Can You Get Your Teen a Credit Card?

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bright picture of happy woman with credit card

bright picture of happy woman with credit card

By Jason Steele

Have you ever considered getting a credit card for your child? Some parents find that there can be advantages to entrusting their children with a credit card, as responsible kids can use it to make small purchases and for emergencies. And when parents realize that they can leverage the convenience of credit cards to send their children on errands, they will soon be wondering how they can get their kids a credit card.

The Rules for Kids & Credit Cards

People under the age of 18 are unable to enter into a legally binding contract, such as a credit card agreement. However, there are some credit card issuers that will allow minors to be authorized cardholders under the account of a parent or another adult. Some card issuers require that the authorized cardholder be at least 13 or 15 years old while others have no age limitations. And of course, the primary account holder will always be responsible for repayment, not the authorized cardholders. You can contact your credit card issuer to find out its policy on adding a minor as an authorized cardholder.

Read the Full Article at finance.yahoo.com >>>>

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