Don't add teens to a parent's credit card. High credit limits and a tendency for kids to lose things make that too risky.

Get a separate account that will only allow them to run up $200 to $500 worth of debt. Among our favorites is Elan Financial's Young Adult Visa or Mastercard.

Kids need to be at least 16 years old and accounts must be co-signed by an adult. Interest rates start at 14.24% with no annual fee as long as the card is being used.

Click here to learn more about the best credit cards for teens.

You'll find step-by-step advice for getting them started and making them responsible.