Right Age for First Credit Card

My daughter opened her first savings account by herself at age 13, she then discovered she could upgrade her account to a checking account with a Visa debit card and has learned the "hard way" that even though the bank might allow her charge to go through, they end up charging her $35 per transaction. At first she spent all of her savings ($400) and paid about $200 in bank charges. Now she will never uses the card and is saving all of her money! The bank debit/credit cards are the way to go for the rest of her life as far as I am concerned. If you need to use credit, you really can't afford it!

I wouldn't recommend a "kid" ever have a credit card. 18 is the legal age to apply for a credit card. NO one no matter what their age should ever have a credit card without a steady source of income.

I do however, have nothing against pre-paid or reloadable cards where you can only spend the amount available on the card. We have purchased these for our kids to school shop the last 3 years (they are 13 and 10 now) and it works really well because they can pick out their own items, swipe the card, and learn something in the process. As one person mentioned that cash teaches a child to live within their means, so does a pre-paid card, in fact even more so. Because they can use the card and then keep track of their spending and balances just like they will have to do as adults with credit cards and checks.

We started our children with debit cards. They were working (daughter...childminding, son...lawns) Half their income went into college savings, and half into regular account. We deposited their allowance into the later along with clothing allowance (for school clothes in July) They both quickly learned to budget their money and have actually become quite thrifty. Children must be taught early on how to manage their funds (we started at 2 yrs.) Example: birthday money, 1/2 to college and 1/2 to spend. They both diligently saved for a special toy etc. and spent quite a bit of time in the store choosing. At times came out empty handed (saving for something else) At present both are in college, and both have bought new cars. We are very proud of them.  

when she graduates from her masters degree program, and has that wonderful job, gets the first 6 months of paychecks, and maybe then.

Never.  If you are asking about a credit card, it only means that you want to use it.  A credit card should be for emergencies only.  If you don't own a home or care for children, there is really not much that would constitute a credit card.  A credit card at a young age will only cause a large debt through adulthood; no matter how much you say it won't happen.