Should you give your child a credit card?

Published on 1 January 1970 by Raffick Marday

With half term just around the corner, your little ones may be keen to enjoy their week off with days out, trips to the cinema or simply visiting friends.

However, this all comes at a price and as kids dip into the seemingly infinite supply from the bank of mum and dad, they may fail to grasp an understanding of how not to spend money.

There are ways of harnessing this and it comes in the form of a credit card. Parents may recoil in horror at the thought of letting their little one loose with some fantastic plastic, but this is not just a credit card, it’s a prepaid card.

It works much like a mobile phone top up card whereby cash can be put on to the card and once the money runs out the spending stops.

They are an ideal way of keeping an eye on your child’s spending and it also helps them to learn the value of money, budgeting and watching their spending habits.

The cost of half term for parents can be extortionate, especially if a holiday is involved. However, children can learn to manage their own finances and appreciate the cost of goods.

Orange Prepaid Credit Card

The Orange prepaid credit card is one of the newer models on the market and in a nut shell is a MasterCard which can be used like credit & debit cards, but without the risk of debt.

The card can be used online and in shops dishing out rewards for spending. You don’t need a bank account to get an Orange Cash card and you don’t have to be an Orange customer to apply for the card either.

The rewards you will receive, however, are vouchers for the Orange shop.

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