Establishing Credit History

SmithieandProud
Thu, 10 Jun 2010 08:27:09 +0000

As for her access ot cash - You could get her an account with just an ATM card, so she could only withdraw cash, rather than a debit card where she cuold withdraw straight from checking, but that’s not a very smart idea. Mainly because with a debit card you’re only withdrawing what you actually need to spend on that purchase. So if she’s in a Starbucks, she’ll pay with her debit card and only the $3.50 that the coffee cost will be deducted. With an ATM card, first she has to schlep to the cash machine, then she can usually only withdraw in units of 20, so she gets $20, to buy a $3.50 coffee and then she’ll just have a bunch of ready cash on hand that she’ll probably end up blowing on something she doesn’t really need or want just cause it’s close by. It makes it harder to keep track of your purchases IMHO.