Teen Credit/Debit Card Accounts (1 Viewer)

[Mr. Ected]

Has anyone done anything with getting a credit/debit card for a teenager?

I have a 15 y.o. finishing his freshman year (and a rising freshman following!) and we are looking into something to get him for spending $$$. Not huge amounts of all of his money, but something to allow us to add allowances and presents and such. One of the issues leading us this way, is when you get several say $25 gift cards, you can't buy a $50 item. We'd like him to be able to buy something himself, but just not blow thru his $$$ to easily. (Not that I think he will, his little sister (5th grade) is a bigger issue with this!

Getting him his own plain old ordinary bank account with a card is not what we are looking for. We want something that is tied to a parent account so we still have major control. I like the idea of being more than just a reloadable gift card, so that if it is lost or damaged or something it is replaceable. (you know, teens! - as if that has never happened to an adult!)

I figure others have to have done this (or at least looked at it) so in typical FFA fashion, you can point me in the right direction!

TIA!!

 

[belljr]

If you set up an account at that age it will be tied to you guys anyway

One of the issues leading us this way, is when you get several say $25 gift cards, you can't buy a $50 item

Um what do you mean - you're allowed to use more than 1 card

 

[ChiefD]

Has anyone done anything with getting a credit/debit card for a teenager?

I have a 15 y.o. finishing his freshman year (and a rising freshman following!) and we are looking into something to get him for spending $$$. Not huge amounts of all of his money, but something to allow us to add allowances and presents and such. One of the issues leading us this way, is when you get several say $25 gift cards, you can't buy a $50 item. We'd like him to be able to buy something himself, but just not blow thru his $$$ to easily. (Not that I think he will, his little sister (5th grade) is a bigger issue with this!

Getting him his own plain old ordinary bank account with a card is not what we are looking for. We want something that is tied to a parent account so we still have major control. I like the idea of being more than just a reloadable gift card, so that if it is lost or damaged or something it is replaceable. (you know, teens! - as if that has never happened to an adult!)

I figure others have to have done this (or at least looked at it) so in typical FFA fashion, you can point me in the right direction!

TIA!!

Just set up a separate "spending money" account tied to a debit card. He'll only be able to spend what is in there, and you can dump allowance, gifts, etc in there that you don't put into the regular savings account.

 

[Mr. Ected]

If you set up an account at that age it will be tied to you guys anyway

One of the issues leading us this way, is when you get several say $25 gift cards, you can't buy a $50 item

Um what do you mean - you're allowed to use more than 1 card

A lot of times I have found that online it is hard to buy something with multiple cards.

 

[Bucks]

I highly recommend Famzoo.  We've been using it for three years.

As for bank gift cards, rebate cards, or reward cards received by anyone in the family I buy them for cash face value and then use them to buy myself Amazon gift cards, then immediately apply them to my account to leave a credit balance available for my next purchase.

 

[Courtjester]

I don't understand why you can't just set him up his own checking account? They have student ones for this purpose. Would also be a good way to educate him on depositing checks and other simple banking practices. 

This is what we did for our 17 year old. We have been with Wells Fargo for 25+ years and we set her up a checking account there. As long as she makes 5 transactions or has like 3 deposits, it is a free account--otherwise they charge her $5.00. She has a check card she uses for her purchases and we use Zelle to get her money when she needs it right away.

This summer she turns 19 and we want her to get a credit card through Wells. The student cards start out with a semi-low credit limit and have no yearly fees. Next college year she has several college trips planned (including one to Belize) so we want her to have access to emergency funds if she needed it. 

 

[Mr. Ected]

I don't understand why you can't just set him up his own checking account? They have student ones for this purpose. Would also be a good way to educate him on depositing checks and other simple banking practices. 

This is what we did for our 17 year old. We have been with Wells Fargo for 25+ years and we set her up a checking account there. As long as she makes 5 transactions or has like 3 deposits, it is a free account--otherwise they charge her $5.00. She has a check card she uses for her purchases and we use Zelle to get her money when she needs it right away.

This summer she turns 19 and we want her to get a credit card through Wells. The student cards start out with a semi-low credit limit and have no yearly fees. Next college year she has several college trips planned (including one to Belize) so we want her to have access to emergency funds if she needed it. 

Some of this is the difference between 17 and 15. Even tho it is only 2 years, in lots of cases it is huge. I would still like some control.

My bank (SunTrust) does offer a Student Checking Account, so I may look into this further.

 

[belljr]

Some of this is the difference between 17 and 15. Even tho it is only 2 years, in lots of cases it is huge. I would still like some control.

