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Laura Rowley Money & Happiness

Laura Rowley, Money & Happiness

Why Your Teenager Needs a Credit Card

by Laura Rowley

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Posted on Thursday, August 2, 2007, 12:00AM

A decade ago, when someone asked me if a high school student should have a credit card, my answer was a resounding "no." You might say I've made a 180-degree turn to the dark side.

No, I'm not getting paid by the credit card industry. I think those companies are a potentially dangerous enemy, and you have to prepare your child to be a worthy opponent in battle. You want them to conquer this prospective foe, and transform it into a humble servant that does their bidding.

Conquering the Conquerors

Plastic, for better or worse, has become ubiquitous. As I wrote in an earlier column, Chase bank has been sending my kids -- ages 4, nearly 8, and 10 -- credit card solicitations ever since I signed them up for a Continental frequent flyer program. This despite calls to the company asking it to stop.

So your kids have two options: 1) Become enslaved by late fees, finance charges, and high interest rates on mortgages and other loans, or 2) Conquer plastic and use it to build a stellar credit score, get cash back, and earn free travel perks. The sooner they understand their options, the better.

Think of credit cards as similar to online social networking -- another phenomenon that didn't exist when I was a kid. Do I ban my kids from using the computer? Of course not; we discuss which sites are safe, which sites aren't, and why they should never give anyone personal information online.

The College of Hard Knocks

If they aren't getting them already, teens will be inundated with credit card offers the second they set foot on a college campus, where they'll be urged to sign up in exchange for a T-shirt or Frisbee. According to a study by student loan firm Nellie Mae, the average college freshman has $1,500 in credit card debt, and that figure doubles by the time they graduate. Some 56 percent of college seniors carry four or more credit cards.

That's when the real trouble starts, because if teens lose the battle to understand and manage credit cards at 18, the damage can haunt them for years. An estimated 70 percent of employers check credit scores before they hire. Over time, a low credit score will suck tens of thousands of dollars out of your child's pocket when they seek financing for an auto or a home.

The damage is far more enduring than, say, flunking a college course -- and yet kids get a heck of a lot more training in study habits. A 2007 survey on teens and money by Charles Schwab found just 30 percent said they think their parents are concerned with making sure they learn the basics of smart money management. Only one-quarter said they've learned how to use a credit card responsibly. And they crave parental guidance: Nearly two-thirds would rather learn through experience than in a classroom.

Half of teens agree it's easier to buy things with a credit card than with cash. Twenty-nine percent prefer to use plastic instead of cash, the study found. That's not the majority, but the number is skyrocketing: It jumped 61 percent between 2006 and 2007.

Prepaid Preparation

Start your teen off with a prepaid credit card. You can load the card with cash, and when it's gone, it's gone. Meanwhile, you can monitor where your teen is spending the money by tracking the card activity online. See my blog for tips on teaching teens to budget.

The big drawback: Prepaid cards have a plethora of fees. First, consider the number of transactions you expect your teen to make each month. Some cards charge $1 to $2 per transaction, while others charge a flat monthly fee of a few dollars. You'll often pay to load money onto the card, as well as ATM fees of $1 to $2 on withdrawals. Your teen should check their balance online, because a balance request by ATM or phone will trigger another fee. (See this chart for a comparison of four prepaid cards.)

Look for a card with no overdraft fees, as these can add up quickly. And watch out for stupid fees: Some companies charge $150 to activate a card, and a customer service call to Valor Prepaid MasterCard costs 90 cents per minute.

Allowing Kids Big Buxx

Among the cards specifically marketed to teens, Visa Buxx and Allow MasterCard offer a fairly good package. Visa Buxx is the oldest player in the teen money field, and the cheapest upfront. It has no transaction fee or monthly maintenance fee; some banks that issue the card charge no load fee if you link the card to their checking account.

But watch out: Visa Buxx hits you with an overdraft fee (Wachovia's is $20 per overdraft). Teens learning to manage money could run that up pretty quickly.

