Does your child have a credit/debit card?

[rudeguy]

Just wondering how ATOT handles this.

lil rudeguy is 16. He needs to buy stuff and likes to play video games, so I gave him a Chase Liquid prepaid card. I transfer money from checking to his card instantly, so he can buy whatever it is he buys.

Do your kids have a credit card? Debit card tied to your account?

How does ATOT do this?

 

[SheHateMe]

lol privilege.

Damn, must be nice.

When I was growing up, we had something called allowance..which we had to earn from doing our chores.

 

[rudeguy]

lol privilege.

Damn, must be nice.

When I was growing up, we had something called allowance..which we had to earn from doing our chores.

his allowance is what I put on there

if he messes up with school or doesn't do his chores, he gets nothing. If he does extra, he gets extra. He knows that nothing is free.

 

[IronWing]

My credit card wanted to have a child but the debit card didn't show much interest.

 

[Exophase]

I don't have kids but I don't see why putting funds on a debit card wouldn't make more sense than handing them cash for an allowance.

A credit card, on the other hand, sounds like a hilariously bad idea.

 

[DaTT]

Not yet, she's only 4. A pre paid would be a nice idea though what with online shopping and the like.

 

[nageov3t]

I got my first credit card when I was 16, when I got my first job... my parents cosigned, but it only had like a $300 limit (this was in the late 90's... I don't remember prepaid cards being a thing back then)

I commuted to high school in the city, and my parents felt better with me carrying a card to pay for things like school books and clothes rather than carrying cash around. my parents also couldn't be bothered to fish out their own cards any time I wanted to buy a book or CD on Amazon.

I maxed it out once, but just because I didn't understand how they worked -- I was on vacation and not really keeping track of my expenses. I assumed that once you reached your limit, transactions would get declined. so I figured that as long as my charges were getting processed, I must be under the limit. I think I had racked up like a $450-$500 bill by the end of it (which wasn't the end of the world, and my dad got them to drop the over charge fees)

 

[PliotronX]

Good question, with my first kid due February I've given this thought especially after finding out how difficult it was to build credit as an adult without any prior credit history. I've read kids can start building credit with a card administered by their parents account which piqued my interest. I will definitely help my kids build credit. I don't think prepaid cards build credit history though. I will also teach them how to balance a checkbook as my mom taught me.

 

[highland145]

lol privilege.

Damn, must be nice.

When I was growing up, we had something called allowance..which we had to earn from doing our chores.

Judging from Rude's past postings why would you think he's just giving his kid $$?

 

[PliotronX]

I don't have kids but I don't see why putting funds on a debit card wouldn't make more sense than handing them cash for an allowance.

A credit card, on the other hand, sounds like a hilariously bad idea.

No, when they've demonstrated the ability to handle money, they need to build credit ASAP. The sooner they can build credit the sooner they can GTFO.

 

[rudeguy]

Judging from Rude's past postings why would you think he's just giving his kid $$?

cause he's a troll

Here's a very common occurrence in my house:

Dad!! There is a new video game/mod/something on STEAM!

ok?

Is there anything I can do for $xx.xx?

Kitty litter needs to be cleaned out, your room picked up and the carpet needs a good vacuuming.

....an hour later

Can you come check it out and see if its good enough?

Looks great!

(zap money via my phone from my account to his)

 

[DaTT]

I got my first credit card when I was 16, when I got my first job... my parents cosigned, but it only had like a $300 limit (this was in the late 90's... I don't remember prepaid cards being a thing back then)

I commuted to high school in the city, and my parents felt better with me carrying a card to pay for things like school books and clothes rather than carrying cash around. my parents also couldn't be bothered to fish out their own cards any time I wanted to buy a book or CD on Amazon.

