Parents Are Giving Their Underage Kids Credit Cards

More and more parents in the US are giving their underage kids credit cards. That’s according to a new survey by creditcards.com.

5% of parents have given a card to a child age 12 or younger and 4% to a child age 8 and younger.

Children younger than 18 can’t legally apply for their own credit cards, but they can often be added to their parents’ accounts as authorized users.

The study also found that wealthy kids are more likely to have their own credit card.