Comments on: Kids could learn better financial management with prepaid credit cards http://www.thriftyscot.co.uk/092008/kids-could-learn-better-financial-management-with-prepaid-credit-cards.html Welcome to The Thrifty Scot financial help site. Look through our credit cards, loans, mortgages, savings and insurance sections Mon, 12 Sep 2011 23:59:44 +0000 http://wordpress.org/?v=abc hourly 1 By: NC http://www.thriftyscot.co.uk/092008/kids-could-learn-better-financial-management-with-prepaid-credit-cards.html/comment-page-1/#comment-2622 NC Tue, 23 Sep 2008 14:02:28 +0000 http://www.thriftyscot.co.uk/?p=3374#comment-2622 Peter these are NOT credit cards. A "Prepaid Credit Card" is a misnomer, a contradiction in terms. 'Credit Card' as the name suggests indicates that a line of credit is given to the card holder i.e. buy now, pay later. This however is not how these cards work. And kids won't learn any more from these cards than they would from getting a standard 'junior' type of savings account with a linked debit card. I would argue that a kid would learn more about financial management and responsibility by opening an account at a high-street bank like most of us did with our parents when we were young. Peter these are NOT credit cards. A “Prepaid Credit Card” is a misnomer, a contradiction in terms. ‘Credit Card’ as the name suggests indicates that a line of credit is given to the card holder i.e. buy now, pay later. This however is not how these cards work.

And kids won’t learn any more from these cards than they would from getting a standard ‘junior’ type of savings account with a linked debit card. I would argue that a kid would learn more about financial management and responsibility by opening an account at a high-street bank like most of us did with our parents when we were young.

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