Reply to College student - credit cards, limits, Ubers, food

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[quote=Anonymous]Hi OP - I can see from your note that you had a reason for an allowance, and a budget. That would be the end of the story for a lot of kids, but not yours. I don't think you did anything wrong at all, but I would do two things:
1) Have a conversation about why he is exceeding his allowance, and what he thinks will happen if he does. I assume you are not ruining his credit, but paying overdraft fees on his account. So actually, this is more expensive for you than just the excess allowance. If he has some good reasons for being above budget, then you have the choice to increase the allowance. 
2)If after the conversation (which you may have already had), there is no allowance increase, then you need to explain that the financing needs to change because you are the one bailing him out. Capital One has a linked debit/checking account for kids. It is a debit card, not a credit card, and you can transfer money into the account each month. He will not be able to overdraft then. Another option is a credit card with a spending limit. I assume the credit card he has is backed by you, so cancel it and switch to one of these options.[/quote]

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