prepaid credit cards for teenagers

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prepaid credit cards for teenagers

Postby l-l-l » Sun Jan 11, 2009 3:25 am

What prepaid credit cards can teens qualify for? I am 15 and want a credit card b/c it is more convenient then cash. I asked my mom to get me one but she tells me I'm not responsible enough. WTF it is prepaid- I cant overspend- why is she going nuts over it? Arent prepaid credit cards guaranteed whether you have :money: or not because you already prepaid it!

Am I allowed to get one by myself without her? b/c I would seriously get one on my own if I dont need her for it. Arre there teenage credit cards made for my thing I have going on?

help me please thxs

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Postby magyar1045 » Sun Jan 11, 2009 10:49 am

First of all - watch your language around your mom. She brought you into this world, she can easily take you out. I'm sure you heard of Susan Smith, and just recently of Caley Anthony - the girl murdered by her mother in Orlando, Florida.
As long as you are not 18 you can not even open a bank account. No bank will issue you a prepaid credit card.
If you got the cash to prepay a credit card use it to pay for things.
Besides - prepaid credit cards will never give you/result in any credit history.
So until you're 18, graduate from high school, and get your first job, just pay with cash.

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Postby fffresh » Sun Jan 11, 2009 6:11 pm

What is the legal age for a prepaid credit card? You must be 18 years of age or older in the United States, the same requirement for any other credit card. Do not confuse this with credit card gift cards that are prepaid, such as a Visa or Amex gift card. These cards are actually not credit cards, but a gift card in the denomination amount you purchased it for, that can be used anywhere that credit card issuer is accepted. Those are gift cards that can be purchased by anyone of any age, but being that they carry high fees, they most likely not be a smart replacement for a prepaid credit card.

How do prepaid credit cards work? As the name implies, you deposit money into that account and can then spend up to that amount on the card. Some prepaid credit cards may assist you in building credit if they choose to report to the credit bureaus. However most do not, since reporting to the credit bureau costs them money.

The bottom line is you will need a co-signer 18 years of age or older to get a credit card as a teen, even if it's a prepaid card. Perhaps now would be the time to be extra nice to her and maybe she will agree to it.

It's important to note that prepaid credit cards carry are notfee. For example, one popular prepaid MasterCard charges a monthly fee as much as $9.95, a $2 fee to speak with customer service, $1 fee to use at an ATM, and so forth.

If you still want a prepaid credit card I would advise on being extra nice to your mother and perhaps she will give in and let you get one.

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