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First credit card for 18 yr old son
Comments
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no no NO! dont do it!Long time away from MSE, been dealing real life stuff..
Sometimes seen lurking on the compers forum :-)0 -
Gordon_Hose wrote: »lol, why?
He's 18, an adult, and responsible for his own bills.
I was wondering exactly the same thing! Why on earth would you start 'spying' on an adult. Either you trust him with the credit card or you don't. If you don't you certainly don't suggest getting one!Overdrafts transferred to MBNA £953.40/£4279.80 Car insurance (on CC) £461.98/£751.98 :mad: Bank of mum and dad £1500/£5000Total debt repaid £2915.38/£10,031.78 (29%):T Owed [STRIKE]£10,031.78[/STRIKE][STRIKE] £7400[/STRIKE] £7116.40 Pay off as much as you can in 2011 challenge £1127.60/£40000 -
Whether he has a credit card or not is nothing to do with you.
You can discuss the pro's and cons of having one, explain the future implications, and advise what APR etc actually means.
His log in details are private and you should not be checking what he purchases as it is his private information and if he wanted to show you or ask you to explain something then let him know he can ask.
I got my first credit card as a student credit card from my bank (Lloyds) and have a clarity card with Halifax.
I would say try santander first, is he 18 and in sixth form or at Uni and does he have a job/income at all.War does not determine who is right - only who is left.0 -
Whether he has a credit card or not is nothing to do with you.
You can discuss the pro's and cons of having one, explain the future implications, and advise what APR etc actually means.
His log in details are private and you should not be checking what he purchases as it is his private information and if he wanted to show you or ask you to explain something then let him know he can ask.
Really agree with this analysis.
Saying "My son is 18 and we are looking at getting him his first credit card." rings alarm bells. This is not a responsibility you can share. Help him yes. But he gets his card. To do otherwise is storing up trouble IMHO.
Aside from that, who knows when people might or might not run into debt problems. Plenty of 18 year olds manage credit cards OK. Hopefully at that age they haven't forgotten how to do percentages yet.0 -
Why does it = trouble?Personally mate at 18 with a vanquis card is not the best move as their credit increases are quite fluent,
In my opinion you should keep a good relationship with your bank and b4 long they would be your best bet for giving you a decent card.
18 years old + vanquis = trouble
When I finally get to uni next year (should have gone this year, but lack of places
) I will be using a HSBC Credit Card as that comes with the student account - so I can wave vanquis good bye. 0 -
Vanquis are sub prime lender, they are for credit building (more back up than from scratch)
A bank credit card is far better and if you have had a good relationship with your bank it may be quite likely you will be accepted soon after your 18th.
It would also halve the APR you are offered and double the credit limit.
To illustrate this point...
My first card was a Lloyds student card (I know not everyone can get this but the OP's son could quite possibly) 19.9% APR £750 limit
Vanquis 39.9% £250
Up to you I guess!War does not determine who is right - only who is left.0 -
Vanquis are sub prime lender, they are for credit building (more back up than from scratch)
A bank credit card is far better and if you have had a good relationship with your bank it may be quite likely you will be accepted soon after your 18th.
It would also halve the APR you are offered and double the credit limit.
To illustrate this point...
My first card was a Lloyds student card (I know not everyone can get this but the OP's son could quite possibly) 19.9% APR £750 limit
Vanquis 39.9% £250
Up to you I guess!
That is vanquis typical APR but no person yet has came on this thread who runs a vanquis card with a APR no where near that its normally between 50-60%0 -
My APR is 34.5% or something like that.That is vanquis typical APR but no person yet has came on this thread who runs a vanquis card with a APR no where near that its normally between 50-60%
But as I said, as soon as I get my student account setup next year I will have a HSBC student card.0 -
samwsmith1 wrote: »My APR is 34.5% or something like that.
But as I said, as soon as I get my student account setup next year I will have a HSBC student card.
Trust me samsmith your apr is not that.0 -
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