Is there any particular kind of credit card that would be good for a teenager? I want her to gain a bit of responsibility by paying her own credit card bill but I'm not sure which brand(?) or type would be good for her. Any suggestions or comments would be greatly appreciated! She is responsible so I'm not afraid about her spending her entire bank account but is there a way to set a limit?
Is she a college student? If she is, there are a few credit cards that are directed towards college students. The Discover IT card is a great card to start. It offers 1% cash back on everything and 5% cash back on certain categories every quarter. As of right now, there is a 5% cash back on gas stations. Also, there is a $25 or $50 refer a friend bonus, but I don't remember exactly how much you get. There is the Citi Thank You Preferred Card, which offers 2x points for dining and entertainment and 1 point for everything else. There is also a sign up offer, where you can get 2500 points after spending $500 in the first three months. The points can be used on gift cards and other items from the Citi rewards store. I have both these cards, and I really like the discover card for the 5% cash back bonus. If you would like your daughter to sign up for it and want to use my referral link, let me know. For a high school student, I believe it may be harder for her to get a credit card. It is likely she would not get approved and will likely need you to be a cosigner. I am not too sure on this information though.
Yes, there are absolutely ways to set limits! Her first card should be no more than $250, in my opinion, if she's on the younger side (like still in high school). You can co-sign on it and set parental limits on some cards even, but she can still start getting experience.
I honestly do not think there is a credit cards that is best for teenagers. Being that young, teens love the new fashion and loves to shop. By having a credit card, they will feel like they do not have a limit on what to spend. I recommend on getting teenagers prepaid cards in order to teach them the responsibility of money.
