Is it safe to hand over the credit card to my teenage son?...

Matt

Junior Member
Oct 17, 2016
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Canada
My son who is 16 now was very hyper in his childhood. With the therapies and care, he was able overcome it. Now he is an average teenager and hasn't caused any major troubles.
He is working in my garage after school and I am proud of that. But last week he asked me if he can get a credit card. He said he will use it only for online shopping. I told him, I can buy him things he wants but, he insists on getting a credit card. Well, the money I pay him for his time in the garage is used wisely. I am happy for that, but has he grown enough to carry a credit card?
I searched online to find a blog about giving teenagers the credit card. http://www.northwoodmortgage.com/mortage-questions/give-teenager-credit-card/[/url] The article says if the parent is monitoring how he spends the money and guides him how and when to use a card, it can help him as he grows to adulthood about the knowledge of cards. But, I am worried since he is an explosive age and he's got a girlfriend. She is a sweet girl but, boys are boys.
I can't decide. I need your suggestions on what to do. Please share your thoughts on this.
 

Vdad

PF Enthusiast
May 28, 2016
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Debit card!...he gets the kewlness of carrying a credit card and the advantages of learning how to use one, without the risk of overspending.
 

artmom

PF Fanatic
Feb 26, 2015
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Credit cards are tricky for some adults to use, alone. There are different types and it can get confusing if you don't fully understand the jargon that's in those pamphlets. I don't suggest dividend cards that have high interest, especially if you carry an over-balance. Banks are in the business of selling these cards as they are under pressure from their credit clients. They will suggest to you what they think will be best for you, despite admitting to them you're bad with money. (That's what I did and that's what they did to me and I got screwed in the end.) Make sure you really talk to him about the advantages and disadvantages. My dad told me that you only use what you can pay off that day. That's how you build good credit. But it can all come crashing down when your put in a hard place where you need some financial help. Some people turn to their credit cards and end up maxing them out, taking years to pay off only a couple thousand due to the high interest.
Ask yourself this, are you prepared to risk the event you'll start receiving multiple calls a day from the credit card company?
It is a risk, but if you're willing to put in the effort to help your son do the research and help him build credit and be responsible you'll be teaching him a very valuable life skill and help him on journey to be able to lease an apartment without the need for a cosigner and etc.
 

prasanth23

Junior Member
May 27, 2017
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Teenage boys may not be shrewd enough to hide the pin number from others. Therefore it is not advisable to hand over credit cards to them.