Teenagers and Credit Cards
Too Easy Too Get?

How easy is it to get a credit card today, especially here in the good old USA? Real easy! As long as you are working, you shouldn't have a problem getting a credit card at all. But beware! These large credit card companies want you to go in debt. To build up credit they say, yeah, right.

Lining the Credit Card Companies pockets?

What they mean to say is, to line their pockets. Even my kids are on the lists now to get preapproved credit cards. It seems they started getting this credit card mail while they were in highschool. And the first thing my daughter did was try to apply for one, but I warned her, not to get hooked on using "plastic." Teenagers and credit cards are not a good mix, and why should they go into debt at such an early age?

For some reason they think because their parents have all these comfort things, they don't realize that we spent years trying to get our "comfort things." But they want them "Now!"

Credit Cards Are Too Easy To Get

While I was working steady, I did get a credit card easily through Bank of America. The rates seemed low enough, and there was no Annual Fee, which in my opinion, is the best way to go. But I don't use my credit card, one thing, because I don't like getting a bill every month. (But now they have made it so that you can pay online.) So the only time I have been using my credit card, is just occasionally, to keep it active. In other words, I keep it for emergency purposes, and thankfully we haven't had any emergencies.

Teenagers and Credit Cards

But for my teenager's birthday, I handed her my credit card, which had a $500 limit, and told her she could spend $200 for a birthday present. (The credit card I actually had one put in her name, when I applied for my credit card. So she had a credit card with her name on it.)

It didn't take her long to spend that $200 at all. I then paid the $200. But then she wanted to keep the card, promising me she wouldn't use it unless I said she could. (I was actually testing her to see how far I could trust her.} Then one day she asked if she could get gas for her car on it, and I said , "OK." But that was not the end of it. I soon got a bill in the mail that was $160, and when I asked her about it, she said, "Maybe I better give you the card back, plastic is too easy to use." I quickly agreed. I wasn't working to pay off her bills, I was working to pay our bills!

The problem with teenagers having credit cards is that they max them out real quick, and then can only afford to pay the minimum payment required. Warning, this is how the credit card companies line their pockets!

Paying the minimum payment

Say, if you only pay the minimum payment every month, and it's like $15 minimum payment. The credit card company will take $7 of that money for the finance charge. So you actually made a $8 payment on your balance.

People don't realize the tricks that credit card companies pull, to separate you from your hard earned cash. For example, it used to be, that they would not charge you a Finance charge if you paid the balance off in less than a month. Not true anymore. I had a PayPal credit card through Provincial and when I got the bill in the mail, they had added the Finance charge even though I paid off the balance and wanted me to pay the Finance charge too. I let that credit card expire, and did not renew it. Beware of Provincial Bank Credit Cards.

Conclusion

Even though we do keep a credit card active for emergencies, we still go by the motto, "If you don't have the cash for it, you don't need it."

Citi® Cards is offering 4 credit card products to meet the needs of college students and Discover Card will let you open a Student Card Account. Amazing isn't it? Check out this list of charge cards that you can apply for at Bank of America.

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- Fast-Funds-Online offers exactly what the name says: Fast Online Funds! We all need a little fast cash from time to time and Fast-Funds-Online makes it easy for you to get the cash you need - up to $1500!! Funds are direct deposited into your bank account, so you don't have to wait for a check in the mail.