Comments on: Why Give My Kids a Student Credit Card? http://moneyning.com/kids-and-money/why-give-my-kids-a-student-credit-card/ A personal finance blog where we share insights on carefully saving money, investing, frugal living, coupons, promo codes because the little things matter in achieving financial freedom! Wed, 23 May 2012 23:57:11 +0000 hourly 1 http://wordpress.org/?v=3.3.2 By: Persepone http://moneyning.com/kids-and-money/why-give-my-kids-a-student-credit-card/comment-page-1/#comment-79476 Persepone Thu, 03 May 2012 15:19:24 +0000 http://moneyning.com/?p=4244#comment-79476 My grandsons have had savings (age 10) and checking accounts (with debit cards) (12) since they were (and yes, they were earning money). They also have 2 credit cards (age 14) which they use for emergencies and pre-arranged purchases. They needed these for school trips etc. They were a really handy thing when applying to colleges. Carrying cash is sometimes problematical/dangerous. On-line purchases are best with debit/credit cards. Yes, they are a learning tool and today kids do live in a world where responsible credit card use makes sense. By the way, their mother had the same: first savings, then checking, then credit cards from a very young age. Saved lots of problems when she became an adult because she knew what other kids here age did not know about money, credit, etc. I do not expect problems with the credit cards. These 6 kids also share a "family plan" cell phone account and they have NEVER gone "over limit" on calls in the time they have had the phones (about 6 years). If you want kids to be responsible about money, you have to let them have access and some control so that they understand what things cost, how to save for what they want/need, and so forth. And, yes, they need to know about the family's finances and how they fit into the bigger picture. Concrete and specific knowledge about the cost of things like groceries, heating oil and electricity is more effective than random yelling about eating what is on your plate, closing doors or turning off lights, for example. My grandsons have had savings (age 10) and checking accounts (with debit cards) (12) since they were (and yes, they were earning money). They also have 2 credit cards (age 14) which they use for emergencies and pre-arranged purchases. They needed these for school trips etc. They were a really handy thing when applying to colleges. Carrying cash is sometimes problematical/dangerous. On-line purchases are best with debit/credit cards. Yes, they are a learning tool and today kids do live in a world where responsible credit card use makes sense. By the way, their mother had the same: first savings, then checking, then credit cards from a very young age. Saved lots of problems when she became an adult because she knew what other kids here age did not know about money, credit, etc. I do not expect problems with the credit cards. These 6 kids also share a “family plan” cell phone account and they have NEVER gone “over limit” on calls in the time they have had the phones (about 6 years). If you want kids to be responsible about money, you have to let them have access and some control so that they understand what things cost, how to save for what they want/need, and so forth. And, yes, they need to know about the family’s finances and how they fit into the bigger picture. Concrete and specific knowledge about the cost of things like groceries, heating oil and electricity is more effective than random yelling about eating what is on your plate, closing doors or turning off lights, for example.

]]> By: BigSteve46 http://moneyning.com/kids-and-money/why-give-my-kids-a-student-credit-card/comment-page-1/#comment-29643 BigSteve46 Thu, 19 Aug 2010 22:10:20 +0000 http://moneyning.com/?p=4244#comment-29643 You are all wrong - money does grow on trees - I find it there all the time. You are all wrong – money does grow on trees – I find it there all the time.

]]> By: Peter http://moneyning.com/kids-and-money/why-give-my-kids-a-student-credit-card/comment-page-1/#comment-22550 Peter Tue, 22 Dec 2009 15:57:34 +0000 http://moneyning.com/?p=4244#comment-22550 I think it's important for parents to be involved in their children's education, and to teach them about the proper management of their money. With that said, I'm not so sure that you have to get your kid a credit card to teach them about reponsibly managing money, or responsibly using credit cards. Why not teach them about the power of saving up and paying cash for the things they buy? I think that would be a much more powerful lesson in the long run. Yes, you can teach them about credit cards, but why set them up to learn the hard way when you can teach them about saving/investing and paying cash? If you do that they'll be far ahead of the curve. I think more people should teach their kids that it is ok and possible to live life without credit cards. I think it’s important for parents to be involved in their children’s education, and to teach them about the proper management of their money. With that said, I’m not so sure that you have to get your kid a credit card to teach them about reponsibly managing money, or responsibly using credit cards. Why not teach them about the power of saving up and paying cash for the things they buy? I think that would be a much more powerful lesson in the long run. Yes, you can teach them about credit cards, but why set them up to learn the hard way when you can teach them about saving/investing and paying cash? If you do that they’ll be far ahead of the curve. I think more people should teach their kids that it is ok and possible to live life without credit cards.

]]> By: FinanciallySmart http://moneyning.com/kids-and-money/why-give-my-kids-a-student-credit-card/comment-page-1/#comment-22462 FinanciallySmart Fri, 18 Dec 2009 01:43:06 +0000 http://moneyning.com/?p=4244#comment-22462 This article is very insightful and I am in total agreement with you. As parents we should instill that responsibility of money management where Credit Card is concern. I hope parents will not see the CARD policy as an hindrance but use it in teaching their kids. This article is very insightful and I am in total agreement with you. As parents we should instill that responsibility of money management where Credit Card is concern. I hope parents will not see the CARD policy as an hindrance but use it in teaching their kids.