Allow MasterCard is more expensive -- about $45 in startup fees and a flat $3.50 monthly fee. But there are no overdraft fees, and the card can be loaded for 75 cents if linked to a checking account. Allow also offers 35 nifty automated controls, so parents can limit the amount spent per week, the amount spent at any one merchant, and so on. For instance, a parent can load $100 at the beginning of the month and limit the spending to $25 a week. (This helps save on loading fees.)

You're the Role Model

A survey conducted by Allow found that by the end of the month, 95 percent of parents had no idea how much they had given their children to spend, says Tom Smith, who founded the Arizona-based company two years ago.

"It's 'ask and you shall receive' -- lunch money, haircuts, tennis shoes," says Smith. "If parents don't know how much they give kids, how do they learn to be accountable?" Smith gave each of his two granddaughters, ages 12 and 13, a card with $50 a month on it -- but the kids have to manage their funds and cover the $3.50 monthly fee from their budget, or they lose the card.

Once your kid gets the hang of the prepaid card, you can switch to a grownup version that has fewer bothersome fees. Of course, that means you need to be modeling the behavior you'd like to see, by paying off your own credit cards on time and in full every month. You can't prepare your child for battle if you're sleeping with the enemy.

Click here for a comparison of four prepaid cards.

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  • Yahoo! Finance User - Thursday, August 9, 2007, 10:51AM ET  Report Abuse

    • Overall: 1/5

    Why not simply add your teenager as an additional card holder on your credit card/? There is no charge for it whatsoever, you can monitor all purchases AND you can cancel the card with a phone call, if necessary. My son, now 16 has a mastercard for last 2 years and understands the simple rule - If we can't afford to pay it in full by month end, we do not buy it.

  • Yahoo! Finance User - Tuesday, August 7, 2007, 11:51AM ET  Report Abuse

    • Overall: 2/5

    We've used credit cards for 20 years as a SUBSTITUTE for cash. We pay the balance IN FULL every month. We've NEVER paid a penny in interest. Credit cards with no annual fees are convenient and they DO boost your credit rating. No matter what the pundits say, paying your bills on time and in full is STILL smart finance. Our 15 yr fixed home mortage is nearly paid off, which means that with 20 years before retirement, all the equity in my home is where it belongs....my bank account.

  • DIXIE N - Monday, August 6, 2007, 12:14PM ET  Report Abuse

    • Overall: 1/5

    This is the most stupid comment I have EVER heard! "So your kids have two options: 1) Become enslaved by late fees, finance charges, and high interest rates on mortgages and other loans, or 2) Conquer plastic and use it to build a stellar credit score, get cash back, and earn free travel perks. The sooner they understand their options, the better." I believe the best and most responsible option is to teach your kids how sneaky and horrible credit card companies are and to NEVER use them! If you want something plan and save- DUH! Are you so impulsive you cannot plan ahead. We have lived 10 years with NO credit cards and somehow survived. Giving the kind of advice you give I am surprised you have a job unless you are being paid by the credit card companies! No wonder people are in a state of I deserve I deserve.... geesh wake up.

  • Yahoo! Finance User - Sunday, August 5, 2007, 10:31PM ET  Report Abuse

    • Overall: 3/5

    What she should really be saying is "give your kids an allowance and teach them to spend money. If they don't have it; don't spend it." Prepaid cards do nothing for your credit history, they just teach savings. To boot with all the fees, you're better off putting your money in CDs or other high yield type bank accounts. If parents really want to get their kids a credit card, they should get a card WITHOUT REWARDS. Rewards cards boost your interest rate at least 2% as I found when I was looking for my first card (I'm 19). My friends have rates as high as 25% variable. Let's face it; kids don't make enough money to warrant having rewards cards. Double points sounds nice but that only convinces you to spend more. Then if you don't pay it off, you get hit with high interest rates.

  • John - Sunday, August 5, 2007, 9:46PM ET  Report Abuse

    • Overall: 3/5

    Good article- I agree- If you don't educate your kids early on credit cards and debt and the consequences, they will find out the hard way as we did. We were never taught how to manage money & we got in deep debt. We kept spending as much as we made and then USED OUR HOUSE AS AN ATM MACHINE & KEPT REFINANCING EVERY 2 OR 3 YEARS! Dumb- I know- but we just changed all of that and got on the MONEY MERGE ACCOUNT. It's an interest cancellation program for our mortgage and we were able to pay off all our debt and will have our 30 year mortgage paid off in 13 years by basically restructuring our banking and no extra payments or anything like that by us. It's a great program! We went to this website www.u1stfinancial.net/johnfechik and filled out the MMA account analysis to see if we qualified- they said you should have at least a 620 FICO score. We had an agent call us and go over our results. We can solve our debt problem and stay on track financially and now teach our kids this program and how to stay out of debt- things we never had an opportunity for!

