My daughter is turning 16 in a couple of months. She is already an authorized user on our Double Cash card (thought she doesn’t have or use it) and I wanted to add her to our Costco Visa which we use for gas. Turns out Costco visa does not allow minor authorized users. How do you all handle gas purchases with your kids? Credit card? Debit card? Any suggestions appreciated. Also any ways to save money when adding her onto insurance (she’s already backed into a parked car! $1500 bill), or anything helpful you can share regarding newly licensed teen drivers in general would be great.
I added my minor child to Capital One Venture One Visa card. I think she was a minor? Or was she a college student? Well, call them
Authorized user on Amex Blue Cash. That’s not the card I generally use for gas, but I care more about control of the card than I do about cash back.
We either gassed up the car ourselves or went along with her to pay while she pumped. That was only 1 year because she didn’t get her license until senior year in high school. Once in college, she had the car there for 2 years and by then had a credit card of her own.
She got a ‘good student’ discount on our insurance…had to send in a copy of the transcripts to prove it.
I would sit down with her and explain your insurance – liability vs comprehensive, how the deductible works, what to do in case of an accident, explain the claims process, how you can be partially at fault, how insurance rates can go up if you file claims, etc.
Make sure she has taken and passed a driver training program, and require that she keep a B or above average to be allowed to drive. Both of those with reduce the cost of insuring her.