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The man gets its scripted claws on the kids early now

tehbest1

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Spotted this Ad on the London Underground yesterday. A credit card for kids!

JRqSudJ.jpg
 
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luniac

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holy ****
 

Scot

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Part of your credit score is determined by the average age of your credit accounts. Can you imagine how much higher your score would be if you could tack an extra 10 years on it?

I'm not saying kids should be in credit card debt, but if this tool is used right, it could teach a kid important lessons in money management and credit.

But the average adult is in credit card debt, so odds are, they'll just pass on their bad habits to their children.
 
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luniac

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dam I'm 27 and I never had a credit card... oh well lol
 

Scot

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I'll be the first to admit, I live a pretty Scripted life. Have had 2 different car loans, currently have a mortgage. Wife has a CC and I have a CC. Thankfully no credit card debt, but still have the 1 car loan and mortgage, plus her medical school student loans. If you live a scripted life, credit scores are important. Hell, even of you're unscripted you need one just to get a damn cell phone plan now adays.

While I'm busting my a$$ to get off the script, I'm under no illusion that 99% of the world will never break free of it.
 

BrooklynHustle

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Optimistically, it could be a good tool.

Think about it, the average person gets their first credit card somewhere between 18-25. Right when they're itching to buy all kinds of stupid and expensive things. For example, after I graduated college I bought a car, a house and a motorcycle - all within one year (and I'm an accountant - think of the "non-financial" people). They were all reasonably priced, but still...

What's the most expensive thing a kid wants to buy? A new toy? A new video game?

If you can reach them before they hit the financially stupid age we all go through right after high school, and teach them proper use, you may be able to save them the pain of future 5 digit credit card debt. Credit cards used wisely can be very rewarding. I get free money just for buying things I would normally buy anyway. Pay it off every month, no fees or interest.
 

Sequential

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I'll be the first to admit, I live a pretty Scripted life. Have had 2 different car loans, currently have a mortgage. Wife has a CC and I have a CC. Thankfully no credit card debt, but still have the 1 car loan and mortgage, plus her medical school student loans. If you live a scripted life, credit scores are important. Hell, even of you're unscripted you need one just to get a damn cell phone plan now adays.

While I'm busting my a$$ to get off the script, I'm under no illusion that 99% of the world will never break free of it.
I would argue credit score is more important for Unscripted than Scripted really. A lot of online business is done via paid traffic, if you can achieve positive ROI then the more ad spend the more profit... leveraging credit for this is a perfect example of smart credit use, and the higher your score the more available!
 
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Scot

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I would argue credit score is more important for Unscripted than Scripted really. A lot of online business is done via paid traffic, if you can achieve positive ROI then the more ad spend the more profit... leveraging credit for this is a perfect example of smart credit use, and the higher your score the more available!


Wouldn't really recommend using personal CC for this. Use a business card, but your credit score doesn't really do much to pump up your business credit score.
 

JAJT

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The issue I see is that this reinforces the already epidemic levels of "money from thin air" mentality that is omnipresent in the credit spending economy we live in.

And by that I mean it doesn't feel like you're spending money when you spend on credit.

Children, by comparison, feel it with cash. They have $10 and want something that costs $10, they have no money. They feel it. It hurts. They get the thing and if they want another thing they see the empty piggy bank/wallet/jar/whatever.

Personally I love digital for the same reason I hate it - it's convenient and easy. I honestly don't "feel" spending anymore because I almost never deal in cash. Knowing logically that money is coming/going doesn't register the same way as physically removing a tangible asset.

I think a better method, and one I'll be using with my kids, is having them pay ME with cash they want to spend from their own wallets, and they I'll use MY card to spend with. They get the benefit of feeling loss and the benefit of the thing that requires digital spending without getting suckered into the trap of not experiencing the pang of loss when buying.
 
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Sequential

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This niggles me slightly.

"
We love it...the texts I get immediately every time he spends. I wouldn't get the amount of control I have as a parent from a high street bank.

Pamela, London."

Is this how parents bring their kids up now? Oversight and control.

And we wonder why new adults in the big bad world require moddycoddling????
 

