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.
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.
Sign up for Kiplinger’s Free E-Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
-
What Wall Street's CEOs Are Saying About Trump's TariffsWe're in the thick of earnings season and corporate America has plenty to say about the Trump administration's trade policy.
-
The Role of the U.S. Dollar in Retirement: Is It Secure?Protect your retirement from de-dollarization, because “capital always goes where it is treated best."
-
Credit Report Error? They All Mattercredit & debt Don't dismiss a minor error. It could be the sign of something more serious.
-
Insurance for a Learning Driverinsurance Adding a teen driver to your plan will raise premiums, but there are things you can do to help reduce them.
-
529 Plans Aren’t Just for Kids529 Plans You don’t have to be college-age to use the money tax-free, but there are stipulations.
-
When to Transfer Ownership of a Custodial Accountsavings Before your child turns 18, you should check with your broker about the account's age of majority and termination.
-
Borrowers Get More Time to Repay 401(k) Loans
retirement If you leave your job while you have an outstanding 401(k) loan, Uncle Sam now gives you extra time to repay it -- thanks to the new tax law.
-
When It Pays to Buy Travel Insurance
Travel Investing in travel insurance can help recover some costs when your vacation gets ruined by a natural disaster, medical emergency or other catastrophe.
-
What Travel Insurance Covers When Planes Are Grounded
Travel Your travel insurance might help with some costs if your trip was delayed because of the recent grounding of Boeing 737 Max planes.
-
Ways to Spend Your Flexible Spending Account Money by March 15 Deadline
spending Many workers will be hitting the drugstore in the next few days to use up leftover flexible spending account money from 2018 so they don’t lose it.
