My son getting credit card advertisements in the mail

[Don2 (Don1 Revised)]

My son is 14. I have lost count on how many ads he has received in the mail for credit cards. Things like "Start your credit history now!"

This latest one has a picture that some jackass in the Marketing department of the credit card company thought was cool to target younger people:


I've seen a similar argument in some of the oil price threads to the question I will now ask.

Suppose all the credit card companies are sending these ads to minors early, getting them thinking about these things too young and it results in bigger profits.

Now particular company X hasn't yet started sending their ads to minors. Should they just not do it and take the loss, giving up valuable business to all the other credit card companies?

 

[Elixir]

Should they just not do it and take the loss, giving up valuable business to all the other credit card companies?

Nah. They should aggressively vilify the other Companies who are taking advantage of The Chilluns. Make a loud and solemn promise to restrict their offers to those 18 and over, and boast about their righteousness.
NEVER give up the field to The Enemy!!

 

[Jimmy Higgins]

Well, this should be expected of companies that make their money when people don't spend sustainably.

 

[Cheerful Charlie]

When your cat starts recieving credit card offers, we will know things are going to far.

 

[Jarhyn]

I wonder sometimes what life with no debt will feel like, and if I will ever experience it.

Oh, to never need a loan, and to never borrow again.

To not be owned by anyone or anything in this world but those I bind myself to with mutual, personal consent and to know freedom.

To be truly unshackled and unbound from all, with an open path forward towards my dreams.

Maybe that means finally getting to go back to school.

Maybe that means doing the research I want.

I have only ever had small debt, except for the student loan. And that is smallish now.

Credit cards are a trap. Perhaps the real test if someone is "poor" is that their debt increases faster than their assets...

 

[rousseau]

You could call your local member of government, and advocate for policy that restricts advertising credit cards to minors. Though, I think most people would settle for educating their kids, and taking themselves off the company's mailing list.

The problem with situations like this is if a company can do it, almost nothing will stop the company from doing it. Because 'companies' don't make decisions, they're socially designed to make profit. Likewise, policy never gets enacted by government because nobody cares enough about the problem to do anything about it.

Until someone, somewhere makes the selfless effort to stop the problem, it'll keep happening.

 

[thebeave]

I don't see how giving credit cards to minors (especially a 14 year old) would be a benefit to the credit card companies. The vast majority of kids have no credit score, no credit history, no source of reliable income and little knowledge of how credit actually works. Just a bad, bad risk overall. I would presume then, that the parents have to co-sign for the card, correct? What kind of moron parent would do such a thing for a 14 year old? Seems to me a major part of the problem here is the parents who are enabling and empowering the credit card companies to do this in first place. Amirite?

 

[Jimmy Higgins]

I don't see how giving credit cards to minors (especially a 14 year old) would be a benefit to the credit card companies. The vast majority of kids have no credit score, no credit history, no source of reliable income and little knowledge of how credit actually works. Just a bad, bad risk overall. I would presume then, that the parents have to co-sign for the card, correct? What kind of moron parent would do such a thing for a 14 year old? Seems to me a major part of the problem here is the parents who are enabling and empowering the credit card companies to do this in first place. Amirite?

Yes... it's the parents. It's always the parents. Massive financial institutions are the victims here.

 

[TV and credit cards]

I don't see how giving credit cards to minors (especially a 14 year old) would be a benefit to the credit card companies. The vast majority of kids have no credit score, no credit history, no source of reliable income and little knowledge of how credit actually works. Just a bad, bad risk overall. I would presume then, that the parents have to co-sign for the card, correct? What kind of moron parent would do such a thing for a 14 year old? Seems to me a major part of the problem here is the parents who are enabling and empowering the credit card companies to do this in first place. Amirite?

They're priming the pump.
Mom and dad say no which makes junior want it all the more. Just wait'll he turns eighteen. He'll have all the tattoos and credit cards he wants.

 

[Jimmy Higgins]

I remember getting a credit card in college, because of the convenience of being able to order things like tickets over the phone. I remember having to take a long trips just to get tickets to Yes and The Who when paying with cash. This is right before bank cards became a thing.

These days a bank card is all one needs, especially a minor! They can do anything with it... assuming the have the money.

 

[thebeave]

I don't see how giving credit cards to minors (especially a 14 year old) would be a benefit to the credit card companies. The vast majority of kids have no credit score, no credit history, no source of reliable income and little knowledge of how credit actually works. Just a bad, bad risk overall. I would presume then, that the parents have to co-sign for the card, correct? What kind of moron parent would do such a thing for a 14 year old? Seems to me a major part of the problem here is the parents who are enabling and empowering the credit card companies to do this in first place. Amirite?

Yes... it's the parents. It's always the parents. Massive financial institutions are the victims here.

You didn't comprehend what I wrote. I said parents are a major part of the problem, not the sole problem, nor did I absolve the credit card companies of any wrongdoing. I'm basically thinking out loud about how the CC companies can think its a sound, financial policy to give CCs to 14 year olds with no credit history or income, without the parents actively participating in this sham. The world is full of people wanting to rip you off, and government and laws are not always going to be there to protect you. People need to learn this, be skeptical and take responsibility for their actions. If anything, the takeaway from this is that parents need to make these ridiculous CC offers a "teachable moment" for their kids. And I do like your idea about using a debit bank card as a way to purchase tickets, etc for kids. Having some kind of bank card number to buy stuff (especially over the internet) is pretty much a necessity these days for anyone who can earn some money. Its how I do it. I haven't had a general purpose CC since 2009. I use only a debit card for all purchases.

