@MaisCher wrote:I liked the suggestion of just having it setup on auto pay instead of him paying in full on payday. He banks with Wells Fargo and has a USAA savings account but neither had cards I thought would benefit him much.
Citi Double Cash is looking good as someone else suggested it's no hassle. I don't think he's ready for the "maximizing benefits" lesson yet since his attention span is terrible lol He needs a swipe and go option. I only want him with one card now because too much credit is still too tempting for a child his age.
When people come to myFICO looking to rebuild their credit, it is not because they missed out on rewards. It is because they missed payments.
The BBR focuses the reward structure on what really matters to build credit: Payment on time.
All good points. For me, I'm more comfortable starting him slowly. He knows all about responsible driving habits but although I can afford to get him a mustang I'm more comfortable with him driving my old SRX mom-mobile. LOL It's all about balance in our household. He has some time and he's on the right track.
Thanks for all the great advice!
@Anonymous wrote:
@MaisCher wrote:I liked the suggestion of just having it setup on auto pay instead of him paying in full on payday. He banks with Wells Fargo and has a USAA savings account but neither had cards I thought would benefit him much.
Citi Double Cash is looking good as someone else suggested it's no hassle. I don't think he's ready for the "maximizing benefits" lesson yet since his attention span is terrible lol He needs a swipe and go option. I only want him with one card now because too much credit is still too tempting for a child his age.Smart mom should get her son into navy federal asap.
I know! I've been meaning to switch his savings from USAA and just haven't yet. You are correct though, I need to get him in.
@Open123 wrote:
kdm31091 wrote: Its best to learn the basics first i.e. responsible charging and paying on time.In my view, meeting one's obligations and maximizing rewards are both pretty basic and rudimentary concepts that often work together. I've never understood the "one or the other" concept on this forum. It's not rocket science. While I'm sure this isn't a good idea for some 18 year olds, there are many other 18 year olds (I know many personally), who in a few short months has mastered credit and rewards maximization to a level of understanding that far surpass that of their parents and many on here who have been at it far longer and are far older in years.
It's not about age, but about the abilities, discipline and maturity of the individual.
Of course, I'd never tell anyone how to raise his/her children. But, in my estimation, it's best to keep an open mind that "some" young people are just naturally gifted in this area, and will naturally excel far more quickly than others. My preference is to always expect and demand more from the Individual, rather than falling back on generalities, such as "too young to handle credit and manage it responsibly."
Yes, everyone is an individual, with different objectives.
In these debates where some myFICO member is asking for advice for someone else, it is important to remember that each person must make their own choices about how to approach credit, because at the end of the day, that individual must pay the debts they signed up for, and manage all the cards they took on. Some are more active, meaning everyone on this thread brings an extensive knowledge about and interest in maximizing rewards.
Since OP is suggesting a personal card for her son, and her son is not taking the initiative to ask about what is best, it's important to keep the suggestion down to one card. While there are many good suggestions in the thread, getting away from the BBR gets into nuances of rewards that at this level of spend are just not going to amount to anything. If I hear correctly also, issues like the DC minimum rewards threshhold cause further confusion. The BBR, at the actual known cash back rates provided, is not going to be meaninfully improved upon without a lot of extra effort that the son is not asking about. If he chooses to expand what cards to look at, fine, that he can do on his initiative.