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I made my kids authorized users on my credit card when they each got a drivers license at 16 years old. Very clear expectations were given about what they could and could not use the card for. They kept this through college. Once they became employed full time, I took back the card, as they each qualified for their own accounts.
I also have always had my accounts set up so I get an email and/or a text as soon as a card is used. I was never disappointed. All are now fiscally responsible adults.
I had a bank card for my own account when I was 12. The morning hangout was the 7-11 next to the school, and I thought it was cool to show off to my friends that I could get money out of the ATM. I would take out $20 and buy a donut. I was smart enough to know NOT to give any money to my friends or buy them things, I was cheap!
I did not have a debit or credit card until I was in college and got a free t-shirt to sign up for one.
No. They had credit cards and debit cards under their own names when they went to college. The only cost to us was the money we deposited in their accounts each month to cover their expenses.
I made my kids authorized users on my credit card when they each got a drivers license at 16 years old. Very clear expectations were given about what they could and could not use the card for. They kept this through college. Once they became employed full time, I took back the card, as they each qualified for their own accounts.
Excellent idea.
Quote:
Originally Posted by PeachSalsa
I also have always had my accounts set up so I get an email and/or a text as soon as a card is used. I was never disappointed. All are now fiscally responsible adults.
When my daughter was about 18 she had her own credit card. In retrospect, it would have been better if she had been an authorized user on our card and we would have been able to see what she was purchasing when she was away at college. While it was not horrible, she had a difficult time at that age distinguishing "needs" from "wants" especially in regards to clothing & make-up.
My kids didn't get a debt card until they turned 18 and were legally responsible for themselves, my girls all had a several thousand dollars in their bank accounts from selling hogs at fair, and no kid needs access to that much money until they are adults. All my girls at times did make large purchases (each bought a MacBook) but I would go withdraw the money from their accounts and they'd pay cash.
My three girls didn't get a Visa check card until they all turned 19. My 16-year-old son won't get a debt card until he's at least 18.
My sister (who doesn't have kids) seemed really surprised by the fact that my 12 year old has a debit card. (As do my 16 and 17 year olds.)
I'm curious does your 12 year old have their own debit card which is only linked to their checking or savings account? Or is it linked to your account/accounts?
What does your 12 year old usually buy with the debit card? Do you do this because you don't like them to carry cash or is the card just for "emergencies"?
We just got our kids their own checking accounts with debit cards (13, 14, and 16yo). We send them up to the grocery store sometimes to get food and. they can shop for their own minor things. We put money in the account if they are buying for the family (e.g., groceries) to cover the cost, but they cover their own things. They are not attached to the parent accounts in any way at this point.
I had a checkbook by the time I was 16 and paid stuff with check (from my own account). I don't think debit cards were around at that point. I got a cc at 17 when I started college.
My older kids (22, 20) didn't have debit or credit cards until they went to college. They both worked when they were teens but they never signed up for the card. My youngest is 17 and he has his own debit card tied to the bank account where his paycheck gets deposited. He got an account at a local credit union that has a very low cost account designed for 16-26 year olds. It includes a debit card at no extra charge to him.
I don't think I would want a 12 year old to have a debit card that was tied to our checking account. Maybe it would be ok it if was tied to the child's account.
<shrug> I had an ATM card when I was 12 ('Debit' hadn't been invented yet). I also had a job, and a checking account. Kids need to learn how to handle money.
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