Giving credit cards to your teenager is a great responsibility. It is never too early to give your teenagers credit card. However, some parents are still skeptical about this. It comes with some cons but is overweighed by the pros. Let it come as a gift when they have known the meaning of managing money. However, consider preparing them well when the time finally comes by starting with opening them a saving account or opening for them a check in the account instead. 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. Discussed are some benefits of giving your teenagers a credit card.
Let us begin by saying it gives your teenagers a sense of responsibility. When they own one, they will feel like they have grown. It makes them know that now they have to be accountable in any step they take regarding money. Before buying something they have to think first whether it is worth it or not. 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. Allowing your teenagers to have cash is making it prone to be lost. 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. , Before handling a credit card they should have had experience with a checking account of their own. Also, allow them to start by using a check, let them write checks, sign the checks, balance the checks and understand how to maintain a checkbook. Also let them practice how to use an ATM let them do cash withdrawals and deposits. At the end of this they will know a lot about banking.
In addition to that is that it will aid your teenagers in establishing a credit score. After your college education you will want to get yourself a place to stay away from home . Having built a good credit card from your teenage days you will be allowed to borrow a loan from a bank. In conclusion, above are the reasons to why you have to consider giving your teenagers a credit card.