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Read the full methodologyIt’s a common question on both parents’ and teenagers’ minds: how young is too young to get a credit card? Legally, no one can open a credit card unless they’re at least 18 years old. In the past, it was possible to add an under-18 as an additional cardholder in certain cases, but that’s no longer an option.
If your teenager wants to enjoy the flexibility of a card, there are several options available, including prepaid cards or debit cards. Here’s how to teach your teen solid financial habits to get them off to a good start.
Although your teenager is unable to have a credit card, they could benefit from a prepaid card or debit card which could help them learn about budgeting and responsible spending.
The benefit of allowing your child to use a prepaid or debit card instead of cash is better protection if they are a victim of crime. For example, if your child’s prepaid or debit card is lost or stolen, you could lock or cancel the card to protect their money.
Teach your teenager good financial habits as early as possible. When you’re confident your child has the skills to manage their money, they’ll be ready to graduate to a credit card when they turn 18, should they wish to have one and if they’re accepted.
Like a credit card, a prepaid card can give your teen the freedom and flexibility to spend online and in stores.
You and they can also see the spending in real time via app alerts or text messages so it’s easy for parents and their children alike to monitor and control the spending in the UK and abroad. Parents can block their teenagers from spending in blacklisted places, such as pubs, gambling sites, off-licences or casinos.
While a few prepaid cards are free, many come with a monthly fee or an upfront one-off fee. Your child could also be charged an ATM fee for withdrawing cash from the card. Learn more and comapre prepaid cards for kids here.
Debit cards are available to children aged 11-17 from most UK banks and building societies. Some accounts have the option of a cash card, which means money can only be withdrawn via a cashpoint. If your child has a Visa, Mastercard or Maestro debit card linked to their bank or building society account, they can use it in shops and online.
Parents will find they have less control as most bank or building society accounts are opened directly by the child or teenager in their own name. Parents won’t be able to monitor their children’s spending on a debit card meaning it could be a better option for older children.
There’s no danger of your child becoming overdrawn as no bank or building society offers an overdraft facility to under-18s. Accounts for children or teenagers are exempt from fees, although you may see 0% or incredibly low interest rates.
When your child become a legal adult, they could have a number of credit card options available to them. However, as they are starting out with a zero or low credit score, their borrowing options will be limited.
It’s a great idea for them to get visibility of their credit record (which doesn’t need to involve any fee), so they can get a sense of how banks see them.
While you still have them under your wing, teach your teenager how to avoid trouble with a credit card. Here are a few common pitfalls they should know about.
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