Actually it's not that scary....
I did a lot of shopping around looking at a couple of different programs for teen credit cards. They are actually gloried debit cards however parents have 100% control over the cards. That way your teen can learn the basics of learn to use credit wisely in a more controlled environment.
Visa Buxx caught my eye first and after reading over their literature - I had to pass. From what I gleaned from their material - they charged a fee for every single charge made on the card - geez that would get expensive and quickly so!
I then looked into UPside Visa - they have some flashy, fun card designs and a couple of different programs. I went with the no monthly fee flat rate $24.95 a year plan and they do not charge fees on any charges made with the card - in fact, your teen can earn points for the charges they make.
This is the card I went with:
Rad Orange Tribal Butterfly Visa for Teens
Her card will be here in 10 days - I'm depositing the checks she got for the holidays this year and that will be her beginning balance. More will come as she does chores around the house and earns money. I'll update you how it goes.
And have a very happy and safe holiday!Labels: teen credit cards |
Know of a Credit Card for Teens?