]]> By: moneyblogger1 http://moneyning.com/kids-and-money/why-give-my-kids-a-student-credit-card/comment-page-1/#comment-22356 moneyblogger1 Mon, 14 Dec 2009 21:13:13 +0000 http://moneyning.com/?p=4244#comment-22356 This is a great opportunity for children, with a lot of parent activity, to learn about credit cards. Teaching them to pay bills, regulate their spending, and build credit at the same time. That is, only if the parents are involved enough to help nurture the child finality understanding. This is a great opportunity for children, with a lot of parent activity, to learn about credit cards. Teaching them to pay bills, regulate their spending, and build credit at the same time. That is, only if the parents are involved enough to help nurture the child finality understanding.

]]> By: Ken http://moneyning.com/kids-and-money/why-give-my-kids-a-student-credit-card/comment-page-1/#comment-22344 Ken Mon, 14 Dec 2009 10:58:14 +0000 http://moneyning.com/?p=4244#comment-22344 Given the fact that they will be offered one as an adult, I think it's OK to allow one if the child is working age (14-16). If he/she uses the card, he/she makes the payements. It's a risk but I do think we as parents need to be proactive and educate our children. Given the fact that they will be offered one as an adult, I think it’s OK to allow one if the child is working age (14-16). If he/she uses the card, he/she makes the payements. It’s a risk but I do think we as parents need to be proactive and educate our children.

]]> By: partgypsy http://moneyning.com/kids-and-money/why-give-my-kids-a-student-credit-card/comment-page-1/#comment-22301 partgypsy Sat, 12 Dec 2009 12:47:15 +0000 http://moneyning.com/?p=4244#comment-22301 But my ambivelance, though I think it was beneficial, not sure if it needs to be a law. But my ambivelance, though I think it was beneficial, not sure if it needs to be a law.

]]> By: partgypsy http://moneyning.com/kids-and-money/why-give-my-kids-a-student-credit-card/comment-page-1/#comment-22300 partgypsy Sat, 12 Dec 2009 12:44:51 +0000 http://moneyning.com/?p=4244#comment-22300 I'm not sure how I feel about the new law. (20 years ago) though high school and college, I had a checking account and used that for depositing and paying for the things I was responsible for (in college, that was all living expenses). After college I applied for a credit card. Wouldn't happen today but my first application was turned down: insufficient credit. So I applied and received a store credit card, used that, paying off the balance, and then on to a regular credit card. I've never not been a responsible credit card user. On the other hand I knew kids in college who had cards through their parents who spent irresponsibly. Maybe I'm an exception, or maybe the fact I didn't get a credit card until I had already learned good financial habits through a checking account and was older and more mature was to my benefit. I’m not sure how I feel about the new law. (20 years ago) though high school and college, I had a checking account and used that for depositing and paying for the things I was responsible for (in college, that was all living expenses). After college I applied for a credit card. Wouldn’t happen today but my first application was turned down: insufficient credit. So I applied and received a store credit card, used that, paying off the balance, and then on to a regular credit card. I’ve never not been a responsible credit card user. On the other hand I knew kids in college who had cards through their parents who spent irresponsibly. Maybe I’m an exception, or maybe the fact I didn’t get a credit card until I had already learned good financial habits through a checking account and was older and more mature was to my benefit.

]]> By: coulson pritchard http://moneyning.com/kids-and-money/why-give-my-kids-a-student-credit-card/comment-page-1/#comment-22297 coulson pritchard Sat, 12 Dec 2009 10:08:57 +0000 http://moneyning.com/?p=4244#comment-22297 This is not really physical that you are not able to pay your bills and using credit cards.there was an easy way for my parents to let me know since it seems like the only way to truly understand is if the money had to come out of my own pockets. Try to understand <a href="http://myezfreecreditreport.com/" rel="nofollow">Business Service</a> and their usage in a proper way. This is not really physical that you are not able to pay your bills and using credit cards.there was an easy way for my parents to let me know since it seems like the only way to truly understand is if the money had to come out of my own pockets. Try to understand Business Service and their usage in a proper way.

]]> By: MoneyNing http://moneyning.com/kids-and-money/why-give-my-kids-a-student-credit-card/comment-page-1/#comment-22294 MoneyNing Sat, 12 Dec 2009 05:55:46 +0000 http://moneyning.com/?p=4244#comment-22294 Let's keep it civilized guys. It's true that the author is most likely making money from promoting credit cards, but he's talking about the benefits no different than a Starbucks personnel mentioning the richness of its coffee, or a tailor selling the fact that we look good in the suit. Credit card has its benefits but can obviously be misused. Whether you are debt free or not has nothing to do with credit cards, but everything to do with the user. Let’s keep it civilized guys.

It’s true that the author is most likely making money from promoting credit cards, but he’s talking about the benefits no different than a Starbucks personnel mentioning the richness of its coffee, or a tailor selling the fact that we look good in the suit.

Credit card has its benefits but can obviously be misused. Whether you are debt free or not has nothing to do with credit cards, but everything to do with the user.

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