I maxed it out once, but just because I didn't understand how they worked -- I was on vacation and not really keeping track of my expenses. I assumed that once you reached your limit, transactions would get declined. so I figured that as long as my charges were getting processed, I must be under the limit. I think I had racked up like a $450-$500 bill by the end of it (which wasn't the end of the world, and my dad got them to drop the over charge fees)

I got my first credit card young as well. No co-signer required. I immediately went to the car audio store. I was terrible back then, bad credit bad a banging system. All is good now.

 

[HardcoreRobot]

no, but he is only two. once he starts to understand the value of money, he will be opening his own checking/savings accounts, which will likely include a debit card.

 

[highland145]

cause he's a troll

Here's a very common occurrence in my house:

Dad!! There is a new video game/mod/something on STEAM!

ok?

Is there anything I can do for $xx.xx?

Kitty litter needs to be cleaned out, your room picked up and the carpet needs a good vacuuming.

....an hour later

Can you come check it out and see if its good enough?

Looks great!

(zap money via my phone from my account to his)

My apologies SHM.:$ Rude Sr in a pushover.

 

[Cappuccino]

I had my first credit card when I started Uni, I was 18.

 

[Red Storm]

When I was 17 my parents opened up a student checking account with me. Didn't get any allowance from them though lol, I had to put my own money in there. I didn't get my first credit card until I was around 21, did that on my own.

I imagine I'll do the same with my kids.

 

[SheHateMe]

Judging from Rude's past postings why would you think he's just giving his kid $$?

He asked how ATOT feels about giving kids credit cards.

I could care less about what RudeGuy does with his kids.

 

[lxskllr]

I think had credit cards when I was 16 or 17. My daughter hasn't mentioned it, and I'd discourage her from getting one, or at least from using it for everything. Cash is king, and it's harder to track. Of course she's a facebook tard, so I'm not sure how much the finer points of purchase tracking matter :^/

 

[KidNiki1]

He asked how ATOT feels about giving kids credit cards.

I could care less about what RudeGuy does with his kids.

how much less?


OP, as long as he has earned the money you put on there, it seems like a fine idea to me. my kids are too young for that, but when they get to that age, i think its probably a good way to help enforce money management.

 

[SheHateMe]

how much less?


as long as he has earned the money you put on there, it seems like a fine idea to me.

There is nothing wrong with giving your kids money. My mom gave us allowance too. But, it was cash in hand or she would buy specialty items herself.

I don't see the value in giving a kid a credit card unless you opened up an account for them to make and deposit their own cash to teach them money management.

 

[Rakehellion]

I got a Visa Buxx prepaid card when I was 15. I once used it to buy porn online, the purchase was flagged, and my parents were notified.


After that, I got the PayPal debit card.

 

[highland145]

He asked how ATOT feels about giving kids credit cards.

I could care less about what RudeGuy does with his kids.

You post implies that lil rude is privledged and doesn't have to work for his allowance like you did. Simple as that.

And if you'll read my next post, it appears you are right.



Hey, Rude, tell us about your other rug rats.

 

[KeithTalent]

Nope.

KT

 

[SheHateMe]

You post implies that lil rude is privledged and doesn't have to work for his allowance like you did. Simple as that.

Nah, I wasn't trying to talk about his kids. lol I was just saying "privileged" cause kids have it so good these days.

You know how many times I begged my mom for an iPod and she said, "what's wrong with the walkman"?

I wanted to die all the kids at school had one. I looked dumb with a big CD player and a case full of music.

And then the Motorola Razr came out...I was still using a shitty old Nokia.

To this day..I have never had an iPod lol I got my first "smart phone" in 2009.

 

[7window]

Nah, I wasn't trying to talk about his kids. lol I was just saying "privileged" cause kids have it so good these days.

You know how many times I begged my mom for an iPod and she said, "what's wrong with the walkman"?

I wanted to die all the kids at school had one. I looked dumb with a big CD player and a case full of music.

And then the Motorola Razr came out...I was still using a shitty old Nokia.

To this day..I have never had an iPod lol I got my first "smart phone" in 2009.

You think thats bad . I was playing with a walman casette when a friend of my son ask me what that was?