(CNN) — Did you have a credit card when you were a kid? Chances are you didn’t, but that’s not the case with some of today’s children.
Credit cards / Photo Date: 7/19/2015 / Photo: Pixabay / (MGN)
A new survey finds more parents are trusting their children with plastic.
Eight percent of parents with kids younger than 18 say that at least one child has a credit card, according to a new report released by creditcard.com.
Twenty-one percent of parents said their children used their credit cards without their permission at least once.
Not surprisingly, the report also found the more a parent makes, the more likely a child is to have plastic.
Thirteen percent of parents who make more than $80,000 have a credit-card carrying child.
That's compared with five percent of parents in the $40,000 category.
The survey found location may also play a role.
Thirteen percent of children with credit cards live in the Northeast, 8 percent live in the South and West and 5 percent in the Midwest.
As you know, underage children can't apply for their own credit cards, but they can be added to their parents' card accounts as authorized users.
The downside: Experts say they can make unauthorized purchases and ruin their parent's credit.
However, there are benefits to giving your child a credit card.
Experts said it gives them a head start building their credit and learning how to manage their finances.
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