In this fast pace century when everything is growing by leaps and bounds, how can we expect our teenagers to learn financial management by the age old methodology of lending pocket money? To help our teens master the art of financial management, credit cards come to the help of the anxious parents. Apart from adding the feeling of independence, it also instills the feeling of responsibility in the teens. So below we enlist the best credit cards that can help you please your teens as well as make them financially responsible:
- American Express card with Custom Limit: American Express introduces the credit card wherein the parents can set in the control limit on the spending (e.g. 200$ per month) after which the card would be declined for any further use. This limit is, however, parent controlled. They can increase or decrease the limit depending upon the needed expenses for the month. Another added safety feature with the card is that it comes with a separate account number so when the teenager loses the card, all one has to do is cancel the card rather than closing the entire account.
- American Express Pass Prepaid Card: American express understands the needs of the teenagers and their parents and hence provides another option where parents can preload the card at a set schedule or when the money runs out. Once the money runs out the card is declined and the teen is not even charged for an extra overdraft. Also when the teen loses the credit card the remaining amount is returned.
- Visa Buxx: Visa also offers the parents to let their teen experience the thrill of swiping the card at the payment counter. Here the parents preload the amount which the teens can use to spend. The transactions made can then be viewed by both parents as well as teens to understand their spending.
- MasterCard’s BillMyParent$: MasterCard’s BillMyParent$ is another option that the parents can seek for their teenagers. Here the parents can preload the card and the teens are allowed to spend the same. However, parents can choose to receive instant text whenever a purchase is made and can also freeze the card if any objectionable purchase trend is observed.
- Capital One Cash Card: The Capital One Cash card comes in very handy for the parents who prefer to keep their teens as a secondary card holder. This card comes with an added advantage of 0 percent Apr till 2013 and many cash back options that the parents are teens can enjoy together.
- Citi Dividend Platinum Card for College Students: This card is a very smart option for all the college students. With no co signups from parents required this card offers 0 percent APR for the first 7 months when the spending on the essential goods are done. Also it comes with a cash back option that the students can encash upon wisely.
Hence with the growing list of credit cards options available in the market for the teenager parents can now choose the one that would best suit their teen’s requirement.