Giving credit cards to your teenager is a great responsibility. It is no very early to give them one. But some parents may be scared to do this. It has some demerits but the merits over poor them. Let it come as a gift when they have known the meaning of managing money. Prepare for when the times come by starting with opening a saving or a check-in account for your teenagers. These will help you see how they will handle their savings and expenses then decide whether they are ready enough to start having a credit card. With this experiment it will allow you to make them highly prepared for when the time comes for them to own a credit card. Consider getting them a credit card and see how they use it. The importance of giving a credit card to your teenagers are given below.
, To begin with, is that it makes your teenagers know that they are responsible. Owning one will make your teenagers feel grown. With these, your teenagers are aware that they have to account for every step they take about money. They will consider their expenditure before spending. At the end of the month you can seat them down and ask them how they spent every coin.
In addition to that a credit card will reduce money lose. Letting your teenagers walk around with money can result in loose of money very quickly. Also because they are teenagers and are going to school their money can be stolen there. With a credit card, the money will not be lost as the card can be replaced if it is lost, unlike cash.
Moreover, it teaches your teenagers on good banking habits while they are still young. Let your teenagers start will a checking account before you hand them a credit card. In addition to that consider letting them understand how to write checks, sign the checks, balance the checkbooks and keep a checkbook register. In addition to that make them practice on using an ATM allow them to withdraw cash and also deposit it. In the end, they will understand banking.
Also, with a credit card it will assist your teenager in building a credit score. When you are done with you tertiary education the decision to move out will automatically come. With a good credit store which you have built since you were a teenager you can borrow money from a bank. In conclusion, above are the reasons to why you have to consider giving your teenagers a credit card.