As a teen, you’re going to start getting a lot of mail offering you credit cards. Beware — credit cards are loans, not “free money.”  That means you have to pay the money back.  And if you don’t pay it back on time, you’ll have to pay back even more than you borrowed!

Some lenders who offer credit cards to teens under age 18 charge very high interest rates and fees. These lenders are betting you’re so excited about getting a credit card that you won’t notice the high price you’re paying. You and your parents can learn more about predatory lending in “Module2: Breathing Without Air” and “Module 3: Kick Some Buck” at FoolProof for Parents and Grandparents, our interactive online learning center.

Not all Visa Cards are Credit Cards

You don’t have to wait until you’re 18 to get a low-cost Visa card. If you are 13 or older and have an Elevations Checking Account, you can get a Visa Check Card.  A check card looks just like a credit card, but it works the same as writing a check.

When you make a purchase using your Visa Check Card, the money comes from your checking account, not a loan. Since it’s not a loan, you never pay interest!  You also get in the habit of thinking before you buy because you are spending “your” money from “your” checking account.

Also use your Visa Check Card at ATMs to make deposits and get cash.