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A baby with a credit card and savings account?

So I was hanging out with my BFF last night and she told me that her fiance's grandma opened her DD a bank account (savings) that she is putting money into for her (thats sweet to me), but also, that they got DD a credit card with a $500 limit on it so when she gets older and wants to go shopping she can spend her "own"money. My BFF said she didnt know how to feel about all that, she knows they are just really sweet and generous people, but she doesnt know if she likes the idea of the credit card (The grandparents are the ones who will be paying the bill, their idea). I told her I didnt know how I'd feel either...
So I bring it to Cafemom... What would you do?

Answer Question

Asked by Mme.Langley at 3:31 PM on Dec. 13, 2010 in General Parenting

Level 33 (59,456 Credits)
Answers (12)
  • I don't think you get the credit card until the baby is old enough to sign on it....that's ridiculous. I'm surprised a bank would allow such a thing.....

    Answer by ohwrite at 3:34 PM on Dec. 13, 2010

  • I think thats teaching a child that they get whatever they want without working for it.... I understand the savings account but not the CC, thats over the top. Giving kids an allowance (because they worked for it) and letting them spend their own money helps to teach responsibility, and giving them a CC doesn't. IMO


    Answer by bjojola at 3:35 PM on Dec. 13, 2010

  • How is the grandmother's health? It could very well be that she doesn't believe she's going to be around long enough to see the baby grow up and so she wants to give her something now for her to use then.

    Otherwise, I do not find it appropriate just for the simple reason that having a credit card that she can use to purchase whatever and never has to pay the bill isn't teaching her responsibility. I'd maybe take it, say "thank you," and use it in the future years to help purchase things like homecoming and prom dresses!

    Answer by AllAboutKeeley at 3:35 PM on Dec. 13, 2010

  • I would have to say that the credit card is inappropriate but the savings account would be fine. How in the world would you get a credit card for a baby anyway? I wouldn't even let them give her one at 16 or 17 personally.

    Answer by 405mom at 3:36 PM on Dec. 13, 2010

  • The savings account is fine but it is impossible for them to get a credit card for the baby.

    Answer by Joyzap2003 at 3:39 PM on Dec. 13, 2010

  • i think the bank account is a great idea but i hate the idea of a credit card. It's too easy for people to steal children's identities without adding a credit card to it.

    Answer by SolaraDarkset at 3:42 PM on Dec. 13, 2010

  • Good idea on the savings account, but credit card, yeah very bad idea. I'd cut it up.

    Answer by thatgirl70 at 3:48 PM on Dec. 13, 2010

  • The savings account is a great idea. The credit card is just ridiculous to me. JMO


    Answer by Shines3 at 3:50 PM on Dec. 13, 2010

  • I like the savings account idea. I'm hoping to talk DH into letting me open one for my DS to start saving his "allowance" in ~ our bank has a great children's savings program that I want to tap into instead of just sticking it in a piggy bank, I wanna earn some interest on it. My worry is that DH will think he's too young to benefit from it.

    I think the credit card is a bit much. I was given one when I was 16 for emergencies (I drove myself to school and school functions and my folks wanted me to have it) and to build my credit. If I used it for any unauthorized purchases (mom would occasionally ask me to stop for groceries on my way home) I was responsible for paying my parents back. I still have that card and still have the same $700 limit on it. My credit score is awesome because of it. When I started college the card was turned over to me completely (my parents were also on the card before that).

    Answer by terpmama at 3:54 PM on Dec. 13, 2010

  • Credit card has got to go!! As for the bank account I think that is great but there should be stipulations with it when they are older so they can't just pull all the money out and buy something stupid!!

    Answer by 2prettylittle1s at 3:55 PM on Dec. 13, 2010

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