It is becoming much more common for parents to take an active role in their children’s credit future before they become adults. One of the ways that parents are doing this is with credit cards like this TDECU Family Classic MasterCard. With these types of cards, the parent and child will both have a credit card on a shared account with the parent acting as a primary credit card account holder. The parent can monitor the child’s activity and teach them how to use the card properly so they learn to avoid making credit-damaging mistakes when they are adults.
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Parents already have a lot of financial worries when it comes to their children. By teaching them how to use a credit card properly early on, it can free them up to work on other pressing issues like paying for college. The Suze Orman site has great tips about managing credit card debt and paying for college.
TDECU Family Classic MasterCard Rates
Since the TDECU Family Classic MasterCard is issued by a credit union, the credit card annual percentage rates for purchases, cash advances, and balance transfers are much lower than they would be if the card was issued through a bank.
There will be no interest charges at all for the first six months for cash advances and purchases.
If the cardholder wants to make a balance transfer, they will have no interest for the first nine months as well.
Balance transfers and cash advances can be very expensive with other credit cards when you add in the cost of interest and fees. The no-interest period can save the cardholder a lot of money if they can get the entire balance on the credit card paid off before this period ends.
TDECU Family Classic MasterCard Fees
While it is very common for most credit cards today not to have an annual fee, the fact that this MasterCard does not charge a fee for cash advances and foreign transactions is very uncommon. There is a 2% fee for balance transfers, with a minimum charge requirement of $10 and a maximum charge of $50.
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