RSS FeedIs Your Teenager Ready for a Pre-Paid Credit Card
When you think about credit cards and teenagers, most likely your heart starts to beat a bit faster just from the very idea of putting these two together. Teenagers have all kinds of things to spend money on. They all need things such as music CDs, clothes, shoes, DVDs, video games, and junk food. It’s scary to think of just how much trouble a teenager with a credit card could get into. You might be relieved to know that there are actually prepaid credit cards made just for teenagers.
Should you decide to get a credit like this for your teenager, it is good to keep in mind that this might actually be a good thing to do. Having the responsibility of a credit card can teach a lot about how to manage money. A regular credit card would be too tempting for most teenagers to handle, but a pre-paid credit card can be a very positive experience.
There are several programs that offer these pre-paid credit cards to teenagers. The best way to make an informed decision is by gathering information on each program. Then you can select the one you feel works best for you and your teenager.
One such program is offered by First Bank & Trust of Brookings, SD. Teenagers and high school students are eligible for their Allow Prepaid Mastercard. The activation fee is $19.95 along with a reload fee of $2.50 per $100, and a $3.50 monthly maintenance fee. There is a parental control option to monitor your teenager’s spending.
For teenagers 13 years and older, there is the US Bank Visa Buxx Card. Designed with teenagers in mind, this is a prepaid credit card that requires an enrollment fee of $10 to $15 and a $2.50 reload fee. While there is not a monthly maintenance fee, there is a $2 fee for any inactive account which will be applied monthly if necessary.
These are just examples of prepaid credit cards that are available for teenagers. If you decide to get one for your teen, you will want to explore more options. Checking with your own bank may be the simplest route to take. They may have something to offer your teenager in the way of a pre-paid credit card. Whatever card you decide to get for your teenager, make sure you utilize the parental monitoring of their spending. Your teenager will not learn the best money management skills if they are going on spending sprees.