Prepaid Cards & Teen Checking

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My 13-year-old son is flying alone to go to summer camp in Colorado. I’d like him to have access to extra money in an emergency, but I think he’s too young for a credit card. What do you suggest? --H.T., Lynchburg, Va.

What We Learned From Mom and Dad About Money

You could get him a prepaid credit card, such as the American Express Bluebird card, which will let him charge up to the amount you load on it. You generally need to be 18 to apply for the card, but Amex lets an adult add up to four family members age 13 or older and charges no activation or monthly fees.

Or you could open a checking account for him. Wells Fargo’s account for teens 13 to 17 requires an adult co-owner but gives the teen a Visa debit card and makes it easy for parents to transfer money from other accounts and for teens to make deposits. There’s no monthly fee if you sign up for online-only statements. Alliant Credit Union, which was Kiplinger’s runner-up for Best Banks for Students, offers free teen checking with no activation or minimum balance fees.

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As the "Ask Kim" columnist for Kiplinger's Personal Finance, Lankford receives hundreds of personal finance questions from readers every month. She is the author of Rescue Your Financial Life (McGraw-Hill, 2003), The Insurance Maze: How You Can Save Money on Insurance -- and Still Get the Coverage You Need (Kaplan, 2006), Kiplinger's Ask Kim for Money Smart Solutions (Kaplan, 2007) and The Kiplinger/BBB Personal Finance Guide for Military Families. She is frequently featured as a financial expert on television and radio, including NBC's Today Show, CNN, CNBC and National Public Radio.