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Visa for Teens
Introducing Your Teen to Credit
Introducing your teen to credit before they leave home is a great way to help them prevent financial pitfalls in adulthood. Here are some of things that you can do right now to help your teen understand the importance and power of a credit card.
Having and using a line of credit responsibly will help to build your teen’s credit score in the future. This score can play a role in determining whether or not they'll be able to secure loans, jobs, apartments, and more. Sit down and explain credit scores with your teen as well as the factors that help it go up and down. This is an opportunity for them to practice good habits that can benefit them once they have a credit profile of their own, as well as to learn from their mistakes. Under normal circumstances, credit will not begin reporting under your child’s name until they turn 18.
Unlike a debit card, using a credit card can mean spending money that you may not necessarily have. Teach your teen about staying under 30% of their credit limit (this will help keep their score high) and not buying anything that they don't have a plan for paying off.
What will the card be used for? Is it for emergencies only? Maybe it's for school expenses. Whatever it may be, sit down with your teen and let them know what your expectations are for the card, especially if they're an authorized user on your account.
Cyprus Platinum Visa: Our lowest-rate Visa card
In order to qualify for a Cyprus Platinum Visa card, a teen must:
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