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Credit Cards Q&A

Q: My 16 year-old daughter has been lobbying us hard for a credit card. She says some of her friends have special credit cards for kids. Is that true?
A: Thank you for your question. Your daughter's right; there are prepaid cards being marketed towards teens. They're somewhat like a gift card: the parent puts a certain amount of cash on that card, and when it's used up, the fun's over. It won't help your child build a credit history or teach her about interest payments, but it will teach her about staying within spending limits.
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