Don’t have a kid as yet…but was in a discussion with a friend. Does it make sense to get your kid a credit card right when they are born (or very, very young) so as to establish credit for them. Use the card once in a while and pay it off in full. Does that increase the chance of the kid getting a great credit history and therefore much lower interest rates when the kid is buying a car or a house…etc.
What are the rules anyways…do they need to be 16? I remember kids in my school that had credit cards before 16.