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Credit Cards For Kids; Good, Or Bad?

Closeup of hand holding and giving credit card for payment

According to a new survey, 8% of parents have given their children a credit card. Now, kids cannot get a credit card on their own until they are 18, but the parents can add them to their own account.

Now, do the kids use the card responsibly? Only 21% said their kids have used it without permission.

So, would YOU give your kids a credit card?

Here are the pros:

  1. They have it for serious emergencies
  2. It can teach them about responsible spending
  3. It shows you trust them
  4. It might help them learn more about how credit works so they don’t make mistakes when they’re older

Here are the cons:

  1. It can lead to them being more reckless with money
  2. They could max out the account, which could hurt your credit score AND theirs
  3. They could get used to buying things they can’t afford

via CreditCards.com



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