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When should my child get a credit card?

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Using a credit card requires a great deal of responsibility. It’s important to have a conversation with your child to determine if he or she is ready for a credit card. Keep in mind that your child’s age isn’t as important a factor as her maturity level and willingness to learn.

Here are three key reasons why you might want to get a credit card for your son or daughter:

Establish a credit history: If your child is heading to college in the next few years, establishing a credit history later can help him immensely. For example, private student loan companies typically require a credit check, and having some credit history can help.

Teach kids about smart credit card use: Teach your children about responsible credit card use and they’ll be less likely to make mistakes. Talk to your child about the card’s annual percentage rate and how credit cards typically charge higher rates than other loans. Explain how it’s important to avoid charging more to the credit card than they can afford to pay off each month.

Setting ground rules: It’s wise to create some ground rules for your child’s new spending power. Having him pay the bill may encourage more responsibility than if you were to foot the bill each month. If you aren’t going to have your child pay off her credit card, agree on when it’s appropriate to use the card and when it isn’t. If you find that she’s breaching these boundaries, follow up and remind her of your agreement.

Learn more about which issuers allow you to get a credit card for a child under 18 at https://www.experian.com/blogs/ask-experian/when-should-my-child-get-a-credit-card.

Updated 5:06 pm, July 9, 2018
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