Prepaid Credit Cards for Children
Prepaid credit cards for children are increasing in popularity.
There’s been more and more hype about prepaid credit cards for children, but should you really consider handing your child a credit card, even if it’s prepaid? Or is that just asking for trouble?
Prepaid Credit Cards for Children Have Their Benefits
There’s definitely something to be said about giving a child a prepaid credit card. Rather than handing them cash you can give them a prepaid credit card that can help them track their spending. When the credit card is running low on funds, you can usually refill them from the PC or a phone. Not to mention it’s definitely safer than giving them a regular credit card since there’s no chance of them running up an astronomical balance without your knowledge.
Buyer Beware
Just note, if you do decide to look into prepaid credit cards for children, make sure you choose one that doesn’t have any hidden fees. Many prepaid credit cards charge fees for shipping, for unused balances after 6 months, etc. Look into prepaid credit cards like Discover Card’s prepaid credit card. They only implement a fee if the credit card goes unused for 12 consecutive months.
Check out this site for a list of prepaid credit cards.
Here is Discover’s website for their prepaid credit cards.