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Million Mile Secrets reader, Christine, commented:
At what age should you begin building a credit history and points strategy for a child?
One way to help your child establish credit history is by adding them as an authorized user to your account. But some banks have an age requirement for becoming an authorized user.
Giving a child a credit card is also an excellent opportunity to teach them about healthy credit and financial habits, including paying balances off in full each month.
4 Tips to Help Children Establish Credit and Get Started With Miles & Points
Miles & points enthusiasts love sharing the benefits of the hobby with friends and family. And teaching children about credit cards and miles & points can encourage their passion for Big Travel with Small Money!
Here are tips for parents like reader Christine looking to introduce children to the hobby.
1. Add Your Son or Daughter as an Authorized User
Authorized user cards are great for kids because they can help start building a credit history and increase their score.
Team member Jasmin’s daughters both have authorized user cards on her Chase Sapphire Preferred account. Not only is this helping her daughters establish credit history, but Jasmin also benefits.
Plus, some cards offer a bonus miles or points just for adding an authorized user. Just remember that as the primary cardholder, you’re responsible for ALL charges to your account. So don’t add a child if you’re concerned about them going on a shopping spree (or consider limiting access to the card). 😉
Being an authorized user can also be an educational experience for your children. You can teach them about:
- Avoiding fees
- Paying card balances in full each month
- Staying organized and managing bill payments
Some card issuers require an authorized user to be a certain age. Here’s a look at the requirements at the major banks:
|Bank of America||None|
Some banks ask for the Social Security Number of an authorized user and some do not. But the account should link to their credit profile based on home address.
Keep in mind, even though your children might have a credit history and credit score, it can be difficult to track. Because to sign-up for helpful tools like Credit Karma, you must be 18 years old.
2. Your Child Can Get Their Own Travel Rewards Card at 18
After establishing credit history as an authorized user, your child can apply for their own travel credit card when they turn 18.
Because your son or daughter will have a head start with credit cards, it’s possible they might qualify for an excellent miles & points card. These would be my top card picks:
- Chase Sapphire Preferred® Card
- Chase Freedom
- Chase Freedom Unlimited
- Capital One® Quicksilver® Cash Rewards Credit Card
- Capital One® Venture® Rewards Credit Card
Keep in mind, most banks allow you to include income from others (like parents) if it’s used to pay your bills. So even if your child doesn’t have steady income or a full-time job, they’re still eligible to get a card and earn a new cardmember sign-up bonus!
3. Teach Your Kids the Value of Earning Rewards
Showing your kids the value of miles, points, or cash back can help them get excited about their future in the hobby.
Team member Keith remembers his mom teaching him about savings accounts as a child. And this sparked his interest in personal finance. It can be similar for parents who talk to their kids about miles & points.
4. Sign-Up Your Kids for Frequent Flyer Accounts
Generally, there’s no minimum age to get a frequent flyer account. Even if your kids only fly occasionally on family trips, the miles they earn can add up over time!
Team member Jasmin’s 3 children have frequent flyer accounts to earn miles for flights. And team member Meghan’s 1-year-old daughter has already earned Delta miles!
Help your kids establish credit history by adding them as an authorized user to your credit card account. Plus, you’ll earn miles, points, or cash back for the purchases they make!
Having a credit history will help your kids once they turn 18 and can apply for their own travel credit cards.
Teaching your kids about earning valuable miles & points can spark their interest in travel and encourage healthy credit habits.
And don’t forget to sign-up for frequent flyer accounts for your children. Earning miles every so often can add up over time and can be a good starting point once they’re ready to earn lucrative card sign-up bonuses!
What tips would you share to fellow parents in the miles & points hobby?