Is Your Child Too Young to Have a Credit Card?

You might be pondering on when to get your kid a credit card. These days, applying for a credit card isn’t so easy. The Federal Law requires verification of personal income before issuance of credit card. This compels many parents to get their children supplementary credit cards so the young ones can start building their credit score and learning about credit spending.

Pre-Teens – Brief Your Child about Credit Card

At the age of 7-12, your child should have enough level of understanding to learn about your credit. Start by briefing them about credit card bills that come through the mail. Sit down with them as you go through the items in your bill. As you go shopping, teach them about using the credit card for making purchases, but not just any purchases – the smart and necessary ones.


Teenage Years – Get Your Child a Supplementary Card

Only applicants 21 years and older qualify for a personal credit card. If you want your child to learn about credit and build their credit record earlier, get them a supplementary card during their teens. This helps you to track down their spending habit and teach them the proper use of credit card. It is never wise to wait until they’re 21, because by then they can get a job, apply for a credit card, and you would have very little influence over the way they use plastic money.

21 Years Old – Encourage Your Child to Get a Personal Card

By now, your child already has an experience with credit card.  Hopefully, they’ve also cultivated wise spending.  If your child already qualifies for a credit card of their own, encourage them to get one. They should be more responsible with spending on credit especially now that they’re paying for the card from their own pocket.


Understand though that these age ranges are simply guides, and you make the final decision. When you get your child a supplementary card, set rules by limiting their spending, setting the type of items they can buy, and making them ask permission before each purchase. Also, whenever they earn money (from summer jobs or gifts), require them to contribute for the payment.

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