Should teens have credit card

Answer 1

It depends on what they are used for, and how they are paid off. If a teen is responsible, and has a card for such things as gasoline, or school purchases, and understands that the card is an important financial obligation of his or her parents, it might be feasible.

The problem is that most teens have little experience with spending money they don't have, and may not fully realize that impulsive or unauthorized spending can have a major effect on a family's budget.

Ideally, credit cards used by teens should have a very low credit limit to avoid problems.

Answer 2

Only, if they have their own money, can pay off their bills and properly understand how to use a credit card and not think of it as a continuous stream of money. They should understand that it should only be used as a convenience and if they know they will be able to pay their bill when it arrives.

Answer 3

Teens can benefit from having a credit card to start building their credit history early, but it's crucial for them to understand responsible credit card usage. Parents should closely monitor their teen's spending and provide guidance to prevent accumulating debt. Overall, it can be a valuable learning experience if managed properly.