I got myself two credit cards recently and I'm planning to give one to my parents who live abroad. Can anyone suggest me the precautions that I should advise my parents to take when using it. It is the first time they will be using a credit card. Thanks in advance.|||Don't. Maybe I'm jaded. I don't know.
But while I was enlisted, I added my mother to my checking account to pay my bills. Apparently my bills included her every whim, because I came home flat broke.
Your credit, your money, your life. Don't trust anybody.|||They must pay in full each month for what they spend.
Carrying balances can easily destroy your credit.
Why don't your parents just open a checking account and learn how to use a debit card instead? If they have never used a credit card before you are asking for serious danger to your credit reports if they are not good with money. (sounds like they are not good with money right now, I would not do this at all).|||I've said it before and I'll say it again, never co-sign for friends or family members because in most cases, the account is not paid on time and by the time you find out about it, the damage was done.|||I hope you're independently wealthy. The risk of them going on a major spending spree at your expense? Hope you love your parents ALOT
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