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 cosigned 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.