Credit cards and the Net

One of the realities of the Internet is that, armed with a credit card, your children can potentially shop online, make purchases and gamble.  In fact, credit cards are often used for age verification to enter gambling sites.

If you have a Use Agreement with your child, and your child has their own credit card, you could add to that agreement that they won't make any online purchases without asking you first.

Regarding your own credit card, a good safety strategy is to have a PIN number for using your card.  You could also look at your card's credit limit.  If it is considerably higher that your normal monthly charges, you could consider asking your bank to reduce the credit limit.  For if your child misuses your card up to your credit limit, you are responsible for the charges.  You can also ask your bank if they monitor credit card usage patterns.  Some do and will give you a call if your card is suddenly used for an atypical charge or in an atypical manner.  This can help alert you if someone else is using your card.

Children being able to access their parents' credit cards is nothing new, but the ease with which the cards can be used online is.