The use of credit cards and adolescents in the same sentence is enough for most parents to fear, and there are good reasons. Teenagers like to spend money. There is no other way. When you are a teenager, there are clothes, music, movies, shoes, games, junk food and a variety of other things to buy. Credit cards will certainly make them quickly into trouble. However, teenagers prepay credit cards have such things. This may be the answer for you and your teen.
Obtaining such a credit card for your teen will allow him to learn how to manage money responsibly and gain active money management skills. So, although ordinary credit cards are likely to be tempted too much, it may actually be a good idea to provide pre-paid credit cards to teenagers.
If you are considering this as your teen's choice, there are several different plans available for investigation. You need to explore what options your teen prepaid credit card has and choose the one that is best for you and your teen.
The Brookings First Bank and Trust Company provides MasterCard that allows prepayment. This is a prepaid credit card for high school students and teenagers. It also comes with parental controls to help monitor your teen's spending. The start-up fee is $19.95, and the reload fee is $2.50 for every $100. The monthly maintenance fee is $3.50.
Bank of America Visa Buxx card is designed for teenagers aged 13 and above. For teen prepaid credit cards, entrance fees range from $10 to $15, and free to $2.50. This card does not actually have a monthly maintenance fee. However, if you need to apply for an inactive account every month, this fee is $2.
The above is an example of a teen prepaid credit card form. Of course, you will want to do your own research and may check your bank to see if they have any plans for your teen. If you have an active checking account at a financial institution, you can find a safer prepaid credit card for your teen. No matter which card you choose, make sure you make full use of your parents' monitoring of spending options. This is about learning how to manage money and spending spreads will not contribute to this pursuit.
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Orignal From: Prepaid Credit Cards for Teens - Are They Good or Bad?
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