Right Age for First Credit Card

Never.  Too many people live beyond their means. 

If you MUST start out with one(PT job included), select a department store card for about $200 max.  If the child can consistently pay the balance every month, they can keep it and progress further.  If not, cancel the card... it's too early.

Kerry from PA 

 We started our daughter out with a pre paid debit card.  The beginning of every month she got her allowance for the month. When it was gone it was gone. No loans from Mom and Dad. Now she's 17 and I think she's so much better off than her friends whose parents just hand out cash whenever the child "needs" it.  She works 16 hours a week, buys her own clothes and other stuff.  We pay her gas, she drives my old mom-mobile (Windstar that is 12 yrs old w/ 180K miles on it) She starts junior college in fall. I'm very proud of her and her understanding that sometimes you have to wait and save up money to buy what she wants.  She just opened a checking account and now has a regular debit card.  I'm not worried. ( Although we did get the overdraft protection just in case LOL)

I would try to counsel my child on the pitfalls of credit cards and help them make a budget which allows for savings. Each child is also very different as far as having common sense and being responsible. Some children would be fine having one at 18 while others should probably wait until they're 30, if at all.

I would never give my kids a credit card.   I would give my kids an allowance from doing chores which they'd have to put half into savings & half to do whatever they wanted with it, that way they learn the value of a dollar and know that it takes hard work to earn luxuries, just like in the real world.  Once they're 18, they can do as they wish with the money that they've saved up.

I was given one at 16.  It was an absolutely great advantage for me because by the time I was in my early twenties (now), my credit was good enough to get a great loan for my first home.  However, it is worth mentioning I've worked since 15 and was a really responsible teen, my mom always made me give her the money for my statement and she would write the check to pay the bill so she could keep an eye on my spending.  Honestly, I think it really depends on the kid and how well they respond to limits and structure.

Why isn't it a good idea to give them the prepaid credit cards?  They can only spend what is on the card, can't go over the credit limit and juice up the interest rate.  (not arguing with anyone who said not to give the prepaid card, just looking for some answers before I go and get one for my daughter!)

Thanks~!

stef