"Dad, Can I Borrow the Credit Card for Father's Day?"
Things have been tougher for young adults since the Credit CARD Act placed age and income restrictions on credit cards. You have to be at least 21 to get a card on your own, or else you have to be able to show proof that you have the independent means to repay your debt. This is tough to do when you're still in college. So young adults and their parents have had to get a little creative when it comes to credit. But even though you might be using Dad's credit card, there are still ways to get him something special without maxing out his card.
Dad's Credit Card Bill Can't Keep a Secret
- If you're an authorized user on Dad's rewards credit card, then take advantage of it. No, that doesn't mean a trip to the Bahamas for you. Find out what the rewards card covers and buy Dad's gift at a store where he can also get the rewards points. He'll appreciate your ingenuity!
- If you've got your own card because your parents were co-signers, here's a chance to reward their faith. Let your dad know that you bought his gift with your card. Thank him for giving you an opportunity to build credit at a young age. With the new card legislation, it will become increasingly difficult for young people to have a credit history by the time they leave college. So you really have been given a wonderful opportunity.
- If you actually got permission to use Dad's own card on his gift, then do him a favor and buy a modest, but thoughtful gift. Gifts such as cheap-seat tickets to watch his favorite baseball team (and, yes, you have to go with him) or a framed photo of the two of you on a fun family vacation.
Whatever credit card scenario fits your situation, take time to let your dad know that you appreciate the helping hand. Just a few words of thanks will make it the best Father's Day ever for your dad. Yes, even if he's paying for his own gift.