Credit Card for 16 year old son.

[hpowers]

Should I get my 16 year old son a credit card off of my account or open a new account so that when he loses the card I am not affected and have to change my account number? I have the number memorized along with the exp. and security code so it's really convienent. I'm thinking that with a different account I can have the limit set like at $200.00 and it won't affect my card. Any thoughts anyone?

[DigDoug]

Is the card going to be in his name or your name?

[hpowers]

Since he is only 16 I am responsible for it but it would have his name of course.

[inogenius]

VisaBuxx.Com. It'd be great for gas, and other misc. purchases.

[hpowers]

Just checking out Visabuxx. Website says that if it is lost or stolen that we are not responsible for charges, how do the credit card companies keep from going broke on a deal like that?

[DigDoug]

Since he is only 16 I am responsible for it but it would have his name of course.

I'd get him a new account #.

[hpowers]

Read the fine print for the Visabuxx and they charge you a fee for just about everything. Now I see where they make their money. Maybe I'll just go to our bank and get him a debit card.

[stingygrrl]

There's no way I'd put anyone on my main anything- credit card, bank account, etc. Open a new bank account and get a debit card on that, if you must. But debit cards have no safety net if you need to dispute a charge, like a regular Visa does. Your best option IMO is a new charge card with a low limit.

Why does a 16 yo need a credit card?

[RossMAN]

Read the fine print for the Visabuxx and they charge you a fee for just about everything. Now I see where they make their money. Maybe I'll just go to our bank and get him a debit card.
I would go this route. Make sure that he understands he can only spend what is in the account. Overdrawing the account can have serious and expensive consequences.

[Frieked]

My dad opened account with me when I was 16, it had a $500 limit. My dad worked for the IRS and he got me really scared about having bad credit... so I don't think I ever went over $150 and I never kept a balance...

[RossMAN]

I had my first bank account at the age of 14. It was only a savings account though, back in the day when 4.75% was considered the norm :(

At 16 years old I had a checking account followed by a debit card.

[beatmix01]

I had my first bank account when I was 10. A savings account by a bank that I dont think exisits any longer... Savings of America.

[Frieked]

I had my first bank account when I was 10. A savings account by a bank that I dont think exisits any longer... Savings of America.
I think I was even younger than that when I got my first bank account... my sister probably got it around that age... and because she had one, I had to have one so she couldn't have the bank account bragging rights and I was 3 years younger than her.

[mrn8]

Luke already has an ING savings. It only took 1 day after getting his SS# to do that. :D

As for his CC, just get him a checking with a Debit Card. That way he gets a good feel for how to handle the money and the card. Then, as soon as he's ready to go to college, there should be plenty of CC offers for students that he should be able to take advantage of. In fact, I still have my Capital One student Mastercard, simply because it is my oldest credit account, so it reflects positively on my credit rating.

[i-bystander]

Nate -
That's a great pic of Luke! We finally get to see him with his eyes open... and what pretty blue eyes they are! (They're blue... right? I don't know if it's his clothes or the GD blue I'm seeing). :D

[mrn8]

Yeah, he has blue eyes. Thanks for the compliment! :)

[hpowers]

Thanks for all the info, I like the idea of the debit card through the bank and just keep a small amount in it.
I would like to have it completely in his name to get a credit history started but until he's 18 it will have to be under my name.

[freesia39]

well my parents gave me a card from their account, but i was strictly limited to only purchasing gas.

at 16 i only had a savings account. i didn't open my checking account until i was 18. when he's 18 have him get a capital one card or something - they give those out like there's no tomorrow.

checking account would be the best option.

[mrn8]

Thanks for all the info, I like the idea of the debit card through the bank and just keep a small amount in it.
I would like to have it completely in his name to get a credit history started but until he's 18 it will have to be under my name.

Having a checking account and debit card won't affect his credit history. However, if you add him as a card-holder to a credit card that you have, it will. I know with Citi Platinum Select they do credit reporting on all card holders. I am a secondary on my wife's card, and they reported under my credit file immediately.

