OK , so I'm 15 years old and I'm a financially literate young man. I aced personal finance and financial planning ( financial planning is a class for 11th graders at my school , I took it in the 9th grade ). I have an ETRADE account and I earned $70 dollars and $33 of that is going in my bank account. I save money , earn interest , and I have all of the financial traits of a millionaire. My parents even said themselves that I'm a financially responsible person and I should I have no trouble becoming a multimillionaire before age 45 or even 40. But when I asked my parents for a debit card , they seemed hesitant. I know the difference between a debit card and a credit card and abprepaid card and a gift card. Quite frankly , I hate credit cards. Why would I want to use the company's money then pay a bill on it? Why would I want debt? Why would I want an interest rate? I even explained the process of going to the bank and depositing and withdrawing money from my account and that's dumb when I can use a debit card and have it easily withdrawed from my account. I promised them I would limit my purchases which I already do. This is the kid that turned $500 into $768. If anything , I'm more financially literate than they are. Mr dad needed me to explain to him the difference between a credit card and a debut card and he still didn't get when I broke it down to him. This is dumb. What do you guys think?

I think your dad may have been goofing with you that he didn't know the difference between a credit card and debit card.

There are a lot of good things with credit cards, which I'm not sure that you are aware of that you don't mention such as purchase protection and the way fraud is handled. Having a credit card only creates debt if you don't pay it in full each month. It's a great financial management tool for people who do pay it in full each month.

Debit cards do not provide the financial protection that credit cards do. It someone hacks your account, all your money can be gone in an instant. Most banks will provide some protection but it's based on the bank whereas with a credit card, it's federal banking law.

- That is probably what your parents are most afraid of. Having the card lost or stolen and your account drained.

Don't gloat about turning the $500 to $768, unless it's more than a market trend. The stock market increased over 20% in 2013 and 11% in 2014.

I think youre being childish. if youre parents dont want you to have a debit card tough. You have no other choice but to suck it up. Your logic seems flawed to me too, just because you save some money, and earn interest on it (which everyone does) doesnt mean youre going to become a millionare. You say you hate credit cards? How do you plan on getting a loan with no credit history?

You are NOT financially literate. You do not understand credit cards. I benefit over $1,000 a year using my credit cards. P S I enjoy going to the bank once in a while to visit my money in person.

The law does not allow minors to have a debit card.

If you expect the law to be changed purely for your convenience then you are the dumb one.

http://is.gd/instantloan