I’m sure everyone has already heard about you know debit cards for kids nothing new there but now we actually have credit cards for teenagers and also for kids now when I say kids I literally mean less than 10 years old and you already have a credit card which is absolutely insane because no wait wait wait wait I just pause for a second when I was growing up I was attending like 10 or 12 I was gonna around $5 a day to go to school as an allowance and I felt like I was so laughing okay because all my friends were getting around $2 but I had so much money in my pocket at that time five bucks and he would save that money up go to.
Best Buy got a game stop and buy me some new games but apparently now it kicking welcome to Chipotle or into Game Stop I’m like hey you know I want to pay for this I’m can I pay with my Amex a black card and you can blake yeah you can pay for it you know and then your ass off in the county like okay wow this kid has an Amex and I have like a I don’t have anything so if you ask me it’s pretty cool and I’m not hating on it I’m just like super jealous that back in my days we didn’t have anything like that okay I don’t even think my parents had debit cards back then which is pretty crazy but now everyone can get a debit card out there and guys as always in this video we’re just gonna talk about a few things and for example what credit cards and you actually get four kids what banks accept this and also the pros and cons watching giving your kid a credit card because not everything is good sunny and shiny all the time.
No it might have some good stuff and I might have some bad stuff and I will cover everything in this one video now if you guys don’t know me my name is Jaime Bryson I’m an accountant I post videos every single day subscribe to channel the degrees much you get notified every time I post a new video on top of it do me a favor hit the like button really appreciate it and while she has a question when you were my age you know maybe like 12 or 10 years old.
Like what did you get to go to school was like a debit card was it a credit card was a cash or wasn’t nickels you know if it’s either one of these right here I can tell when you were born okay if it’s like you know cash like five bucks two bucks that was probably like in the 90s okay 90s to like you know the high 80s if it’s like nickels like you’re super old okay that’s fine no problem but also if it’s like a debit card or credit card they’re definitely pretty young right now because back in my days like you know like you know like ten years ago something like that I was getting like you know like I’m like like dollars five bucks and I thought really rates about it okay now I do want to clarify one thing before we keep going to this video and it’s this you know you do need your parent to have or you with the parents need to have a credit score and at least a credit card to lecture this entire process why because kids can’t get credit cards.
Which is a pretty good thing you can’t be on their name so they can’t just like 18 and owe a ton of money from buying like Xboxes know whatever credit card you have as an adult you can actually put your son or your daughter or your whoever it is you can put them as an authorized user and that way they can actually build their credit by doing that but again you do need a credit score and a credit card now now I do want to say this if you don’t have a credit score I have multiple videos on that link down below and I also have videos on how to build credits and how to even fix scores if you have any problems with that type of stuff I have a link in description and also have a link in the comments down below check that out the place is actually called on everything credit you learn everything that you actually need and on top of that guys as always any questions that you have in this video comment them down below.
I’ll be in the comments all day okay just comment down whatever you have questions and I make sure to answer all your questions by the end of this video now let’s get right into the video and the first we’re gonna talk about is the pros and cons and then also a business plan or a model to actually make sure your kids actually use your credit course responsibly and then after that I’ll tell you exactly what banks and what credit cards actually accept your kids to actually have a credit card and at what age unless you start because guys I’ll be honest with you guys once the kid hits between like eight to fourteen years old around eighteen percent of those kids already have credit cards so you might think oh my gosh it’s brand-new no eighteen percent of kids out there have credit cards already on top of that this is just like credit cards okay imagine the debit cards like everyone out there has a debit cards no problem there and by the way if you want a full video on the best debit cards for kids out there I have videos linked down below also I’m the green light card to go Henry the current card I have all those cards linked down below and I have it’s what videos full descriptions on them and I don’t have referral is gonna be biased at all okay so don’t worry non-biased always so now let’s jump into the pros and the cons now the first thing is this guy is the pros when it comes to the pros well guess what happens right some cards out there have h limits and then some cards out there don’t have limits.
What does this mean it means that your kid can be born today out the womb and it’s like hey here’s the credit card was a paper but you know you get the point here’s a credit card Johnny like you were just born but here’s a credit card like some cars out there have age limits of like you know between like 8 to 15 and then some credit cards out there don’t even have the limit whatsoever so you can be boring today and get a credit card tomorrow and start swiping stripe in to buy your own diapers because you these responsibilities a snap okay from birth you learn responsibility okay we just insane on top of that it’s gonna actually help your kid your child your teenager actually built some credit now tell me what do you mean by this well it means that you know when you have an authorized users some credit cards from credit cards out there she reports your history to the credit bureaus especially to that person that she has an authorized user for example if I have a kid which I don’t yet so it just kind of sucks but if I have a kid and the kid says like hey daddy I want like a credit card like hey you have a credit card now .
Whenever my credit card reports to the bureau’s the three bears out there they can actually report also for him you’re gonna have an established credit score also but here’s my thing not all credit cards and banks do this so make sure you call it and you ask one question here it is do you guys report the credit history to authorized users also sometimes they’ll say this and say yes but sometimes they’ll say this also only if that person is married to you will do that if they’re not we won’t okay so make sure they accept before you go on and make an authorized user under your kid but it won’t even help him in the first place just to clarify that on top of that it teaches them responsibility which is very important now I’ll be honest guys right when I was 12 I was gonna like five bucks okay five bucks a day to go to school and I would take that $5.00 so I saved up for an entire week I would buy CDs yes blank CDs I would go home I would burn movies on them illegal music and legal music illegal movies think that was illegal.
I’ll put it in those CDs and I’ll go back to school and I’ll sell it to my friends I make like 50 bucks 100 bucks a week which is pretty decent income on top of that but here’s my thing I would also sell paper airplanes so I get some pages to make some paper airplanes and I had another friend’s name was – Neal – Neal who is insane honestly but he would make like paper boats and what will sales people pose to kids for $5 to $1.00 okay take all that money go straight to Game Stop and just ball it’s okay so if you can have to teach your kid from an early age how to use a credit card how to use a debit card how to manage the finances well they’ll probably make a lot more than I did back then and on top of that they won’t spend on a video games when I suspend it on your investments and then learning exactly how money works but again don’t tell anyone I sell illegal music okay and illegal movies by the way I won’t admit to it I’ll just say hey I just entertainment purchases but just make sure you don’t tell anyone about this between you and I and all the people are watching this video okay but I trust you and just to put this into perspective guys you know when I was 18 I got my first 19 I have my first credit card and the first thing I bought was a laptop and I spent around three thousand dollars now you might be asking me to tell me how did we get your first credit card to be such a high credit loan and the answer is this well most people want to go to college they take out loans meaning that they have a credit history meaning that financial aid you cover something and that way you actually see like hey this guy can actually pay I was also working so when I got the entire credit card if I knew.
What I knew now I would have never gotten that laptop for $3 000 we completely like it was insane you know and I just like justified over things but here’s my thing when I got my first credit card my mom didn’t even know what a credit card was and how it actually worked that’s a teacher and after establish her credit by myself okay so now she knows she’s really good at it she hasn’t got almost like a 700 but my main thing is this you know I had to teach her and if someone taught me when I was a kid I would probably be in a much better place today because I probably wouldn’t get loans I probably learned a lot of things that I already did but here’s my thing you live and you learn but it’s better always to learn and then live okay just to clarify that if that hopped over your head and you don’t get it just think about it for a few seconds you live when you learn to know you learn and then you live to live better now the fourth thing is this you know usually people get phones for kids