  • dennis S - Sunday, August 5, 2007, 5:35PM ET  Report Abuse

    • Overall: 1/5

    giving credit cards to kids is just plain stupid and adults who use crdit cards instead of cash are the lambs on the way to the bank slaughterhouse

  • Anita M - Sunday, August 5, 2007, 2:42PM ET  Report Abuse

    • Overall: 5/5

    The biggest problem with kids and credit cards is that they don't use them responsibly. If you start them early and teach them proper money management, then they'll be so much more ahead of they game and less likely to get suckered in by "deals" they see on cards while at college. I got a credit card as a college freshman. It was a card with my local bank that had a $500 limit and was just for emergencies and for manging occasional expenses while between paychecks. It worked well for me. I saw several of my friends get themselves into trouble with cards that had limits far too high and with ridiculous rates. They ended up in even more debt than they should have, what with student loans and such on top of that. Parents need to set an example. Too many people are poor consumers of credit themselves, so they're not showing their kids the correct way to use credit. Schools teach nothing about financial management, so it's up to parents to do this for their children. Start them early, before they can learn bad habits.

  • Janet - Sunday, August 5, 2007, 1:20PM ET  Report Abuse

    • Overall: 5/5

    I'm amazed how many people DIDN'T READ the article before commenting! She's talking about pre-loaded credit cards, people, not having kids carry credit card DEBT. If my mother had been able to monitor my spending when I was in high school, she would have realized I wasn't practicing as she preached and she would have better able to instill good spending habits in me. Then I wouldn't have the ruined credit score and massive debt I have today, thanks to exactly the kind of college credit card offers Linda described.

  • JoshuaB - Sunday, August 5, 2007, 9:43AM ET  Report Abuse

    • Overall: 4/5

    ok, I don't think some people realize, but credit cards are not all bad. If the child has a pre-paid credit card and uses it, then it can teach them a lot. The reason so many Americans are in debt is because of poor money management skills, so why not try and solve the problem by teaching the next generation of americans at an early age. If the child goes over their spending limit one month, then just subtract the difference from them the next month. If necessary, the card could even be taken away for a certain amount of time, depending on how much they "over spent" one month.

  • W W - Sunday, August 5, 2007, 8:15AM ET  Report Abuse

    • Overall: 1/5

    Well, well, this lady must have money to splurge. Truth be told, credit cards are a part of our lives as the need to use the bathroom. With technolgy and everything going on I do agree we should start teaching our kids how to handle money and credit but getting a CHILD a credit card is the most ridiclous thing in the world! Credit cards can be as dangerous as drinking and drving to someone. So why would I give my child a credit card when they are still easily pressure by friends and others? Why would I give them something that according to the LAW, they are not responsible for? Give teens a credit card is like telling them go ahead spend my money and if you overdraft, overspend it will be me who pays and will clean up your mess... NO, credit cards are a bad idea for MINORS (under 18) Remember the LAW says until they are 18, they are not responsible for their own descisions. So they are barely ready for the responsiblity of a credit card.

  • Yahoo! Finance User - Sunday, August 5, 2007, 12:26AM ET  Report Abuse

    • Overall: 1/5

    Laura Rowley, Credit cards are a fool's game! I'm not sure what your motive is for writing this but clearly you don't have the people's best interests in mind. The last thing a parent in the largest debtors nation needs is to teach their children about "how great" debt is. Forget the debt and teach your kids how to save and then use that money to create more money. After they learn this important lesson, then teach them how to make money from the bank's money. Laura, don't be such a shill--it's written all over those bleached teeth of yours.

