Credit Cards For Kids - Well Almost!!

[Eamonn 61]

OJ is off to NOAC later this month. While looking into the best way for him to carry his money (At one time it was mine.) We came across a Visa card for kids. It isn't a credit card, more a pre-charged debit card. I can load it up to $250.00 from my computer and keep track of where he is spending the money. It is accepted everywhere Visa is accepted and he can take money out from an ATM.

Needless to say he thinks that he is the Cats Whiskers.

Eamonn.

[SR540Beaver 116]

I can't remember.....is that better than being the Bee's Knees?

[Eamonn 61]

Not sure if Bees Knees beats Cats whiskers.

It is better then Chickens Elbows.

Eamonn

[Fat Old Guy 11]

I thought that it looked like a good idea until I saw that it could cost you $15 a year. Yeah, I'm cheap.

 

My bank is a credit union and they still offer absolutely free checking and with that free checking I can get a free VISA check card. I can also check my account on-line and move money into the account online as well.

 

If I ever let my son out of my sight, I may go the credit union route.

 

I remember going on a trip in high school and my mother insisting that I pin my extra money into my skivvies.

[scoutldr 726]

I like Eammon's idea for a short trip. I recently gave my niece one for her birthday...it will work all over town, not just at one store.

 

Most colleges have their own version of a debit card now, too. THey work anywhere on campus, including the book store, coke machines, washers and dryers, library copy machines, etc. I have mixed feelings about them...sure it's more convenient, but when my son wanted to move out of the dorm into an apartment, I took what I would have spent on room and board and divided it by 12 and sent him a check every month. It was up to him to manage the money and pay his rent, food, gas, laundry, cable, internet, etc. He did an admirable job...got an "A" in "Life 101". I think that's a more educational experience than just having a "magic money card" that mysteriously keeps giving and giving.

 

Word to the wise...my sister in law always gives me a Starbucks gift card for Christmas. I just found out the hard way that if you don't use them regularly, they deduct a monthly service fee, soon making the card worthless. I understand this is a common practice.