Credit card for an 18 yr old?

[jerseygirl81]

DS18 started college this week, he is staying home and commuting about an hour. He will need to make purchases on a pretty regular basis (gas, food). Right now he has DH's visa. I thought about getting him his own card on our account, but a few weeks ago he lost his wallet with his license, he had his ss# on a piece of paper and a couple of gift cards. That made me nervous enough to think he's not ready for his own card yet. I was thinking about getting him a reloadable card and was wondering which would be better. I don't want to have to pay fees everytime I reload the card and I want it to be convenient where I can reload it online or on the phone from my bank acct. His summer job just ended and he is looking for another job when he gets one we have his own bank acct. to draw money from as well, he will probably have a debit card with that. TIA, Linda

 

[firstcruise]

How about opening a new credit card with a $500 or $1000 limit and add him as an authorized user. That way the limit is small in case he loses it and it give you the ability to make payments online and view the activity. Your local credit union should be able to help you out. I think I'd go with that versus a pre-paid one. I got one for my niece/nephew when traveling overseas and it was a waste of money paying the fee to add more cash to it.

Now they have a debit card and I make a deposit to their account when they travel. So much better and no fees.

 

[JoiseyMom]

WHen our older 2 DS's started college they were 17 ( their bdays are at the end of the year) and we got them capital one credit cards. They were made for students, they had low limits and we were co-signers and ultimately responsible if they didn't pay. Our DS's were taught the proper usage of them and had them for years, the limits rose, and then they got cards on their own and dropped the first one. We also got them bank accounts in the towns they went to college in. They are now adults and know how to bank and handle credit.

FYI, no one should ever carry their SS card on them. I only have mine if I am getting a job, and they need a copy of it.

 

[bellarella]

Losing a credit card isn't that big of a deal. Just make sure that he has a copy of all his important cards stored somewhere safe so he can cancel them if they get lost or stolen.

I would have him open a card in his own name. You can offer to help him manage his finances, but I think at this point it should be his responsibility.

I still have the card I opened when I turned 18. It started out with a $500 limit, I think. When it hit $30,000 + (they kept raising it), I finally told them to stop. Having kept that card so long is one of the reasons my credit score is as high as it is and why I've been able secure prime loans for mortgages, etc.

Getting your son in the habit of being responsible for his own credit now will put him on an excellent path for the future.

 

[punkin]

I have my 18 yo as an authorized on my credit card. It works for us.

 

[furb & dez]

Just tell them to go to their bank and get a secured card. It's not difficult, and in a year or so, the bank may change it to an unsecured card.

This helps them establish credit on their own!

 

[elgerber]

My son is 18 and just got his own credit card, it's a Citi Student card. There is no co-signer and no annual fee. He earns points for purchases. He knows not to carry a balance, and quite frankly, probably won't hardly ever use it. He bought textbooks because they offered a $75 statement credit for a book purchase.
Silly part though, he put on the app he makes $6000 a year and they gave him a $5000 credit limit!

 

[Soulsearching]

Losing a credit card isn't that big of a deal. Just make sure that he has a copy of all his important cards stored somewhere safe so he can cancel them if they get lost or stolen.

I would have him open a card in his own name. You can offer to help him manage his finances, but I think at this point it should be his responsibility.

I still have the card I opened when I turned 18. It started out with a $500 limit, I think. When it hit $30,000 + (they kept raising it), I finally told them to stop. Having kept that card so long is one of the reasons my credit score is as high as it is and why I've been able secure prime loans for mortgages, etc.

Getting your son in the habit of being responsible for his own credit now will put him on an excellent path for the future.

I agree with this whole heartedly!

We all lose things, some more then others and we learn responsibility for our actions from it. Making all our own phone calls to correct the situation is a good start which is a great lesson to learn.

At 18 he should have his own credit card, check book, savings account and you should teach him how finances work. Debit Cards are no no in my book, but thats just me.


There is so much that cannot be taught from a text book, one of them is responsibility, you actually have to live it and learn from it.