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Get Teens Started On The Right Foot With Credit

by Vincent-Strong-Editor-UK-Fast on February 6, 2012

in credit cards

It is never too early to begin developing good credit history. Parents may be hesitant to teenagers with a regular credit card, for fear the youths could put them into debt.

The Virgin Money pay monthly Visa is a great alternative. This prepaid credit card is available to UK residents age 13 or older and acceptance is guaranteed.

Prepaid cards are alternatives to credit cards for bad credit. They are topped up with cash and then used to make purchases up to the existing balance.

For parents who want to avoid the high interest rate of bad credit credit cards while teaching teens responsible spending habits, this is an excellent solution.

The Virgin Money prepaid card can even be used for online purchases, making it convenient for anyone who does not have a debit card or another credit card.

This card costs £9.95 and has a £4.75 monthly fee. There is no charge for topping up, which can be done by paying cash at a Post Office or using a debit card to pay online.

No transaction fee is imposed for purchases made within the UK but a £1.50 fee is charged for each UK-based cash withdrawal, discouraging teens from taking cash from the account.

Since this is a prepaid card, there is no interest charged on purchases and balance transfers are not permitted. A bank account is not required to obtain the card and a credit check is not conducted.

In addition to secure shopping in person, via telephone, and online, cardholders can find discounts at Virgin companies.

The Virgin Prepaid Visa features PIN and fraud protection, ensuring cardholder safety. Working teens can have wages paid directly on the card, to a maximum balance of £3,500.

Teenagers can check their spending by reviewing their account statements online and can eventually upgrade the card to another type.

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