Should I give each of my nieces (11 and 15) a reloadable credit card to have money each month?

Question

My question is regarding what would be the most feasible way to do this. I don't want to get caught up on fees and whatnot.I would just give them the money but I do not live near them. Is a re-loadable credit card the best idea? if so, which one, and if not, does anyone else have a better idea? I appreciate the feedback. Thanks!

Answer 1

Prev answer made no sense... where did he get credit card debt from??? were talking PREPAID here right??? lol

If you want to stay away from fees i wouldn't suggest a reloadable credit card... they usually cost to reload.

what I would do is go to your local Credit Union and open an account (usually they have programs aimed at children or teens) they would have to be primary and you would be joint. all that you need is there social security numbers (for tax purposes) and date of births. you can sign for them because they are minors... anyway once you open the savings account you can order an ATM card, so every month or whenever you can just put money into a savings and they can take it out at ATM's when they need it. Most the time its free if you use credit union atms.