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Firstly, let's take a minute to look at the advantages of owning a credit card.

1. Credit cards can be the Saviour in times of dire need, as an aid to securing instant financial assistance.

2. The credit card, to a large extent, eliminates the need to carry cash around.

3. Some card providers will give cash-back on purchases.

4. Purchase protection, if goods or services are defective the card provider will assist in rectifying problems.

5. A sensible user will be establishing, or enhancing their credit rating.

So, should teens have credit cards?

Should we place our teens on the first step on the ladder of fiscal responsibility?

Well, it's not really for me to answer those questions for you; this is a matter for you, the reader, to decide. My purpose in this article is to render advice from the positive perspective, because I believe that teens should be allowed to have credit cards albeit under positive guidance from someone who takes their best interests at heart, the parent(s).

Let me breakdown the five points above in parable form.

1. Sally borrows the car so that she can go to see an old school chum who moved way out into the countryside. In the middle of nowhere the car splutters to a halt. The parents are away on vacation and she now finds herself isolated and vulnerable in this deserted spot. Fortunately she has her flexible friend, the credit card, and her mobile. With just these two tools, she can get assistance quickly out of this nightmare situation. If the vehicle cannot be repaired at the roadside, she can use her credit card to get back home from the repair center.

2. Sally is on a mission to purchase an expensive entertainment system, but is worried about having the necessary cash on her person due to the amount of money involved, she doesn't even want to carry her credit card either. The alternative for Sally is to purchase the item over the phone, using her card to make the payment, because of this she may leave her card safely at home. All of Sally's problems are solved.

3. Sally and her entertainment system are safely back at home, and she realizes that she has saved $50 on her $1000 purchase because she has a card that has earned her a 5% cash-back on the deal.

4. After a week, the entertainment system develops a fault, the establishment she bought it from says that it is not prepared to do anything because it is over a week since the purchase was made. A quick call to the credit card company

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