So your daughter or your son had started going to college and would required to spend on his or her very urgent needs. You might want them to have a credit card so that they do not come to you for every single thing they need. But in mind you are never sure whether you are doing right thing or not As pear-pressure on teens is such that they are bound to spend more then you expect of them. So how are you going to tackle this problem?
For this you can choose a Teens Credit Card. But before you give your son that precious plastic money, be sure that a credit limit of more than you can afford is not given to him as with your limited resources and probably other kids to look after too you do not want him to indulge in things that can make a big hole in his dads pocket. Think wisely and talk to your bank in detail before giving him that liberty to play with hard-earned money of yours.
One of other factor average parents want when they decides on giving a credit card to their kid is to make them understand the true value of money and another chief one is to create a good credit history for their kids . So that when they grow up and need loans and credit cards of their own they are backed by a series of good credit history evidences.
One thing that parents do is they give them teen credit card as they do not involve the kids in the payment of the cards. The children mistook it for advantage and spend as much they like. One thing before you apply for your kids? credit card, make sure that they understand that the piece of card does not only buy them the goodies but mom and dad have to shell out the money afterwards. The card is an alternative of money but actually is a borrowing which sooner or later their parents have to pay back. For this you should always ask your kid to write check or deposit them. You can also ask them to pay bills for their necessities like cable bills, DVD bills or internet bills. This way they would always be aware that nothing comes for free.
Further the credit limit of the teen credit card should be kept very low, you can ask your bank for this. So that your kid do not spend more then he is expected to or more then his requirement.
Keep a copy of their bill and ask them regularly that where they are spending their money. If they would know that you are only interested in paying the bill and shouting on them but are not interested in where they spend the money they would not spend it wisely. Although you have given them credit card you have to make sure that they do not underestimate the value of money and respect the card as they respect their monthly pocket money.
For this you can choose a Teens Credit Card. But before you give your son that precious plastic money, be sure that a credit limit of more than you can afford is not given to him as with your limited resources and probably other kids to look after too you do not want him to indulge in things that can make a big hole in his dads pocket. Think wisely and talk to your bank in detail before giving him that liberty to play with hard-earned money of yours.
One of other factor average parents want when they decides on giving a credit card to their kid is to make them understand the true value of money and another chief one is to create a good credit history for their kids . So that when they grow up and need loans and credit cards of their own they are backed by a series of good credit history evidences.
One thing that parents do is they give them teen credit card as they do not involve the kids in the payment of the cards. The children mistook it for advantage and spend as much they like. One thing before you apply for your kids? credit card, make sure that they understand that the piece of card does not only buy them the goodies but mom and dad have to shell out the money afterwards. The card is an alternative of money but actually is a borrowing which sooner or later their parents have to pay back. For this you should always ask your kid to write check or deposit them. You can also ask them to pay bills for their necessities like cable bills, DVD bills or internet bills. This way they would always be aware that nothing comes for free.
Further the credit limit of the teen credit card should be kept very low, you can ask your bank for this. So that your kid do not spend more then he is expected to or more then his requirement.
Keep a copy of their bill and ask them regularly that where they are spending their money. If they would know that you are only interested in paying the bill and shouting on them but are not interested in where they spend the money they would not spend it wisely. Although you have given them credit card you have to make sure that they do not underestimate the value of money and respect the card as they respect their monthly pocket money.
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