In the United States, people under the age of 18 cannot legally enter into any contracts without a co-signer, but what about the increasing number of parents who are getting credit cards in their childrens names? Do minors really need access to credit cards?
Its really a decision that is unique to each family. The most common reasons parents may decide to get a credit card in the name of their child include:
For emergencies
Letting the child (probably a teenager) do their own school shopping
Purchasing lunch and other necessities while out with friends
For traveling (perhaps the child visits family members regularly)
When you are deciding whether or not to get your child a credit card, youll want to think about their age and maturity level. An elementary school student has very limited knowledge of what money is and how people get money. On the other hand, a teenager often has a better concept of how money is earned and what its used for, and could be taught appropriate use of a credit card.
Many parents like the idea of getting their teenager a credit card in order to start teaching them about financial responsibility. If this is...
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