Tuesday, March 9, 2010

The View on Credit Cards and teens

When I was in college I didn't have a food plan, it wasn't included with my dorming for the Manhattan campus for NYIT, so my mother would give me a Visa Buxx card with my weekly stripend of cash for food and what not on it. It was I think $150 a week. I barely made it each week, it was tough, especially with a love of shoes, but I think giving a High School or College student a credit card with a limit on it is fine. My mother would put money on the card each week and it did help me learn money management. I will admit though I did spend a good amount of it on shoes.
The card was a nice asset as a student and if managed by the parent then for a teen a parent could put 20-30 on it, not hundreds, and teach them to manage their money.

I found this info on the Visa Buxx card:
Visa Buxx is a parent controlled, re-loadable payment card intended for teenagers, using an associated Visa credit or debit card. The Buxx (pronounced bucks) Card uses a bank-hosted value storage mechanism (as opposed to SmartCard chip-based storage), similar to the gift cards that merchants are increasingly adopting. One major difference with a Buxx Card is that it''s accepted anywhere the Visa Logo is displayed, including online merchants who accept Visa, and ATMs.

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