3. Let them practice before leaving home

• Your kids should have a credit card while still living at home. That way, you can monitor how they use the card and pay the bills. Kids typically can’t get their own card accounts until age 18, so you will have to either cosign an account or get your children cards on one of your own existing accounts.
• Consider getting them a debit card instead. These won’t build their credit history, but teens will get in the habit of spending only what’s available in their checking account.
• Many credit card companies offer stored-value cards. These prepaid, reloadable cards are good for teenagers. Typically, parents fund the account and can even set up regular, automatic money transfers to fund an allowance. They can monitor the child’s transactions online or by telephone.
• Gift cards with preset limits are good, too. Teens know they only have so much to spend, so the cards help them learn to consider prices and make choices.

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