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Credit card companies cannot get cards to kids even though they would love to. However, BillMyParents.com is kind of a bridge that may let kids use their parents’ credit cards indirectly. How does it work?
The kid without a credit card goes to the BillMyParents site and then goes shopping. The site works with Amazon, so they’ve got a big selection. The parent can then approve the purchase with their credit card or not. What’s really important is that the kid doesn’t have direct access to the credit card.
It’s not that different than setting up a Wish List, but it’s definitely an interesting idea. If you’re a parent, you could keep track of what your kid wants. You may also get an insight into things you had no idea about. “What’s an ‘iCarly,’ honey?”
Since BillMyParents is an Amazon affiliate, they get paid if they refer people to Amazon. I could see this being very useful for high school or college students to purchase books or school-related items. Also, you may be able to prevent your kid from getting too far into credit card debt if they are using your lower interest credit card via BillMyParents.com instead of getting their own card.
Site: [BillMyParents.com]
Read: [BusinessWire]
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