Earthmover Credit Union Visa Teen Investment Program (TIP) Credit Card

Earthmover Credit Union Visa Teen Investment Program (TIP) Credit CardThe Earthmover Credit Union Visa Teen Investment Program (TIP) credit card is an option for you if you are under 18 and seeking a credit card. It can be difficult for a teenager to get a card because it is illegal for any institution to provide you with a regular credit card before you turn 18. You are not able to enter legally binding contract such as this, even with your parents’ permission.

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This is a secured credit card to help teach you the responsibility of a credit card. You’ll be expected to follow the same rules and make the same payments as you would if you were using an unsecured credit card.

Earthmover Credit Union Visa TIP Credit Card Benefits

There are several benefits for choosing this credit card. As a parent, you can teach your child about the benefits of saving money. By requiring them to open their own savings account with Earthmover Credit Union, you can make them fully responsible for their account.

The minimum deposit to get this card is $150. For a working teen, this is a very manageable amount. Because their payments and good standing will be reported to credit reporting companies, your teen can begin building their credit.

This card has no annual fee and no maintenance fees. It has a low interest rate although; Earthmover doesn’t provide what that interest rate will be.

Any fees associated with this card will comply with the Federal Reserve credit card rules, that went into effect in August 2010. This will protect you from exorbitant fees.

Earthmover Credit Union Visa TIP Credit Card Considerations

One major consideration when allowing a teen to get a credit card is the possibility that they won’t be responsible with the card. As a credit card cosigner, the parent then becomes responsible for any debt incurred on the credit card. One way around this is to keep the spending limit to a minimum, such as the $150 deposit.

There is always the possibility that your teen will see this as free money, rather than a basic credit card secured with collateral. You need to use your judgment to determine whether they are responsible enough to have a credit card of any kind.

Earthmover Credit Union Visa TIP Credit Card Verdict

At first glance, the idea of a secured credit card for teens to teach credit card responsibility seems like a good one. However, it is also an easy trap. Both the parent and teen can be affected negatively if they cannot make a payment or if they spend too much on their card and cannot make their payments. However, if you really want to teach your teen responsibility, then this may be the perfect way to do it.

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