Iammelissamoore

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I don't think "the man" can be blamed for getting his scripted hands on the children early, after all, the man isn't exactly putting a gun to the parents' heads telling them they must get credit cards for their children. This is a choice the parent has to make on behalf of their children, surely, a lot of parents may go ahead with it, as indeed, credit/debit cards are convenient, just as much that a lot of parents may not go ahead with it; however, the onus is on the parent to monitor and educate their children about finances, because credit cards are one of the major reasons many people are in debt globally and if these parents don't recognise the importance in this, then, honestly "the man" isn't to blame at all. :)
 

MJ DeMarco

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it's a prepaid debit card

Yes, I think that makes a huge difference.

One can teach children how to manage the money they earned. The other teaches them how to spend money they haven't earned.
 

Sequential

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My only worry for kids with these are those contactless RFID stealers. Now people can steal money from them remotely and they won't even know it has been stolen by someone. Kids gonna get in trouble for making contactless payments they never made... ouch
 
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mike24601

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When I was in junior high, I went on a class trip to Washington DC at the end of the year. My parents gave me some cash to last through the long weekend, and being a dumbass I spent it all in the first two days on useless stuff and had to beg for money from friends on the last day. It sucked. This being a prepaid debit card can teach the same lesson. Mom puts $10 on the card, 10 year old kid tries to buy something he cant afford, and gets to experience the stigma of having a card decline at the checkout early in life.

I believe we are moving closer and closer to an automated and completely cashless society by the year, perhaps fast enough that a first grader today might never drive a car or use cash. It's all part of the grand scheme for mass job extinction via AI and a huge rung of society being relegated to shoebox apartments with a meager universal basic income. They will sit in a vegetative state on the sofa watching mindless reality TV day in and day out while shopping for products on their tablet until their fluoride ridden bodies give way to an early death.
 

fhs8

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There is nothing wrong with credit cards. If a person runs into debt it's their fault not the credit card. People have no self control when it comes to credit cards, loans, and eating too much.
 

MidwestLandlord

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Meh.

It's a debit card. I hate debit cards cause the processor still gets some of the merchant's money, but at least it's not a loan.

As always, it comes down to how the parents raise their kids. My 10 year old knows how credit cards work, so there's no reason ALL 10 year old's couldn't know how they work.

I borrow my kids' allowance, and give it back to them with interest. Likewise they've borrowed from me and had to pay me interest. They learned real quick which side of the loan transaction they'd rather be on haha.
 
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socaldude

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From the financial institutions perspective it's brilliant. You can more easily condition kids to get used to plastic. Plus it probably isn't free; activation fees, annual membership fees etc. Cause after all banks are not charities.

I personally don't believe in a "cashless society" as it violates principles of independence and control. And i believe we will never be truly a "cashless society". Even if it is a bank's CEO dream.

Credit cards used wisely can be very rewarding. I get free money just for buying things I would normally buy anyway. Pay it off every month, no fees or interest.

If you are winning with credit cards then you are in the 1%, good for you. Personal finance is 90% human nature, not reason. When you buy a house(mortgage) a car(car loan) or a TV at costco(credit card) you bought it because it stirred your emotions not because "reason" said to do it. Banks know this and leverage it to the max. Thats why they offer all these reward systems and promotions because it gets people to spend more. I also never really undestood the point of "cash back", you gotta spend at least $100k for it to be worth it.

It reminds me of the casino, the house doesn't care who won the $1 million dollar jackpot or who came out ahead, overall the house will always win cause the other 99% of schmucks paid for the jackpot and then some.

I personally don't use credit cards or even care about FICO scores. I rather just use cash and have cash in the bank.
 
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ZF Lee

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I have a credit card.
Never ever used it.
I just use cash or buy online on debit.

Using good old money motivates me to track it for recording as well as give you a little pain in the heart when you are tempted to blow it on expensive stuff you don't need lol.

Yet most people think credit cards are as necessary as bread and water. LOL....!
It's a debit card. I hate debit cards cause the processor still gets some of the merchant's money, but at least it's not a loan.
For me, debit is better than credit cards. At least it's backed up by stored money that you actually put in, which you can decide early on, unlike credit cards, which you just go crazy on debt with diffusion of responsibility.
 

cor

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I will definitely accept this card at my Casino for Kids

You joke but these already exist: mobile games and pc/console video games with microtransactions built in them (with what look like slot machines), and people gambling on the fake items they earn:
 
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McFirewavesJr

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You joke but these already exist: mobile games and pc/console video games with microtransactions built in them (with what look like slot machines), and people gambling on the fake items they earn:
Man this is immoral and illegal as it can be. I didn't see that one coming when he showed that the 2 guys actually owned the gambling website. I'm impressed.
 

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