  • momof3 - Saturday, August 4, 2007, 9:09PM ET  Report Abuse

    • Overall: 1/5

    OMG, This lady must have bumped her head really hard or either that she must be on some major drugs. Giving a child a credit card to rack up so the parents has to pay or go to jail. I don't think so. A young adult also doesn't need a credit card just to go to college either. What in the heck is this world coming too. No wonder it's going downhill.

  • Keep - Saturday, August 4, 2007, 3:27PM ET  Report Abuse

    • Overall: 5/5

    Here is how i look at it. Some people dont want to use credit cards. Then dont, never have an established credit and dont take advantage of the rewards. However, me personally, I am 21. I haven't had cash in my pocket literally in the last 3-4 weeks. I carry 4 credit cards and 2 debit cards. I also have a credit score of a 760. It is a matter of how you manage yourself. I do agree with some of the naysayers in a way that the child must be responsible and self-disciplined. That is up to the parents to decide if their child is ready. Being able to manage credit cards teaches the children more about handling their own finances. By being able to handle their own finances, they are then able to help themselves for later on down the road. You hear everyone talking about credit card debt, if you arent responsible enough to pay a credit card on time, are you really going to save money as well. Or put money into a 401(k) or an IRA. Financial responsibility should be taught as young as possible, because social security is running up, and the teenagers and college students will have to learn how to prepare themselves for the future. It is still up to the parents to help them. So by having a credit card which the parent can then monitor does help the teen out in the long run.

  • ViralCoreX7F - Saturday, August 4, 2007, 2:57PM ET  Report Abuse

    • Overall: 2/5

    This isnt good but it isnt bad advice. Im and 18 year old and I currently have 2 credit cards, one with capitalone and another with discover. I currently believe you should get a kid a credit card when they turn 18. But the catch is to teach them how to use it. You need to build a good credit history right away or your going to be paying out alot of money in interest rates. I dont know about you but I for one do not want to dish out large amounts of money later in life cause I was told not to get one. I also would like a vehical and a house one day too. Only thing is when you use it pay it off every month and your gold, been doing this for almost a year now and I have yet to lose control of my credit.

  • KarenP - Saturday, August 4, 2007, 11:16AM ET  Report Abuse

    • Overall: 1/5

    I have three kids in college. None have a credit card. They will graduate debt-free. They've worked their tails off. Some are attending the first two years at local schools. We've taught them to act their wage instead of borrowing money. In the Michigan economy especially, it's like playing Russian Roulette when you owe money on credit cards and vehicles. Job loss is a very real threat. If you don't owe any money, you don't have much to lose.

  • Yahoo! Finance User - Saturday, August 4, 2007, 11:14AM ET  Report Abuse

    • Overall: 1/5

    Like any number of things such as alcohol use, the time to introduce humans to that is after they have already developed emotional maturity. Personally no one should have a credit card until after they have shown they can manage their lives without it. At that point it becomes a tool and not a toy. Teaching kids to use a credit card would be like teaching them to drink (even if both responsibly) It just doesn't work because they just can't handle it.

  • Yahoo! Finance User - Saturday, August 4, 2007, 10:42AM ET  Report Abuse

    • Overall: 1/5

    Why not give them smokes in grade school, they are going to have to face it. Oh, and lets give them the weed in high school, better they get the good stuff from us and learn to use it responsibly because they are going to encounter it. Laura, you usually get 5 stars from me, this advice is horrible! My kids don't need to learn to borrow they need to learn how to spend less than they make and save for the things they want. If I don't borrow money, I don't need a credit score. What were you thinking when you came up with this one?

  • Yahoo! Finance User - Saturday, August 4, 2007, 7:05AM ET  Report Abuse

    • Overall: 1/5

    To all of those who posted comments basically saying that you should have a nice big mortgage or loan balances and invest as much as possible in the stock market at the same time because you will make more money than your loan interest rate: doing this is fine as long as you understand that you are clearly gambling and as this week shows, can lose a lot of money! Those people who enter into adjustable rate or interest only mortgages are gambling also - how does anyone know where interest rates are going to be in the future? Why gamble with your house or your savings? Wake up and at least understand that you are gambling not being clever!

