Card Account? Date: 10/31/2013 4:46 PM
Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Recommendations: 0
For the first couple of years DS was commuting to CC, we gave him cash every week for lunches and then would have to go there to help him buy books (he was 16 when he started and didn't yet have a drivers license so we were transporting him so it was OK to do). Anyway, in due course he was 18 and driving on his own and all that was a hassle so we made him an authorized user on our Amex card. We gave him clear instructions of what he could and could not use it for. He does use a debit card for his personal checking account for things that we won't pay for. So far (he is 19 now) this has gone very well. I do check online frequently on charges so I can easily see that he is staying within our guidelines.

Our daughter is 17 and will graduate high school this semester and start CC in the spring. I am planning to do the same thing for her (I guess I'll find out then if there is any problem doing this for someone under 18. If it is, then I'll get her an Amex prepaid card that we can reload).

On the other hand this does depend on how well the child handles money. We have another son that has much more difficulty with this. So, a credit card would not have been a good choice for him.
Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Print the post  
UnThreaded | Threaded | Whole Thread (21) | Ignore Thread Prev | Next

Announcements

TMF Credit Center
The Motley Fool Credit Center arms you with real tools and simple messages, that will help you in every credit situation.
Foolanthropy 2014!
By working with young, first-time moms, Nurse-Family Partnership is able to truly change lives – for generations to come.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Post of the Day:
Macro Economics

Economic Implications of Cuba
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and "#1 Media Company to Work For" (BusinessInsider 2011)! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.
Advertisement