Parenting & Family

Best way to provide your kid a fee-less credit card?

  • Last Updated:
  • Oct 18th, 2018 12:22 pm
[OP]
Deal Addict
Jan 1, 2002
3118 posts
183 upvotes

Best way to provide your kid a fee-less credit card?

I’m with TD for all my banking but I primarily use the $100/yearly scotia Momentum Visa Infinite becusse it is the best cash back card out there.

I’m at the point that I need to provide my child a credit card to manage occasional purchases, but primarily for emergencies. The volume will be so low that it doesn’t make sense spending the $30 for an additional Momentum card, I was just wondering what is the best way to manage this?

Do I get a fee-less TD credit card under my name and then a free secondary under the child’s name, I will never use that primary, I have no need for it, or can I get a primary card under my child’s name that is still linked to my TD account and that I can still have full control over, I’m not sure what’s possible.

Thanks for sharing your experience.
30 replies
Deal Addict
Nov 22, 2015
3301 posts
2236 upvotes
No primary cards for children... It has to be an authorized user if they are under 18.

Scotia momentum is hardly the best cashback credit card, especially considering you can get the TD cashback for free if you have the all-inclusive banking plan.
[OP]
Deal Addict
Jan 1, 2002
3118 posts
183 upvotes
superfresh89 wrote:
Oct 7th, 2018 4:57 pm
No primary cards for children... It has to be an authorized user if they are under 18.

Scotia momentum is hardly the best cashback credit card, especially considering you can get the TD cashback for free if you have the all-inclusive banking plan.
Maybe you haven’t compared cash back cards, Scotia Infinite can’t be beat.
Deal Addict
Nov 22, 2015
3301 posts
2236 upvotes
Rockstead wrote:
Oct 7th, 2018 5:07 pm
Maybe you haven’t compared cash back cards, Scotia Infinite can’t be beat.
That's simply not true... Unless your monthly gas/grocery bills are astronomical.

4% on gas/grocery is the only good thing about this card .. you can get 3% back using the TD card, without paying an annual fee.

2% on recurring bills sucks too... It's 3% on the TD card, and many other cards including no-fee ones can offer the same thing

The 1% on all other purchases really sucks.


Currently, I'm using:
PC MC for 3% on groceries
Tangerine MC for 2% on recurring bills/restaurants/gas
Rogers MC for 1.75% on all other purchases

All with no annual fee... I could probably cancel the Tangerine card as the difference vs. Rogers MC is pretty negligible.

I also currently churning the TD First Class Travel Infinite Visa and Scotia Momentum Infinite Visas but am not using them since I'll be cancelling them once I've recieved my welcome bonuses.
[OP]
Deal Addict
Jan 1, 2002
3118 posts
183 upvotes
We are a family of 6, heavy spenders on groceries, I easily get back $1250/year, and it’s ridiculous to tell me that Scotia isn’t the best and then tell me to juggle my spending between 3 credit cards.
Deal Addict
Nov 22, 2015
3301 posts
2236 upvotes
Rockstead wrote:
Oct 7th, 2018 5:23 pm
We are a family of 6, heavy spenders on groceries, I easily get back $1250/year, and it’s ridiculous to tell me that Scotia isn’t the best and then tell me to juggle my spending between 3 credit cards.
No one told you to juggle anything lmao....

All I said is that those are the cards I'm currently using, and even said that I probably only need 2 of them. I get way more value from my card combo. Scotia card is useless to me as total gas/grocery expenses are under $150/month for me.

And if you actually re-read what I wrote, you'd notice that I said the Scotia is indeed the best card for those with astronomical gas and grocery bills.
[OP]
Deal Addict
Jan 1, 2002
3118 posts
183 upvotes
LOL, quote on exactly what you said « Scotia momentum is hardly the best cashback credit card, especially considering you can get the TD cashback for free if you have the all-inclusive banking plan. « 

And this is a parenting thread, what kind of parent spends less than a $150 on gas/groceries combined, I guess you are a dead beat or just like hanging around in parenting threads for some strange reason.

Find someone else’s thread to ruin...
Deal Expert
Aug 2, 2001
15093 posts
5360 upvotes
Rockstead wrote:
Oct 7th, 2018 8:11 pm
And this is a parenting thread, what kind of parent spends less than a $150 on gas/groceries combined, I guess you are a dead beat or just like hanging around in parenting threads for some strange reason.
Wait a second here. I am supposed to feed them? Damn I knew I was doing something wrong, I figured they would just forage for food in the wild.

