The words credit cards and teenagers used in the same sentence is enough to strike terror in the hearts of most parents, and with good reason. Teenagers like to spend money. There is no way around it. There are clothes, music, movies, shoes, games, junk food and an assortment of other things to buy when you are a teenager. A credit card would surely get them into trouble in no time. However, there is such a thing as prepaid credit cards for teenagers. This could be the answer for both you and your teenagers.
Getting a credit card of this kind for your teenager can set him on the path of learning how to manage money responsibly and gaining some positive money managing skills. So while a regular credit card would most likely be too much temptation to handle, prepaid credit cards for teenagers can actually be a good idea.
If you are thinking of this as an option for your teenager, there are several different programs to investigate. You will want to explore just what choices there are available for prepaid credit cards for teenagers, and then select the one that suits you and your teenager best.
First Bank & Trust of Brookings, SD offers the Allow Prepaid Mastercard. This is a prepaid credit card for high school students and teenagers. It also comes with parental control to help monitor your teen’s spending. There is an activation fee of $19.95 as well as a reload fee of $2.50 per $100. The monthly maintenance fee is $3.50.
The US Bank Visa Buxx Card is especially made for teenagers 13 years and older. For this prepaid credit card for teenagers, there is an enrollment fee of $10 – $15 dollars and a reload fee of free to $2.50. There is not actually a monthly maintenance fee for this card. However, this is a $2 fee for an inactive account that is applied monthly if needed.
The above are examples of what is available in the form of prepaid credit cards for teenagers. Of course you will want to do your own research and possibly check with your bank to see if they have any sort of plan available for your teenager. If you have an active checking account with a financial institution, you may find a better deal in securing a prepaid credit card for your teenager. Whatever card you choose, be sure that you make full use of the parental monitoring of spending option. This is about learning to manage money and spending sprees will not help in this pursuit.