Is this a good xmas present

moremore

I am thinking of purchasing 'pay as you' go credit card for my cousin Christmas present, he is 11 years of age, is this a good idea and would it help to get him to manager his money later in life.:T

BugsyBrowne

moremore wrote: »

I am thinking of purchasing 'pay as you' go credit card for my cousin Christmas present, he is 11 years of age, is this a good idea and would it help to get him to manager his money later in life.:T

Think its a useless idea and also sure you have to be older then a 11.

moremore

Why do you think it is useless present.. It is not like a ordinary credit card you have to have money in the account to use therefore would not have thought that age would not come into it. :T

opinions4u

A kids bank account would be better - and cheaper to run.

chunkychocky

From the MasterCard website:

What is the minimum age for having a prepaid card?A: Prepaid cards are generally available to all ages, although some companies require you to be at least 18 years of age to use their cards. There will be restrictions on cards that are available to persons under 18 to prevent their use for inappropriate spending (e.g. gambling and alcohol).

RichL74

Although there are no full 'credit checks' as such, a soft search to confirm the name and address is normally carried out before the issuing of a pay as you go card (Virgin did this with their pre-paid card for example) so you might be wasting your time as they wont even be on the electoral roll.

Tixy

You can certainly get them for teens, not sure about under 13s.

I suppose to the child it would be like receiving a gift voucher, but one they could use in any shop. However I think you might find the cost of loading the card with money to start makes it not such a good deal.

Personally I think at 11yo that any money management lesson from this won't work (or they are too young for it to be remembered at 18).

Sammy_Jo_4

I agree... A kids bank account would have the same significance in terms of him being able to 'manage' it. It is also cheaper, and most banks do a good job with education the children about their account and how it works for them. Look into it and see what you find. There is usually a short class/info session offered when you open one of these accounts.

HalfPint

I agree with the others.. a good kids bank account would be much better and teach the child more about being responsible with money.

HP x

moremore

Thanks everyone appreciate the replies I will now look into opening a kids bank account for Christmas present.

Giraffeseeker

Natwest Adapt account gives a debit card to 11 year olds - both my boys opened one at 11 and have to manage their pocket money which is DD'd into the account. My 14 yo has just been given online banking, but my 11 yo has to use cash machines and statements to check balances. They can use it online and on Xbox etc but it blocks inappropriate purchases (my 14 yo could not order a 15 cert game on amazon, for example)