A new report finds that more and more parents are trusting their children with their credit scores by allowing them to use credit cards. According to creditcards.com, 8% of parents with kids under 18 say at least one child has a credit card. 21% of parents say their children used their credit card without their permission at least once.
Although underage children can’t apply for their own credit cards, they can be added to their parents’ card accounts. But, if they make unauthorized purchases they can damage their parents’ credit. However, there are benefits to giving your child a credit card.
Experts say it gives them a head start towards building their credit and learning how to manage finances.