| Can a Minor have a credit card, if they earn a taxable income?
Can a Minor have a credit card, if they earn a taxable income?
My minor child has a significant taxable income,as a working actor.
Since we try to keep the household income ( my and my husbands)and expenses separate from her business we would also like to keep any credit related expenses separate.
She is required to "function" like an adult in terms of her business, such as paying for flights, hotels and various expenditures related to her business.
In light of those facts is it possible for her to have a credit card in her name ( poss. with a co'signature of a parent)?
The main reason for the credit card would be to keep an accurate accounting and to even possibly build credit for her.
Yes,Her income is large enough to cover any credit card payments in a timely manner.
As with any business there is the occassional need to have a credit card.
Please be advised this is for a 12 year old.
Thanks,
The 12 year old will NOT be using the credit card at "will" , it will be for business only.
She already has a debit card with a limit, to use at the mall etc....
This is an serious question, she earns 6 figures and I'm trying to make sound decisions so please answer with a "real' answer not just an opinion.
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