Dont Let Teen Break The Bank This Summer
Many teenagers do not have credit cards. When they want to use one, they borrow one from their mother or father. Every summer teenagers can and do go on spending sprees without observing any limits, leaving the parents stuck with the bill at the end of the month. Prepaid credit cards could provide a solution to this problem.
Prepaid credit cards for teenagers are available from any financial institution as long as the parents sign up for it. The parents would have to give their and the teenager's name, address and date of birth. In addition, they would have to supply the Social Security number of the teenager. As this will be a prepaid credit, there is no need for a credit check, but a verification process will be necessary for which the parents will have to submit a copy of their driver's license.
There are many advantages to giving your teenager a prepaid credit card. Once you realize how beneficial they are, you will become a strong advocate for prepaid credit cards for teenagers. For one, teenagers are made responsible for their finances. Once they realize that they are working with fixed amount of money, they start changing their spending habits. With this type of credit card, a teenager is not at liberty to spend as much money as he or she wants in one go. Instead, they are forced to follow a budget and this helps them to become financially responsible. Another great benefit is that parents can keep tabs on what their teenagers are spending money on. They can check the transaction records every month without having to worry about paying for the credit card.
Prepaid credit cards are excellent tools for teaching teenagers the way to manage their money. In addition, the majority of prepaid credit cards come with theft protection. So, in case the card is stolen or lost and then misused, neither the parents nor the teenager will be responsible for the purchases made using the card. This is a safety measure that most parents will definitely welcome. Also, in case of loss or theft, prepaid credit cards are easy to replace. What gets lost is the card itself and nothing else. So, a teenager, even one who is careless, can carry a prepaid credit card instead of cash and not worry about what might happen should it be misplaced or stolen.
By allowing their teenagers to use prepaid credit cards, parents are not looking at monthly bills and interest payments. This can be a huge financial burden off their shoulders. For a parent, this is often the biggest benefit. However, we should not neglect the benefits that teenagers get from using this type of a credit card.
Imagine a situation where your teenager is stuck in a place without any cash in hand or any means to contact you? It is an scary thought for any parent. However, with prepaid credit cards, this situation need not arise. A teenager can access cash through any ATM using the card in case he or she is in urgent need of money. Also, loading the card is very easy. You can put the card on automatic loading schedule so that every month on a fixed date a certain amount is loaded onto the card. You can also load the card online or physically go the financial institution that issued the card and pay the money to load it onto the card. Even friends and family members can be authorized to load the card. This comes especially handy when people want to give the teenagers cash gifts for special occasions or birthdays. Some credit cards can be loaded from financial institutions other than the issuing one for a small amount or fee. However, make sure that you check all the terms and conditions carefully to get an idea about the fees that you may have to foot for loading the card from a different financial institution.
The fact is a prepaid credit card works just like a traditional credit card without the hassles of paying interest and getting unexpected bills at the end of the month. This way neither the parents nor the teenager can fall into a debt trap.
The cards that are especially designed for teenagers ensure that certain shopping sectors are out of limit. So, teenagers cannot use the card to buy anything and everything. This will give parents some peace of mind.
So, it can be said without a doubt that prepaid credit cards are the solution for teenagers this summer and parents can find the win that is right for their family.
by: Louis Fabiano Stylish Kids Soccer Shoes That Will Boost Your Players Confidence Venturing Out Along With A Toddler? You Require A Childrens Air Bed! Being A Teen In 2010 Sucks - Where Are The Job Opportunities For Teens? Changing Your Child's Life Through Reading How To Take A Florida Holiday With Young Children Disney Guide For Kids Child Surprise Tips For The Next (Or Third) Child Moving - How To Prepare Your Kids For The Big Day Buy Your Child A Beautiful and Distinctive Watch For Christmas Queen of Hearts Halloween Costume For Adults, Teens, And Kids Why Should I Choose Martial Arts For My Child? Beauty Tip For Teen Skin Care For Teens