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Debit and credit cards for teens

Is your teen ready for a debit or credit card?

When it’s time for teenagers to drive, they’ll need to pay for gas, vehicle maintenance costs and more. Plus, whenever they’re out on the road, there’s a good chance they may be spending money at restaurants and stores.

Establish spending boundaries

You probably don’t want your teenager carrying around a lot of cash, so that means they could benefit from having their own credit or debit card. What may have been a luxury for many parents when they were young is often now a necessity for teenagers, and it’s crucial to establish spending boundaries and good financial habits long before they get in the car and drive away for the first time.

Fortunately, you have some good alternatives for controlling how much your child is able to spend. Handing your teenager a high-limit credit card with your name on it is not one of the best alternatives, so let’s explore a couple others.

You can set up a membership with Oregon State Credit Union with a checking account and savings account in your child’s name, with a debit card issued in their name as well. A parent or legal guardian just needs to be a joint owner of the account until the teen turns 18 years old.

This is one of the best and easiest ways for a teenager to get in touch and stay in touch with the responsibility of monitoring an account balance and spending limits.

The communication factor is built into this alternative, which is a great way for teenagers to learn about spending limits.

Start the learning process

Not every teenager is naturally fiscally responsible, so setting up a credit or debit card with established spending limits could be a great place to start the learning process. Teens can learn how to manage an account, create a spending plan or easy-to-follow budget and make regular payments and/or deposits to their account.

Do you think your teenager is ready for their own credit card and learning the importance of managing money?

Oregon State Credit Union also offers the Teen Visa credit card for teens ages 13-18 who are not enrolled in college. Teens can begin to learn money management with a co-signed Teen Visa credit card.

Questions? Contact us today.
| Call 800-732-0173 | Visit a branch |

Oregon State Credit Union ©2017 Oregon State Credit Union

  • PO Box 306
  • Corvallis, OR 97339
  • Phone: 800-732-0173

Routing number : 323274270