Myth: Make sure your teenager gets a credit card so he or she will learn to be responsible with money. Truth: Getting a credit card for your teenager is an excellent way to teach him or her to be financially irresponsible. That's why teens are now the number-one target of credit card companies. The credit card marketers have done such a thorough job that a credit card is seen as a rite of passage into adulthood. American teens view themselves as adults if they have a credit card, a cell phone and a driver's license.
This is why many parents of teens consider giving their child a credit card to use in case of emergency. But there are a lot of factors to consider. Take a look at the information below to decide if this move is right for your family. There are a lot of ways to share credit with others, but the Nerds recommend making your teen an authorized user on your credit card account and then giving him a card to carry.
In the long-running sitcom Happy Days , Ralph, Potsie, and Richie had their hands full dealing with school, friends, and social activities. Throwing each of them a credit card would've put a whole new slant on those happy high school years. Credit card issuers are reaching out to teenagers and their parents with youth-friendly credit card products.