How Teens Build Credit in Canada: Credit Cards, Buy Now Pay Later, and Common Mistakes

Credit can shape your teen’s financial future long before adulthood, sometimes without parents even realizing it. In this episode of The Great Canadian Piggy Bank, host Christi Rae is joined by Barry Choi, founder of Money We Have and a regular contributor to The Globe and Mail, to break down how teens actually build credit in Canada today.

We cover how supplementary credit cards work, when teens should get a credit card in their own name, and why buy now, pay later options like Klarna and Afterpay are becoming a hidden risk for young people. Barry explains the most common credit mistakes teens and young adults make, why obsessing over a perfect credit score isn’t helpful, and how parents can teach responsible credit habits without fear or shame.

If you’re raising a teen in Canada, this episode will help you turn credit into a practical life skill, not a financial landmine.

Show Links:

Website: ⁠https://www.moneywehave.com/⁠

Instagram: ⁠https://www.instagram.com/barry_choi⁠

Facebook: ⁠https://www.facebook.com/moneywehave⁠

Youtube: ⁠https://www.youtube.com/@BarryChoi/shorts⁠

TikTok: ⁠https://www.tiktok.com/@barry_choi⁠

Chapter List:

00:00 Building Credit

01:30 Credit Basics

02:03 How is Credit Different Today?

02:52 How to Build Credit

04:45 When to Obtain a Credit Card

05:24 Buy Now, Pay Later Options

08:40 Common Credit Mistakes

09:29 Credit Scores

10:48 When to CoSign

12:43 TakeAways