Allowing your teen to have access to credit means that they can purchase their own gas and have some backup cash when there is an emergency. However, it is two sides of a coin. It can also mean an endless opportunity to spend and get into serious debt.
You should consider several factors to determine if your child needs a credit card. The following tips should be considered:
Zero money sense
Where a teen has no experience with money and does not understand that there is a need to delay gratification, this will not be a wise thing to do. If possible, prepare the teen to handle such situations when they come.
No time to coach the teen
If you do not have the time to coach your teen, then you should not be giving them a credit card. You would never give your teen your car keys without teaching him to drive first. In this case, you can outsource the responsibility.
An irresponsible teen
Every teen is different. You should not give your teen a credit card if he is irresponsible. This is because fiscal responsibility is the most difficult to handle. If he cannot handle smaller tasks, then a credit card will be a serious mistake.