Right Age for First Credit Card

Never. "Establishing credit" is a myth the banks created to get everyone to sign up.Gee, it worked!

Good credit comes from no debt. No debt = no credit cards. How about teaching them to work and SAVE money?

That's a tough one.  To me it would depend on whether I felt that she was responsible enough not to abuse it.

If you feel that she is responsible then a credit card can be an excellent way for young people to establish credit.  

If she is a fulltime college student there are some really good card offers available such as:

• Discover® Student Card
• Discover® Student Card - Clear
• Discover®Student Open RoadSMCard

If she is not a full time college student then she will have consider offers such as:

• UltraVX Visa®
• New Millennium

Again I think the key word is responsible.  I've seen credit cards build young peoples credit and I have also seen them ruin young peoples credit.

We gave our daughter a credit card when she got her driving license at 16. We wanted her to be able to use the card for gas and for emergencies. If it wasn't an emergency or wasn't for gas, she had to ask us ahead and had to bring home the receipt. This worked fine. Now she is in college and we are glad she can order online - same rules, asking us ahead and saving the receipt.  We always pay off all our credit card balances each month, so we view her use of the credit card as a convenience.

It's never too early to teach anyone how to properly use credit...It'll certainly happen after they're out of the house, why not try to teach them while they are still under your roof??  Don't set them up for failure by attempting to ignore it (Refer to other issues our children fail under due to parental or society's ignorance, and this all makes sense)  The earlier the credit lesson is learned, the better...even if the "steady job" is a paper route.  Nothing is worse than being on your own and ruining your credit early on because no one cared enough to be a mentor.  Not to say I agree with allowing them free reign- I do NOT...teaching is not about extremes, it's about responsibility.  It depends on the family and teen how the details are addressed, as some teens should only learn within the saftey of a prepaid card or a checking account.  Who cares "how" as long as they learn!  (shouldn't this be part of their school curriculum by now?) :O)

I am twnety and don't have any children yet but being that I am not far from the age of a child I don't suggest credit cards at all personally. I feel that if you can't afford it now you need to work out a layaway plan or somethung similar or just save until you can afford what you want or need. Credit cards are a fast way to go into debt, especially if you have more than one. Even if you have a job at the time that you get it things can always happen. Using a credit card is just borrowing from one source to pay another which isn't good at all. Some cards don't have fees for the first year or so but sooner or later they all do. Stay away if possible.

Depends on if the he/she atetnds college or gets a job.

Age 23 if attending college:  Since using credit is borrowing against future earnings, he/she must prove income (hold a job for more than a year) before receiving a tool that is an alternative payment method to cash.

Age 19 if getting a job:  Since using credit is borrowing against future earnings, he/she must prove income (hold a job for more than a year) before receiving a toll that is an alternative payment method to cash.

Important Notes:

• A college educated individual will on average have significantly more earnings and thus the need to use a credit instrument
• Financially educated and savvy individuals know that credit card use is expensive (cost of money) and dangerous (requires exact discipline)
• College degrees are not synonomous with Financial savviness

Unless your child has their own job and you have set them up with a bank account then it's a matter of judgement on your part as to how mature they are for their age. I mean if they are 12 and act like they are 25 I would trust them to have a card if they would agree to parental oversight! If they are that mature then they would be happy to have it! If your child is that mature they should be able to handle it and gladly want it! Kid's these day's are so incredibly smart that it come's down to you and trust more than anything.

  This is a new age, money is no longer managed in its tangible form in jars under the bed.  Monetary gifts can be given directly into UPromise accounts (not that it'll earn anything, but hey it's the thought right?) Kids are learning to manage and engage everything from a virtual perspective.

So, Yes.   As early as the child begins to make purchases with money of their own, whether given by allowance, for special occassion or for odd jobs.  Once the child begins to spend money then it is necessary to start undertanding the value and different mediums of money.  Several banks offer child credit cards where you control the balance, spending limits, atm withdrawal amounts and have the lexibility to add mney, track charges or even suspend the account.  Parents find this invaluable as children grow and mature. Children are able to check their balance, receive statements and the like.  Parents can go online at any time and add money or use other controls as needed.  All changes are updated instantly.  Invaluable when they need an additional 10. while out at the movies or the mall.  Check with your bank or nearby banks to see if they offer such accounts for pre-teens or teens.  Great opener for teaching about interest in saving as well as interest in charges.