If youre like a lot of parents, your first thought upon reading this title was, “Are you crazy? Why would a child need a credit card?” But believe it or not, the reasons extend well beyond the shopping mall.
Credit cards are handy for children traveling abroad or even locally with school or a youth group. They wont be renting cars, but they will be eating and almost every fast food chain now accepts them. Its also something your child can keep handy just for emergencies. There are plenty of other reasons why minors should have credit cards, including as a tool to teach financial responsibility.
Giving a credit card to a minor really is a decision only parents or guardians can make. If this is something youve been considering, here are some options to consider.
Its important to realize first that minors cannot have their own credit cards. Issuance of a credit card is a contractual matter and because of their age, minors arent allowed to enter into legally-binding contracts. Therefore, a minors credit card has to be attached to a parent or guardians account.
Secondary cardholder
Listing a minor as a secondary cardholder is easy....
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