But Justin Bieber Has a Credit Card! - Other News

Advertising Disclosure

Credit-Land.com is an independent, advertising-supported web site. Credit-Land.com receives compensation from many credit card issuers whose offers appear on our site. Compensation from our advertising partners impacts how and where their products appear on our site, including, for example, the order in which they may appear within review lists. Credit-Land.com has not reviewed all available credit card offers in the marketplace.

Credit Card Applications » News » Other » But Justin Bieber Has a Credit Card!

But Justin Bieber Has a Credit Card!

Add to Favorites:
But Justin Bieber Has a Credit Card!

“Over my dead body” are the words that come to some parents’ minds when their teenager asks for a credit card. I do not have any children yet, but aren’t credit cards for adults? Next thing you know, a 7-year-old will be allowed to drive a car.

Justin Bieber has a credit card but the popular teenage singer has about $100 million to his name, right now. His mother is strict about what he is allowed to spend from month to month. Perhaps some parents question her sanity in giving the nearly 17-year-old a credit card. Why not do it the old-fashioned way and give him cash?

The words “interest rates” mean very little to teens. After understanding interest rates on my college loans in my early twenties, I wondered why there was not a finance class in high school. A survey in the mid-2000s found that almost half of teens knew how to use a credit card. However, only about a quarter of teens grasp the concept of interest rates.

Many people have heard about the irresponsible college student who was not ready to tote a credit card. Parents are beginning to wonder what the best approach is to teaching their children about responsible credit card use. Maybe giving them a credit card now while the parents can regulate it is the best answer. Giving a teenager limits and clear guidelines are essential to making the idea work. They may have to find a job. They may also lose the card, if they spend more than allowed. If the parents are good role models of this, the teenagers will be gaining valuable life skills while they imitate the famous Justin Bieber.

Doing it the old-fashioned way also does not help the teen to start building a credit history. In college, I know I could have used that boost to get started as a new adult in the world. Having insufficient credit history can be the same as have a bad credit history. For those who do not know the pain of this, I can tell you that a report revealing insufficient credit history is a rude awakening. Personally, when I was 19 or 20, I thought paying everything on time was all I needed to receive good points.

It sounds like Momma Bieber might be ahead of the game on this one. She’s not insane; she wants to teach her son responsibility. Bieber even told an interviewer that once he has spent his allowance, he has to wait for the next one to spend more money. His mother wants what is best for her son just like every other mother.

All credit cards terms, fees and rates mentioned in this article/post are actual on the posting date. See the current products’ Terms & Conditions on the issuing banks' websites.
Add to Favorites:

Related News:

Gen Z and Millennials Spending More This Holiday Season

Posted: November 23, 2017

Holiday shopping is in full swing, and while spending trends are on target to be on par with last year across the generations, Gen Z and Millennials are feeling more festive, and are on point to spend more this season whether that's on ... Continue reading
Hackers Are Not Dimming Holiday Cheer

Posted: November 22, 2017

Holiday shopping season can be a big draw for criminals, in both stores and online, and while consumers are worried, it's not going to get in their way this season, according to a new study by Discover. They found that 73% of people will ... Continue reading
Small Business Saturday Resonates With Consumers

Posted: November 21, 2017

If you know that November 25 is Small Business Saturday you are in good company because 61% of consumers know it is taking place too, according to the 2017 Small Business Saturday Consumer Insights Survey. Continue reading
Get the latest news, articles and expert advice delivered to your inbox. It's FREE.
We'll match all the Miles you've earned at the end of your first year. For example, if you earn 30,000 Miles, you get 60,000 Miles.
For Excellent, Good Credit
INTRO OFFER: Discover will match ALL the cash back earned at the end of your first year, automatically.
For Excellent, Good Credit
Our application is quick and easy with instant pre-qualification available
For Fair / Good Credit