By: Alecia Carroll

The concept of digital payment has gained much attention among youth in today’s digital world. Your teens are the most enthusiastic about a credit card once they hear you have received one. Teenagers are smart and techno-savvy; they’ll find several ways to break through your credit card security.

Usage of the credit card by teens is apparently on the rise. As per the NYC post,

• 21% of the 1,524 parents said their kids had used their credit cards without permission,
• 13% of parents said it happened multiple times.
• 18% of children aged 8-14 carry credit cards as guests on their parent’s accounts as of 2017, which has risen from 4 percent in 2012.

Teenagers are fascinated about using credit cards to an extreme level. They find carrying a credit card extremely handy and trendy than carrying money, as their parents, which is somewhat accurate. However, handing your credit card to a teenager may not always be safe.

Your child may use your credit card for buying games and goods that they often ask you for, but you always ignore them. Teenagers work hard to obtain ways to use their parent’s credit cards. However, many Credit card companies don’t take responsibility for your child’s actions.

If you are willing to know why teenagers love using parent’s credit cards, the risks associated with them, and how you can control your teenagers from using credit cards, here is the article for you that covers all these topics.

Why does a teenager love using parent’s credit cards?

The development of the internet has made it easier to buy things (including both necessary and unnecessary goods), especially for your child/teen, through an online payment. Here are some of the reasons why your teens love and end up using your credit cards.

• For purchasing in-app games, songs, movies, and other goods such as food, clothes, and entertainment stuff, teenagers often end up using their parent’s credit cards.
• Some teenagers do not choose to shop. Instead, they may use their parent’s credit cards to learn how to use credit cards.
• Some teenagers want to try every new technology that is hyped around the world, and conducting online payment using cards is also one of them.
• And, one of the main reasons teens use their parent’s credit cards is, as per the law teens under 18 are not considered eligible to have a credit card, so they end up using their parent’s credit cards.

If you are unknown about the risk of using your teens your credit cards, the information mentioned below may provide some knowledge.

Risks of using credit cards by teenagers

Undoubtedly, allowing your teens to use credit cards carries significant risks as teenagers lack proper credit card skills and records. Your teen may become the target of online predators or fraud. Some of the risks associated with the usage of credit cards are listed below:

• Teens often buy things they find attractive online without planning, spending parent’s money unnecessarily, which may create the impulsive buying habit in teens.
• Parents may end up facing an increment in debt. Sometimes, parents may not be aware of their teen’s usages of cards, or their teen may have purchased hundreds of items online.
• Using credit cards from an earlier age or allowing your teens to use your credit cards encourages them to spend more money.
• Teenagers can be victims of online fraud, scams, or phishing attacks online by the advertisement they may find attractive or emails or messages containing links that claim to be from credit card issuing banks.
• Sometimes, your teen may lose your credit card. Losing it may not be a big issue unless thieves get a hand on it.
• Teens are not mature enough to determine the fake online site and conduct purchases, becoming victims of online fraud.
• Teens are so innocent that they can easily be lured by the offers on the internet and get into the trap of frauds giving all the credit card details.

Now, let’s look at some tips or guidelines that may help you stop your teens from using your credit cards.

How to discourage teens from using their parent’s credit cards?

You might have become quite worried and stressed after knowing the risk associated with using your credit card in your teens. Here are some guidelines you may apply to your teens to limit or stop using your credit card as nobody can handle and manage the child as parents do.

Check your credit card statement frequently

Never ignore checking your credit card statement. The more frequently you check statements, the more chances of finding mistakes or knowing about unnecessary expenses that your teens have conducted. So, it’s better to check out your credit card statement as frequently as possible, even when you are not using your credit card.

Checking your card statement frequently helps to check whether your credit card has been hacked or not and also ensure nobody has used your credit card.

Use parental control app

You can also control your teen’s credit card usage by installing a parental control app. Best parental control apps help you to monitor and keep track of your teen’s online activities. Parents can view teens’ browsing history and check whether they have viewed a site that requires online payment using the parental app.

Besides this, parents can also block the sites that they find mischievous from their child’s phones or desktops. Parents can also get notified whenever their teens try to make payments through their credit cards.

Maintain credit card security

Credit card security is one of the essential factors that help you ensure that nobody uses your credit card. If you feel your child/teen has guessed or found your card’s PIN, then change your PIN as soon as possible to stop your teen from using your card.

So, frequently change your pin or password of a credit card so that your teens cannot use your password. Remember that you should not keep your PIN too easy to guess by someone close to you.

Remove the saved payment information

Your teens get a chance to hack passwords or use credit cards through the saved payment information on your mobile and computers. Saving payment information may provide convenience for you in the future, but it makes it easy for you teen who has a list of items they want to buy on the internet.

So always remember to delete all the payment information from your phones and computer if you wish to remove your teen’s habit of using your credit card.

Educate your teens about credit cards

Teenagers might think of credit cards as money-granting objects as they see their parents using credit cards for shopping. So, whenever they want to buy or make a payment, they automatically start looking for credit cards.

Thus, as a responsible parent, teach your teens about credit cards from an earlier age. Provide knowledge on why teenagers should use credit cards less and what consequences they might face if they are addicted to using them. Also, give them deep knowledge about money and saving.

Final thoughts

Teenagers buy different goods (including unnecessary) online that they find attractive. Moreover, with credit cards, this has become much easier and more convenient for them. But No worry if your teen uses your credit card. Following the above guidelines, you can manage your child’s habits of using credit cards.