he gets an allowance and i told him he would have to do more around the house to get more money or help out on dairy farm and he is willing. i know they wouldn't let him have that much on it to begin with ,,big quistion is would they allow him one , by the way he is very responcable.
2007-11-26 01:02:35 · 43 answers · asked by Anonymous in Pregnancy & Parenting ➔ Grade-Schooler
You're kidding, right? He's far too young to get one, and why you'd even consider it is beyond me. Not a good habit for ANYONE to get into.
2007-11-26 01:07:41 · answer #1 · answered by N L 6 · 7⤊ 0⤋
You have to be 18 and have a verifiable source of income to get a credit card. A credit card is a legal agreement and a minor can not enter into one.
You can:
open a credit card in your name and add him as an authorized user. All bills will be your responsibility and it will be reflected on your credit report
get a reloadable, prepaid debit card. This functions like a Visa but the user can not spend more money than is available on the card. If you put $100 on it, he will only be able to spend $100 unless he adds more money to the card balance.
The other option would be to open a checking account for him to deposit his allowance into and get a debit card linked to that account but I think his age might disallow that as well. Most banks won't open a checking account for anyone younger than 16.
If you do decide to go with the authorized user route, I would suggest getting a card with a VERY low limit---maybe $300 until he has demonstrated the responsible use of credit. Make sure he understands that even though a credit card will allow you to spend more money than you have in the bank, he should be responsible and make sure he can pay the bill each month. I would make him write an essay on his understanding of credit, interest, late fees, and credit scores.
Another problem would be acceptance at stores. Many places are requiring ID with credit cards these days. A 12 year old won't have any form of official ID so it is possible that stores will refuse to let him use the card.
2007-11-26 01:16:30 · answer #2 · answered by TaxGurl 6 · 1⤊ 0⤋
12 year olds want a lot of things, but that doesn't mean they should get them ;). No bank is going to issue a child a credit card, being a minor, and unemployed (an allowance or helping out on a farm on a casual level would not count as established income). He should just spend the cash he gets in a responsible way- and since he's only 12 he can't drive or go anywhere alone, so using the cash he already has (instead of spending it in advance, on a CC) is the only way to go.
2007-11-26 01:18:55 · answer #3 · answered by GEEGEE 7 · 0⤊ 0⤋
Maybe he thinks the idea of a credit card would be neat. Take his allowance and put it on a rechargeable credit card. That way he can only spend the dollar amount that YOU have put onto the card. If that is only $10, then that is all he can spend. He can not open a credit card account...he is only 12 and would have no prospects of a job to pay it back. I have seen the credit cards that you can put the money on before-hand at drug stores and such.
2007-11-26 05:29:49 · answer #4 · answered by Grandma of 2 5 · 0⤊ 0⤋
I don't know of any banks offhand that would allow him to have a credit card. You would have to make him a co-signer on your credit card, which I frankly feel is a very bad idea because you won't have control over what he spends or if he keeps payments up to date, which will then affect your credit rating and you will be responsible for the debts as well.
Some banks (usually smaller community ones) will have "Junior" accounts for teenagers, which you would have to help him sign for as the responsible adult, but he could then have access to. These types of accounts frequently have atm/debit cards and no fees, you should check out the ones in your area and read the fine print on what you will be responsible for.
2007-11-26 01:12:07 · answer #5 · answered by plays_one_on_tv 2 · 2⤊ 0⤋
why would a 12 year old need a credit card? responsible or not i think that is way too young to need a credit card!!! and i believe you must be 18 to get one. they do have prepaid credit cards now. i work at a credit union and we have visa gift cards. you get an amount put on the card and use it like a credit card. that might be more appropriate for a child.
2007-11-26 03:55:59 · answer #6 · answered by Anonymous · 0⤊ 0⤋
It would be a bad idea to give a kid at any age a credit card. But if you insist on giving him something the gift cards that they have now like the American Express and some Visa ones offer you to add on money to it whenever you want and they really look like a credit card too.
2007-11-26 02:31:45 · answer #7 · answered by Suzy 2 · 0⤊ 0⤋
No 12 year old needs a credit card. If you want to teach him to be responsible get him a secured card. That way he doesn't charge you into debt. You put so much money on the card and he can not overcharge.
2007-11-26 08:15:11 · answer #8 · answered by Liberty 4 all 2 · 0⤊ 0⤋
I don't think at 12 they'd even give him a credit card. I think they have to be 18. A legal adult. I don't care how responible a kid is, no way am I getting a child a credit card. Perfect way to destroy his credit! They have those types that they can put money on them. They are kind of like gift cards. If he must, and I don't know why he must, get a credit card get one of those.
I can't beleive a parent of a 12 year old is even thinking of getting him a credit card. Great way to open all kinds of doors that should not be opened yet.
2007-11-26 05:02:45 · answer #9 · answered by musicpanther67 5 · 0⤊ 1⤋
Get him a Visa gift card. Just lay down the law on spending etc, just like if it was a real credit card. It's a good lesson on financial responsibility.
And no need to let him know it's not a real cc if you don't want to!
2007-11-26 15:12:29 · answer #10 · answered by Nika 4 · 0⤊ 0⤋
No i don't think that would be a good idea.. With credit cards its hard to limit spending. He may make charges after hes out of money and get fined 30 bucks
2007-11-26 08:21:15 · answer #11 · answered by Anonymous · 0⤊ 0⤋