Posts Tagged credt cards for teens

Looking for more secure credit card alternatives for your teen than a prepaid card like Facecard? After all, you still don’t have much control about how they use a Mastercard-branded piece of plastic when left on their own. Take a look at BillMyParents, a new payment method that gives you more control over your kids’ spending.

Kids getting credit cards is pretty scary, especially with the barrage of things they can do with it that are totally without your consent, from things as benign as getting expensive fashion wear to concerning activities like paying for a doctor consultation. BillMyParents looks to go around that, making it mandatory for parents to approve transactions before letting it go through.

The service is only starting and, as such, is very limited. At the moment, the only transaction available is buying products from Amazon. If it does roll out in a huge manner, though, and offers its services away from the web, it can be a game-changer.

How much better would you feel if every purchase your teenager did had to go through you? When they hit an upscale store, for instance, you’d get a notification on your cell phone that you’ll have to approve before the sale is closed. Same with purchases they try to make at the bookstore or any place else.

I have no doubt this thing will go beyond online shopping (as is BillMyParent’s current path) eventually, as the idea seems that good. BillMyParents (which is owned by San Diego-based company Socialwise) currently charges $0.50 per transaction - a totally acceptable fee in exchange for complete peace of mind.