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Can you give a child a credit card that is linked to your account (if you're an adult)? If so,... |
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Date:
May 27, 2008, 5:22 pm |
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Can you give a child a credit card that is linked to your account (if you're an adult)? If so, can you have the bank put a limit on their cards? Please tell me ALL you know about this because I am a child and for my fourteenth b-day I want to ask my dad for a credit card...I need to be able th present the facts and state my case. Thank you kindly for yout time! |
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Answer:
Some of the best credit card companies, among them American Express, MasterCard and Visa, will offer you an opportunity to manage a credit card even if you are under age. In this happens, you are referred to as an "authorized user". You do not sign up for the card and you are not held responsible for whatever debt is accumulated on the card. Your farther puts you as an authorized user of his account and pays all credit card bills each month. If your dad wants to take measures against overspending on his credit card, he may be allowed to set a limit on it. In fact, the ability to put a limit on the credit available depends on a particular card issuer, so you farther needs to find out if his bank offers such service. Earlier, an authorized user could build his/her own credit history with the help of a parent's credit card. But today card companies and credit bureaus are departing from this practice and your only benefit is credit card's paying power and perks. |
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