"Spitzer should have used a stored-value card and put money on that, " says Gregory Calpakis, executive director of the Association of Certified Anti-Money Laundering Specialists in Miami.

FORBES: Cash Is King

"Young people who have been made responsible for some of their own expenses learn early about the value of earning, as well as the decision to spend money, " says Kevin Meehan, a certified financial planner in Itasca, Ill.

WSJ: Beware College Students Carrying Credit Cards