 

[thebeave]

I don't see how giving credit cards to minors (especially a 14 year old) would be a benefit to the credit card companies. The vast majority of kids have no credit score, no credit history, no source of reliable income and little knowledge of how credit actually works. Just a bad, bad risk overall. I would presume then, that the parents have to co-sign for the card, correct? What kind of moron parent would do such a thing for a 14 year old? Seems to me a major part of the problem here is the parents who are enabling and empowering the credit card companies to do this in first place. Amirite?

They're priming the pump.
Mom and dad say no which makes junior want it all the more. Just wait'll he turns eighteen. He'll have all the tattoos and credit cards he wants.

Nah, he'll probably buy a big TV. Then he can have a have a cool screen name like "TV and credit cards".

 

[Don2 (Don1 Revised)]

I don't see how giving credit cards to minors (especially a 14 year old) would be a benefit to the credit card companies. The vast majority of kids have no credit score, no credit history, no source of reliable income and little knowledge of how credit actually works. Just a bad, bad risk overall. I would presume then, that the parents have to co-sign for the card, correct? What kind of moron parent would do such a thing for a 14 year old? Seems to me a major part of the problem here is the parents who are enabling and empowering the credit card companies to do this in first place. Amirite?

Yes... it's the parents. It's always the parents. Massive financial institutions are the victims here.

You didn't comprehend what I wrote. I said parents are a major part of the problem, not the sole problem, nor did I absolve the credit card companies of any wrongdoing. I'm basically thinking out loud about how the CC companies can think its a sound, financial policy to give CCs to 14 year olds with no credit history or income, without the parents actively participating in this sham. The world is full of people wanting to rip you off, and government and laws are not always going to be there to protect you.

In this case, I think it may actually be illegal. So the laws are there to protect 14 year olds. (Unless it got de-regulated under Trump).

However, that said, the nature of the credit card shenanigans isn't something that teens will most often complain to their parents about, then their parents will have time and energy to figure out who to report this to, then listen to someone on the other end say, "yeah, so you got an envelope from a credit card company. Did you try throwing it out?" and yada yada yada.

So, credit card companies (it appears) are doing a cost-benefit analysis here. They most likely don't get in trouble, but their marketing to teens creates future debtors that increases profit such that the profit > the risk of financial loss and fines.

All that kind of ignores the original question, though.

 

[TomC]

My son is 14. I have lost count on how many ads he has received in the mail for credit cards. Things like "Start your credit history now!"

Maybe the problem is you?

Maybe the credit card companies are targeting the 14 y/o children of parents who will cover whatever debts their kids incure?

Modern advertising algorithms are extremely sophisticated.

Welcome to the world of Facebook.
Tom

 

[Don2 (Don1 Revised)]

My son is 14. I have lost count on how many ads he has received in the mail for credit cards. Things like "Start your credit history now!"

Maybe the problem is you?

Nope, that's in your mind.

Maybe the credit card companies are targeting the 14 y/o children of parents who will cover whatever debts their kids incure?

Nope, that is also in your mind. My son has no debts. My son has never had debts. Neither do I have debts and neither does my wife have debts. Directing this at me is a fiction in your mind.

Modern advertising algorithms are extremely sophisticated.

I don't think it's sophisticated. Somehow they got his name and address once he took the PSAT and colleges started sending him letters as a high school freshman.

Welcome to the world of Facebook.
Tom

Facebook is not related to this.

 

[TomC]

I don't think it's sophisticated.

Ha ha ha!
You don't think modern advertising is sophisticated? Driven by algorithms?

Holy Crap

Tom

 

[Don2 (Don1 Revised)]

I don't think it's sophisticated.

Ha ha ha!
You don't think modern advertising is sophisticated? Driven by algorithms?

Holy Crap

Tom

I don't think credit card companies sending letters to people in snail mail is as complicated as Internet algorithms. I also don't think your attempt to put this on me is relevant, just unnecessary drama that you like to create.

 

[TomC]

I don't think credit card companies sending letters to people in snail mail is as complicated as Internet algorithms.

Those snail mail cost a lot of money each.

Why did your kid get so many you're bitching about it on the internet?
Tom

 

[TomC]

I also don't think your attempt to put this on me is relevant, just unnecessary drama that you like to create.

This is your thread dad.

Tom

 

[Don2 (Don1 Revised)]

I don't think credit card companies sending letters to people in snail mail is as complicated as Internet algorithms.

Those snail mail cost a lot of money each.

Why did your kid get so many you're bitching about it on the internet?
Tom

The purpose of this thread isn't to bitch. I asked a question in the op post:

I've seen a similar argument in some of the oil price threads to the question I will now ask.

Suppose all the credit card companies are sending these ads to minors early, getting them thinking about these things too young and it results in bigger profits.

Now particular company X hasn't yet started sending their ads to minors. Should they just not do it and take the loss, giving up valuable business to all the other credit card companies?

You are apparently not interested in discussing the topic of the thread but only in trying to make personal insinuations. I have already put you on ignore for a long time due to your insistence on unnecessary drama. So, now, I am just going to not click the link to see ignored content. If a miracle happens and you decide to actually engage in the topic of the thread, then perhaps someone else will respond and something productive can develop.