My bank (SunTrust) does offer a Student Checking Account, so I may look into this further.

I dont' know if all banks are the same but my son could not have full control of his account until he was 18 and we went into the bank to allow it

 

[Mr. Ected]

Some of this is the difference between 17 and 15. Even tho it is only 2 years, in lots of cases it is huge. I would still like some control.

My bank (SunTrust) does offer a Student Checking Account, so I may look into this further.

I dont' know if all banks are the same but my son could not have full control of his account until he was 18 and we went into the bank to allow it

Interesting.

 

[sbonomo]

If you set up an account at that age it will be tied to you guys anyway

One of the issues leading us this way, is when you get several say $25 gift cards, you can't buy a $50 item

Um what do you mean - you're allowed to use more than 1 card

Maybe dad needs some help here

 

[Long Ball Larry]

I highly recommend Famzoo.  We've been using it for three years.

As for bank gift cards, rebate cards, or reward cards received by anyone in the family I buy them for cash face value and then use them to buy myself Amazon gift cards, then immediately apply them to my account to leave a credit balance available for my next purchase.

second this.  Just got one for my 13-year old daughter for Christmas.  It works pretty well and they can see their balance using an app.  There are also other features for savings, IOUs, allowance, etc., though I haven't really gotten into them.

 

[dgreen]

My credit union has “campus checking” accounts that start at 14 years old. I started that for my daughter soon after was 14. It works well I direct deposit a small amount every paycheck that she can use how she wants. It’s also nice that I can easily transfer money to her account rather than having to get out cash or me buying something for he. She is usually paid in cash for babysitting and doesn’t deposit it. 

 

[Mr. Ected]

My credit union has “campus checking” accounts that start at 14 years old. I started that for my daughter soon after was 14. It works well I direct deposit a small amount every paycheck that she can use how she wants. It’s also nice that I can easily transfer money to her account rather than having to get out cash or me buying something for he. She is usually paid in cash for babysitting and doesn’t deposit it. 

This is what I am looking for. Is the account tied to yours, or is it separate?

Also, is it in the DC area? I'm in Leesburg.

 

[Mr. Ected]

If you set up an account at that age it will be tied to you guys anyway

One of the issues leading us this way, is when you get several say $25 gift cards, you can't buy a $50 item

Um what do you mean - you're allowed to use more than 1 card

Maybe dad needs some help here

I have had difficulty combining multiple cc onto one purchase. Maybe its me, but PPal won't let you.

Currently, each payment can only have one funding source (barring a portion of it coming from your active PayPal balance).  That means that a transaction has to be fully supported by a single card.

 

[dgreen]

This is what I am looking for. Is the account tied to yours, or is it separate?

Also, is it in the DC area? I'm in Leesburg.

Not sure if it’s “tied” to mine but I’m on the account too. My assumption is at some point I will just take my name off and it will only be her account. I’ve had similar savings accounts for all three kids that were opened soon after they were born  

It is with Navy Federal Credit Union which has a heavy presence in the DC area. 

 

[snore]

My credit union has “campus checking” accounts that start at 14 years old. I started that for my daughter soon after was 14. It works well I direct deposit a small amount every paycheck that she can use how she wants. It’s also nice that I can easily transfer money to her account rather than having to get out cash or me buying something for he. She is usually paid in cash for babysitting and doesn’t deposit it. 

We set up checking accounts for both kids through wells fargo when they were younger. I can see all of their transactions and deposit/transfer/withdraw money whenever. My college age kid still has this setup as its easy for me to get him money if need be as he goes to school out of state (quick transfer from one of my accounts to his).  I also get to see how often he goes to the bar and/or dispensary (lives in Colorado) however he has been getting smarter with this as I like to give him grief about his spending habits. 

It took less than an hour to set these up in person at the bank. 

Also set up weekly auto transfers for allowance so I didn’t get nagged for money. 

 

[Mr. Ected]

This is what I am looking for. Is the account tied to yours, or is it separate?

Also, is it in the DC area? I'm in Leesburg.

Not sure if it’s “tied” to mine but I’m on the account too. My assumption is at some point I will just take my name off and it will only be her account. I’ve had similar savings accounts for all three kids that were opened soon after they were born  

It is with Navy Federal Credit Union which has a heavy presence in the DC area. 

Waaaay back when I was in NROTC at GW, I had an account at NFCU. I let it lapse after I decided to leave NROTC. If I had been smart, I would have kept that account, it would have brought me access to so much. Credit Unions are very good.