  • Yahoo! Finance User - Saturday, August 4, 2007, 6:57AM ET  Report Abuse

    • Overall: 1/5

    This advice is not responsible - why should having a credit score really matter for a teenager - further, if parents are to be a role model, why not just show children how they manage finances rather than hand their kids a financial gun where they stand more chance of hurting themselves? If the masses of Americans believe that having a credit score is a goal in itself it would really highlight the distorted way we have been taught to think by finance companies: that having access to credit is more important than earning and saving - they are not the same! You have to pay the loan back!

  • Chris - Friday, August 3, 2007, 11:09PM ET  Report Abuse

    • Overall: 4/5

    My situation is not common, of course, but people like Dave Ramsey who insist on one-size-fits-all finances sound like such morons. My marginal tax rate is 45 to 50% (federal plus California). A mortgage is like free money to me. I've averaged about 10% a year over the last ten years in my investments. Tell me why would I rush to pay off my 5.75% mortgage, even if Dave Ramsey says everyone should do it? Once you have enough assets, a mortgage is a great source of cheap money. If I send an extra thousand dollars to my mortgage, and I later go to my banker and say "Oh, could I have that money back, I need it again?" he'll just laugh. Yes, for most people credit cards are a temptation and a risk. But it isn't the credit card's fault. Know yourself. If you are using your credit card to enable overspending, you need to cut them up. If you pay them off almost every month, then enjoy the rewards program. No more "one-size-fits-all" advice! If you don't want to teach your kids anything but "credit cards are evil", more power to you. I'm going to teach MY kids how to use and control the cards.

  • Yahoo! Finance User - Friday, August 3, 2007, 10:41PM ET  Report Abuse

    • Overall: 5/5

    Credit cards rock if you are self-disciplined. Those who religiously believe "cash is king" are ironically irresponsible bunch. To them, they seem to believe they are unable to control themselves if they are with credit cards. Wake up guys! Using credit cards is not the same as using cocaine. You can't get addicted to it if you are responsible. I am telling ya, folks. Religious Right aren't conservatives. They are liberals because they don't believe in personal responsibility. They can always find something to blame.

  • Yahoo! Finance User - Friday, August 3, 2007, 8:09PM ET  Report Abuse

    • Overall: 5/5

    User "Teri" has shared real-life experience that brilliantly illustrates Laura Rowley's point. To all of the other users who rated this article as one star, all it takes to use credit to great advantage is self-discipline. If you have self-discipline, and ALWAYS KNOW WITH ABSOLUTE CERTAINTY that you have the cash to pay your bill, credit cards can benefit you in oh so many ways, but ONLY if you use them responsibly and wisely. Unless teenagers learn how to practice that self-discipline under your guidance and tutelage, they are bound, someday, to learn the hard way.

  • Yahoo! Finance User - Friday, August 3, 2007, 5:52PM ET  Report Abuse

    • Overall: 2/5

    The author failed to mention another alternative to start off- adding your child as a user on your credit card and having him get an ok from you when he needs to use it. I believe this helps him develop a credit history and keeps his spending in check until he gets a handle on it. That's what I am doing right now with my 19 year old.

  • Alex - Friday, August 3, 2007, 5:40PM ET  Report Abuse

    • Overall: 5/5

    Let me put it this way, my parents helped me get a card at 16 and taught me how to use a credit card properly (to build credit), but not to run up debt. This year I will make $1600 off my credit card in rewards and interest from balance transfers. I have never paid a dime of consumer debt interest in my life. (I'm 30). I am all for giving my teens credit cards. With good examples set and a proper education it should be clear why they need to use them responsibly, and will make it easier for them to manage credit in adulthood. Better than learning the hard way...

  • moviegeek - Friday, August 3, 2007, 5:31PM ET  Report Abuse

    • Overall: 1/5

    Giving a credit card to a teenager is like giving money to a drug user.