[ravana]

Luke already has an ING savings. It only took 1 day after getting his SS# to do that. :D

As for his CC, just get him a checking with a Debit Card. That way he gets a good feel for how to handle the money and the card. Then, as soon as he's ready to go to college, there should be plenty of CC offers for students that he should be able to take advantage of. In fact, I still have my Capital One student Mastercard, simply because it is my oldest credit account, so it reflects positively on my credit rating.


heh....I have that same card too for the exact same reason!
That and it's my only mastercard!

[PowerMac4Ever]

When I was 16 I had a Capital One Visa credit card, but it had to be cosigned by a parent. I believe it was a special program from CapOne sort of like the Visa Buxx program, but you don't have to preload it with $$.

[laffnatu]

What about a prepaid spending card? My hubby gave my 9 year old and my 15 year old one for Christmas last year. They have a pin number and it can be used as a credit card. We just go online and add money to it when needed. They can also go online and check their balances and we can also. Family can go online and add money too it for Christmas or birthdays.
We both thought this would help teach them some responsibility. And once my daughter starts driving, it will be something she can use in emergencies for gas etc.
I'm not sure if all banks offer this. We got it through USAA (military) Bank.

I think it is a great idea. It's a limited amount of cash and something they can't get us or themselves in trouble with. :)

[decafmom]

My oldest who is 17 has had a checking account since he was 14. Each year in March we give him a set amount of money. Out of that money he has to buy his clothes, school supplies, hair cuts, lunch, entertainment, gas, car washes, etc. We review the list each year and add money to the budget if needed. The account is in his name and it has a debit card. He also has a savings account, but he's had that for years and years. I think it's great b/c it has taught him how to manage his money and he has been balancing a checking account for 3+ years now.

[hpowers]

I still need to get time to go to the bank to take care of the debit card. I've been letting him use the credit card and it scares me!

[civicracinggirl7]

There's no way I'd put anyone on my main anything- credit card, bank account, etc. Open a new bank account and get a debit card on that, if you must. But debit cards have no safety net if you need to dispute a charge, like a regular Visa does. Your best option IMO is a new charge card with a low limit.

Why does a 16 yo need a credit card?

I don't see why a 16-y/o needs a CC either.

As many others said, have your son open a bank account and get a debit card from it (most banks use the Visa check card, so he could still purchase pretty much anywhere with it). He would learn to be responsible with it, since he really only could spend what was in the account (or pay fees), so it would be a good lesson in spending and managing his money before he moves on to a credit card. Sure, it doesn't help build credit, but when he turns 18, he'll be able to get a credit card and hopefully be responsible about it from the "training" he got with the debit card.

[elena_398]

I don't think I would ever get my son at age 16 a credit card. I would MAYBE consider it if he had a job. Not if he had no way to pay me back or pay the charge card bill himself. If you do, the lower the limit the better. You can always increase his limit if he shows responsibility and control of spending.

[crimm2887]

When i was 16 my mom gave me a credit card, cause i got a car, and she has MS and its hard for her to get out and move around for a while, so i could only use it to buy stuff for school, that she would usually buy for me, or in an emergency.

[hpowers]

My mom always let me have hers for buying gas. Guess she figured it was easier than having to come pick me up when I ran out of gas!

[WELUVKDS79]

:insane: Go to a local bank and get a re-loadable Visa Giftcard. It works the same as a credit card but, is the same as cash. My oldest son has one through our bank and he loves it. We have a monthly transfer that automatically hits it so that's the same as a limit. The best part is...no interest!!

[frugal-one]

I got my son a credit card at age 16 with a limit of $200. I told him all the rules and how to use the card. He is now an adult and has no credit card debt. Go for it!

[love2beurwifey]

why dont you give him the visa gift card and set it at a 200.00 limit and when you want to add more money you always can

[mackeeg]

Just checking out Visabuxx. Website says that if it is lost or stolen that we are not responsible for charges, how do the credit card companies keep from going broke on a deal like that?


My 12 year old has Visabuxx. I love it. It is only 2.00 to add money to the account. She has never abused it, she knows better;) I tried to get her a credit card but nobody would give a 12 year old a card. If you find a place that gives kids credit cards please post who. I think it is a good idea to have credit when you are young. They just have to know there limits.

[Ankit]

I'm 17 and have had a credit card under the same account as my parents since I was 16, it shows your kid that there is a certain amount of trust between the two of you as well.

I just spend it like it was cash... not sure why people get all crazy and buy more than they can afford.