daijobu Posted June 16, 2016 Share Posted June 16, 2016 What are some good options for some type of payment card (credit card, debit card? some type of prepaid card?) for a high school student who is spending the summer away from home and doesn't want to carry a bunch of cash? Thank you! Quote Link to comment Share on other sites More sharing options...
Luckymama Posted June 16, 2016 Share Posted June 16, 2016 She has a debit card from her own student account at our bank. Because it is a student account, it is linked to our account. We can transfer money immediately online. 2 Quote Link to comment Share on other sites More sharing options...
Pawz4me Posted June 16, 2016 Share Posted June 16, 2016 Our boys have debit cards linked to their checking accounts and they are authorized users on one of our credit cards. 2 Quote Link to comment Share on other sites More sharing options...
Kassia Posted June 16, 2016 Share Posted June 16, 2016 Our kids are also authorized users on one of our credit cards. 4 Quote Link to comment Share on other sites More sharing options...
Bootsie Posted June 16, 2016 Share Posted June 16, 2016 Will the card be mainly for making purchases? Or will it be used as a means of gaining access to cash? Will it be primarily to be used in case of an emergency? Or will it be used frequently? 1 Quote Link to comment Share on other sites More sharing options...
daijobu Posted June 16, 2016 Author Share Posted June 16, 2016 Will the card be mainly for making purchases? Or will it be used as a means of gaining access to cash? Will it be primarily to be used in case of an emergency? Or will it be used frequently? Good questions. It would be nice for her to have access to cash, but I was initially thinking of in case of emergency. I need to sort this out. Quote Link to comment Share on other sites More sharing options...
wintermom Posted June 16, 2016 Share Posted June 16, 2016 Is the student staying within your home country? Our Canadian debit cards don't work in the US. Credit cards are ok. If the student is in Europe, they have other banking options there that we don't have in North America. 2 Quote Link to comment Share on other sites More sharing options...
Guest Posted June 16, 2016 Share Posted June 16, 2016 If it's a responsible kid I would suggest both a debit and credit card in their name, through a credit union if possible. You can help them build their credit this way. I personally don't use debit cards for anything but ATMs because of all of the theft. If a credit card number gets stolen it's a much smaller hassle. I would encourage them to leave the debit card at their residence if there is a safe place to do so and always carry the credit card AND some cash. Everyone should always have some cash on hand, or hidden in a wallet in case of emergency. Then teach them to track the credit card spending the same way they would a check purchase, so they are in control of their spending. Just my two cents using the way my parents dealt with me and I have been eternally grateful for the handle they gave me on money. Quote Link to comment Share on other sites More sharing options...
Brad S Posted June 17, 2016 Share Posted June 17, 2016 What Texasmom33 said is exactly what I did with my older DS, and it worked great for us. DS learned to handle money well, in part by doing it (and us talking about it). I needed to be a joint account holder since he was under 18 -- I'm not sure what the rules are now. I think it did help his credit as well. 1 Quote Link to comment Share on other sites More sharing options...
Pawz4me Posted June 17, 2016 Share Posted June 17, 2016 (edited) From what we've been told at our credit union (and what I've heard on Clark Howard's program) unless someone under 21 has a significant job history and consistent earnings it's very difficult to get their own credit card nowadays. After 21 is a different story. Our boys being authorized users on our credit card has established very good credit scores for them--last time we checked oldest DS's was in the upper 700's. Right around 780 IIRC. How institutions view a credit score achieved by being an authorized user on another person's account supposedly varies, with some giving it a lot more weight than others. Edited June 17, 2016 by Pawz4me 3 Quote Link to comment Share on other sites More sharing options...
J-rap Posted June 17, 2016 Share Posted June 17, 2016 We gave our children a card linked to our own account once they were old enough to drive and buy gas. I could then send them to the grocery store for me :), plus they had a card for emergencies if they were on a trip without us. One thing that I've really appreciated is that our Capitol One account actually assigns each of our children's cards their own unique numbers, even though all the cards are part of the same account. What that means is that if one of the cards is lost, we don't have to cut up and throw everyone's cards away. (And believe me, with 7 people on the same account, that is a real plus!) Also, when I go online to view charges, I can see them by person/number. 2 Quote Link to comment Share on other sites More sharing options...
Mom22ns Posted June 17, 2016 Share Posted June 17, 2016 Our kids are also authorized users on one of our credit cards. This is what we did. They each have a card tied to our account. Of course, you have to trust your kids to spend only what you consider allowable. They've bought some books for college classes, gas occasionally, and other things when I say, "Oh you need X. Go ahead and buy it and put it on my card." Sometimes it's clothes, a doctor co-pay, or who knows. The other day I asked dd to run by the store for me (it was significantly out of her way) when she was out with a friend. The friend was driving and I told them they could stop for ice cream on me in payment. When they got checking accounts, they also got their own debit card so they could make purchases with their own money too. Neither of my kids likes to spend my money and prefers to spend their own, so having both cards has been really good. 2 Quote Link to comment Share on other sites More sharing options...
Rebel Yell Posted June 18, 2016 Share Posted June 18, 2016 She has a debit card from her own student account at our bank. Because it is a student account, it is linked to our account. We can transfer money immediately online. This. Just be aware of any daily ATM withdrawal or purchase limits. They may be different when using as a debit card vs. visa. 1 Quote Link to comment Share on other sites More sharing options...
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