But in seriousness, one potential solution is just giving them a $100 prepaid Visa. $100 should be enough for any actual emergency, and if you really wanted you could hook up Apple Pay (Google Pay, etc.) to your actual card with their cell phone.
[OP]
Deal Addict
Jan 1, 2002
3118 posts
183 upvotes
TrevorK wrote:
Oct 7th, 2018 11:18 pm
Wait a second here. I am supposed to feed them? Damn I knew I was doing something wrong, I figured they would just forage for food in the wild.

But in seriousness, one potential solution is just giving them a $100 prepaid Visa. $100 should be enough for any actual emergency, and if you really wanted you could hook up Apple Pay (Google Pay, etc.) to your actual card with their cell phone.
I hear you on the prepaid visa but I seem to recall that the monthly fees were high and would slowly consume the value of the card?

Having something I could top off would be ideal as long as fees weren’t stupid.

I thought of the Apple Pay, I figured I was violating my terms and conditions by having my card loaded on her iPhone and I wouldn’t be any to dispute any charges because a non card holder made the purchases.
Deal Addict
User avatar
May 22, 2016
1534 posts
280 upvotes
Ontario
Why does a child need a credit card? Children shouldn't have credit cards.
[OP]
Deal Addict
Jan 1, 2002
3118 posts
183 upvotes
webshark wrote:
Oct 8th, 2018 7:26 am
Why does a child need a credit card? Children shouldn't have credit cards.
Because it’s 2018 and who carries cash, and yeah it’s a terrible thing to teach a teenager to budget their spending so that the bill is balanced at the end of the month, or to have a means of emergency payment for a taxi, food, allowance spending, whatever.

There are two kinds of people, those who use a card as a convenience and spend what they have and pay it off monthly at $0 cost and those who were never taught to properly manage their money and carry a balance on their credit card, I’ve already instilled in my kids to never be the second and using a credit card is not free money, I find people that think kids shouldn’t have them are the ones that were never taught to treat the card as your own money and can’t relate.

First thing they taught us in economics back in high school, never too early to build credit history.

Thanks for your wonderful input to this thread.
Deal Addict
Nov 22, 2015
3301 posts
2236 upvotes
Rockstead wrote:
Oct 7th, 2018 8:11 pm
LOL, quote on exactly what you said « Scotia momentum is hardly the best cashback credit card, especially considering you can get the TD cashback for free if you have the all-inclusive banking plan. « 

And this is a parenting thread, what kind of parent spends less than a $150 on gas/groceries combined, I guess you are a dead beat or just like hanging around in parenting threads for some strange reason.

Find someone else’s thread to ruin...
Hanging around the parenting board? Lol no.... I'm not a parent and never claimed to be. In fact, we are DINKs at this
point. You realize your thread shows up on New Posts and not only on the specific board you posted on right?

And yes, that is indeed the first part of what I said. Love how you conveniently left out the part about how the Scotia card is good for those with high grocery and gas expenses. What's ridiculous is for you to make a blanket statement about how the Scotia card can't be beat. It's simply not the best card for every one, regardless of whether they are parents or not.
Deal Addict
Nov 22, 2015
3301 posts
2236 upvotes
Rockstead wrote:
Oct 8th, 2018 7:44 am
Because it’s 2018 and who carries cash, and yeah it’s a terrible thing to teach a teenager to budget their spending so that the bill is balanced at the end of the month, or to have a means of emergency payment for a taxi, food, allowance spending, whatever.

There are two kinds of people, those who use a card as a convenience and spend what they have and pay it off monthly at $0 cost and those who were never taught to properly manage their money and carry a balance on their credit card, I’ve already instilled in my kids to never be the second and using a credit card is not free money, I find people that think kids shouldn’t have them are the ones that were never taught to treat the card as your own money and can’t relate.

First thing they taught us in economics back in high school, never too early to build credit history.

Thanks for your wonderful input to this thread.
Children cannot build credit history. You have to be 18 in order to establish a credit rating... Until then, they have to be a authorized user if you want them to have a card, which only reports to the primary cardholder's credit bureau.
Deal Addict
Nov 22, 2015
3301 posts
2236 upvotes
On a side note, research shows that people spend an average of around 30% more when paying by credit card. It's a subconscious thing and having good financial sense doesn't seem to mitigate this effect.

I'm a credit card user myself, but I agree that I would likely spend a lot less if I had to hand over physical cash at every transaction.

It's good to learn about using a credit card responsibly, but the temptation to spend just a little more is always there.

Top