Come on, it's ridiculous. It's just patching up the symptom, which will and always does bleed through. Why do you care anyway on what they spend the money they have? They might as well buy this and that which you think is useless and have no value to you and then prohibit the purchase of this and that for everyone. Plus, if you give kids your credit card, then it's your fault. Stop trying to regulate the sh!t out of everything and call it a day.
I would also like to add that ridiculous amount of money is going into cosmetics in games such as League of Legends, and no, the criteria for gambling doesn't apply here. What should we, or rather the goberment!11!1 do to solve the issue of not being able to raise a kid and pay attention to them?
Look, if your kid empties your credit card, do not hold anyone but yourself responsible for it, and do not think for a second that prohibition of arbitrary things will solve that.