  • Yahoo! Finance User - Friday, August 3, 2007, 4:46PM ET  Report Abuse

    • Overall: 1/5

    I understand 100% what this article is getting at and still disagree completely. I do agree that it is ultimately up to the individual whether or not they use credit responsibly and I agree that parents need to educate their children about the responsible use of money, but using credit is not responsible. The easiest, most straightforward way to use money is to only spend what you have, and if there is no way to do otherwise than an individual CAN'T do otherwise. The best thing a parent can do for a child is teach them not to borrow money, and the natural lessons that follow from that are that money must be saved and that spneding must be planned and well thought out. The entire credit business is a scam. I have never been late on a single payment, never carried a single balance and have paid off 2 car loans well in advance and my credit score is considered "below average". Is it because I'm a so-called credit risk? No. It's because companies don't make money off of me. Quite frankly, if someone didn't have acredit score or never purchased anythign on credit, it shows that they're responsible with money and will never, EVER, do something to put themselves in financial jeopardy. Any company worth its salt will see this and recognize it for what it is. People have mentioned the need for credit to buy cars and houses and the like, but the philosophy stands true there as well. Credit and financing has played a huge role in the price inflation of cars and houses; does a business that makes a product too expensive for anyone to buy stay in business? Not very long. If people would simply live within their means and not reach and stretch and strain to buy everything they think they "need" things might be a bit different.

  • RichE - Friday, August 3, 2007, 4:45PM ET  Report Abuse

    • Overall: 1/5

    Surely you can't be serious. What's next? Shall we give our kids cigarettes too??

  • Yahoo! Finance User - Friday, August 3, 2007, 4:37PM ET  Report Abuse

    • Overall: 1/5

    Hey GungaDin, Hope you save back some cash to bail out those kids when they are 22! Don't co sign too many of those cards or you may end up a renter! "When my children are 22 and out of college, they'll have the benefit of 6 years of credit history behind them, which will give them a clear advantage over your children, whom you've taught to shun those evil credit cards."

  • Yahoo! Finance User - Friday, August 3, 2007, 4:34PM ET  Report Abuse

    • Overall: 5/5

    Whether we like it or not, credit cards are a fact of life. The phrase "Cash is King" need to be clarified - my grandfather stuffs his money (and his head!) under the mattress. But is this really being responsible with our money? Using a credit card has many advantages (I haven't paid for a vacation in more than 5 years! because of accumulated airline and hotel points) and it have DUAL recourse when it comes to getting your money back from an unscrupulous vendor (directly from the vendor OR if that doesn't work, you can get it charged off your credit card). I don't know about most of you, but I have to do this at least once a year! Having the cash to pay your credit card off every month (and some extra cushion in the bank too) is very wise, but to those who are treating credit cards like the plague need to reign in there out of control spending. The credit cards are not the problem! The problem with using a Visa / MC Debit Card is twofold - for starters, if your bank account doesn't have enough cushion, you can run out of money because of pre-authorizations that will not be credited back to your account for 2 to 3 days. And fraudulent activity is could put the squeeze on your bank account, and banks are much harder to deal with than credit cards companies. Disputing charges can be more difficult as well. I like Dave Ramsey, but not everyone out there fits into the mold of "out of control, in debt over their heads, credit card fiends!" We don't need to chastise our credit credit cards for making a mess of our finances - we need to look at our daily habits, and correct any over-spending mis-steps. I have no debt (no mortgage, no car payments, etc) and for someone to tell me, "Hey, get rid of your credit cards, they are bad, and go to a debit card or cash." To do this would be the greatest financial mistake of my life! As I mentioned before, I receive 2 to 3 vacations a YEAR free of charge for my credit cards - why would I want to start paying CASH for vacations and airfare? Not to mention the money that I make from getting 0% offers (be careful with transaction fees!) and sticking that "Free Money" into an account(s) earning 5.4% to the tune of $300,000 per year! Maybe I am to the extreme - I have over 50 credit cards with a combined credit line well over $1 million, but to me, credit cards have been the 2nd best (my main business is first of course!) no-brainer financially enhancing opportunity that has ever happened to me! Its all how you look at it!

  • Bruce - Friday, August 3, 2007, 4:29PM ET  Report Abuse

    • Overall: 3/5

    Credit cards are not a bad choice or a dumb idea - its the person getting them that needs to make sure they have enough financial common-sense to pay them off every month. If you do not and fall into the trap of paying interest then the only person to blame is yourself. Check out the cash back credit cards - put everything on them - groceries, gas, restaurants - and in 3-6 months you receive a $250 check.

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