 TITLE: When Is the Best Time to Give My Kid a Credit Card? CONTENT: When Should I Get My Kid a Credit Card?\n---------------------------------------\nNot every teen is prepared for the responsibility and long-term consequences that come with a credit card. The good news is young consumers can't get a credit card on their own until age 18, and not until age 21 unless they can prove they have sufficient income to make payments, according to the Credit CARD Act of 2009.\nHowever, parents can add their minor children as authorized users on their credit card accounts if they feel they're ready. This means the kids will receive a credit card that's linked to their parent's account. Some, but not all, credit card issuers have age minimums for authorized users. For example, Discover requires the child to be at least 15 years old.\nWhether your child should get access to a credit card is up to your discretion. What's more important than their actual age is their maturity; in other words, if you think they're ready to be financially responsible and fully understand the long-term consequences of credit card use.\nCommunication is key. Sit down and talk with your child, and make sure they understand how credit cards work. If you plan to have rules around their credit card usage—for example, allowing use for emergencies only, or perhaps gas purchases—consider whether you think they're capable of following your guidelines. Since they will be an authorized user on your account, you'll see all of their purchases. This means you'll be able to monitor their activity and have a talk (or take away the card) if you determine that they aren't really ready for it.\nIt's also important to discuss who's in charge of paying the bill. Will it be you, or your child? T. Rowe Price's 2017 Parents, Kids and Money Survey found that 18% of kids ages 8 to 14 have credit cards, and of those, 41% of parents require their kids to pay their own credit card bills. END