New credit cards for kids

By Whitney Grunder - bio | email

LUFKIN, TX (KTRE) - A weekly allowance is taking on new meaning. Now kids can swipe their very own credit cards.

"I wouldn't trust myself with a credit card, that's for sure," said 17-year-old Mary Rodriguez.

Launching the idea is an unlikely spokesperson, Kim Kardashian, wanting parents to manage money with their kids.

Making it possible, plastic designed for pre-teens.

The prepaid mastercard is being marketed as helping parents keep their kids safe by monitoring their purchases.

The pre-paid cards will help parents keep tabs on exactly what their kids are buying.

Mandy Chumley is considering the cards for her two pre-teens.

"That way parents can monitor the spending and you know basically they can put their allowance on that card and just kind of see what their kids interests are and make sure they are not spending it in inappropriate places," said Chumley.

Mandy says it will help teens build credit, learning not to abuse it.

"It just teaches them what credit is and how important it is to have a good credit report whenever they get older."

Not everyone is buying into the concept.

Some parents say there are better ways to teach kids about spending.

"They need to learn more how to manage money through maybe check writing, as opposed to credit cards. It's too easy for them to just charge and not look at balances," said Leanne Lucas.

Here's a shocker for mom and dad. These kids aren't so sure about the kiddie credit.

"You need to be old enough and responsible enough to have one," said Rodriguez.

"Some kids don't even know what they want. It's better to put that money into college, for college or something else in the future that's going to be worth it," said Lizbeth Escammila, 17.

They may be 13 going on 30 but they don't need Kim Kardashian's help in learning the importance of saving, rather than spending.

Kim is launching the new credit card this week. No word yet on when it will make it to wide release.

What do you think?  Are credit cards for kids a good idea?  Take our web poll.

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