A mom is talking to her child abut credit cards

When Should You Give Your Child a Credit Card?

Milad Hassibi June 26, 2018


Most credit card companies require that applicants be 18 years of age and older. However, credit card issuers have made it much easier for children under the age of 18 to become an authorized user on a parents credit card.

The age to give your child their own credit card varies from case to case. Ideally, you want to be certain your child understands the concept of credit and that the money must be repaid.

If you are debating about getting your child their own credit card, here are some top reasons why you should.

Give Them Credit

Any form of credit and borrowing is reported to the 3 credit bureaus. As your child begins turningA kid is jumping in the background with a purple wall and credit card into an adult, their credit will become an important factor in their life.

It can be hard to get a car or rent an apartment with less than ideal credit.

Many private student loan providers also require a credit check on the student and the parents cosigning for the student.

Having strong credit can help increase your chances of getting approved at a more affordable rate.

Teach Your Kids

Once your child turns 18, they are free to apply to any and all forms of credit they would like. Credit can be extremely dangerous if your child does not have the proper financial education.

Children that are taught about credit at an early age are much less likely to make expensive mistakes.

Get a Car Loan with Any Credit Along with a Happy Couple and a New Black SUV next to them

Emergency Use

It is always good to have some form of money on you in case of an emergency. If your child is stranded in a small town with no cash, having a credit card can make all the difference.

Although most children will never be in an emergency situation needing a credit card, its worth the peace of mind.

Final Note

Adding your child as an authorized user on your credit card is a great way to give them the head start they need in our credit-based world. The earlier you can add your child as an authorized user on your credit account, the sooner they will start building their credit. Take a moment to call your credit card company today to add your child and give them the credit boost they need.



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