Your best bet is to get a feeless credit card under your name with a secondary card under your child’s. You child will most likely not be able to get their own. However, you never know, I actually had credit cards under my own name when I was 14, but they were stroe cards, and many years ago.Rockstead wrote: ↑Oct 4th, 2018 5:08 pmI’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.
Keep in mind this will nothing for their own credit. However, you may want to consider a card at an institute that they will bank with when they are 18. This may make it easier when they get their own card.
How old is you teen? If they are almost 17, I would see if they can get their own card under their own name. Or call the bank that you have a relationship with and see what they could do.
Again, you need to consider what is the purpose of this. You mentioned building credit, which it won’t do. Teaching them about credit, which it won’t really do as you have full control. This will teach them about reviewing the bills, but most likely not much more. Based on the spending, points are moot.