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prepaid cards

I have been told it is bad to give them to teens. They say they think of them like c.c. I think it is totally different from c.c. If they don't have the money in there then they can't use them to buy anything. When my son turns 13 I am getting him one and putting his allowance on it. To help him learn how to manange his money. Any thoughts?

 
Anonymous

Asked by Anonymous at 11:34 AM on Dec. 22, 2010 in Teens (13-17)

This question is closed.
Answers (6)
  • I think its smart on what you're doing. Prepaid isn't anything like a credit card becasue they can only use whats on the card. Doing it now will teach them how to manage money. Plus there is no worries for going over and other crappy fees. I never thought about doing this. It's smart.
    mommy_of_two388

    Answer by mommy_of_two388 at 11:35 AM on Dec. 22, 2010

  • It's harder to keep track of money when you don't have cash right in front of you. I agree it could be a good learning tool, but it would depend on the child for me. You're the best one to make that decision.
    DragonRiderMD

    Answer by DragonRiderMD at 11:35 AM on Dec. 22, 2010

  • Prepaid cards throw a lot of money away on fees. You can teach him the same money lessons by teaching him to handle CASH or a debit card tied to a savings account.
    geminilove

    Answer by geminilove at 11:36 AM on Dec. 22, 2010

  • There won't be any fees. My bank has a program for teens. It is just like a prepaid card though. They can only use what is on the card.
    Anonymous

    Comment by Anonymous (original poster) at 11:39 AM on Dec. 22, 2010

  • I like that idea. I know here in Missouri, there is even an option to receive your child support on a debit card. I know several families who gave control of those cards to the teenager once they trusted them enough. I think that's really good in teaching them the value of money.
    m-avi

    Answer by m-avi at 11:43 AM on Dec. 22, 2010

  • I LOVE IT! Great idea and great life learning program! GO FOR IT!
    4_28_bbboy

    Answer by 4_28_bbboy at 10:33 PM on Dec. 23, 2010

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