Is it OK for a 13 year old to have a credit card?
Children under the age of 18 are not allowed to enter into credit card agreements, but many card issuers will allow minors to become authorized card users. Some issuers have minimum age requirements, that necessitate authorized users must be at least 13 or 16 years old.
You can get a debit card from the age of 13 at most US banks when a parent or guardian opens a joint checking account on the child's behalf. These typically come with a contactless debit card or a cash card they can use to make ATM withdrawals.
Yes, in many cases, adding your child to your credit card account can help them build their credit. Some issuers allow you to add kids as authorized users as young as 13. That can give you several years of good credit history before they even become adults.
Bottom Line. It's possible to get a first credit card at a young age by becoming an authorized user on a parent's account, but the legal age to apply for your own credit card is 18. 18- to 20-year-olds must apply with a co-signer (which not all banks allow) or with proof of income.
Why Is My Child Receiving Credit Card Offers? If your child doesn't meet the conditions for having a credit card in their own name, an offer addressed to them could point to identity fraud. This happens to one in 50 U.S. children annually, robbing families of around $1 billion dollars.
The GoHenry debit card for teens can be used anywhere that accepts debit card payments and other types of contactless payments, such as Apple Pay (13+). This includes shops, online stores, and ATMs. Our safe spending controls automatically block purchases from 'over 18' merchants.
Name | Age | ATM use |
---|---|---|
Nimbl | 6-18 | Yes |
GoHenry* | 6-18 | Yes |
Osper | 6-18 | Yes |
Starling Kite* | 6-16 | Yes |
Add your child as an authorized user
A child generally only needs to be 13 to 15 years old to qualify as an authorized user and start building credit, while some card issuers have no minimum age requirement at all (read about the minimum ages for each card issuer).
If you're interested in building your child's credit before they turn 18, you can explore adding them as an authorized user to one or more of your credit cards. There is no legal minimum age for adding a child as an authorized user, however you should check your credit card issuer's policies.
Keep in mind that you can't get a credit card at 14, at least not one of your own. But if you find someone to back you, then you can start building credit right away. Plus, in just four years, you'll be eligible for student credit cards, secured credit cards, and other options for people who are new to credit.
Can I get my 5 year old a credit card?
Because people under age 18 can't open their own credit cards, you can't technically open a whole new credit card in your child's name — but you can still add them to yours. Adding someone to your account turns them into an authorized user, which gives them many of the same perks you have as the primary cardholder.
Becoming a co-signer for your child can be beneficial for their credit journey because they'll be the person making payments to the credit card account, not you. Having a credit card of their own as opposed to one connected to your account will also do even more towards helping your child build a strong credit history.
Age requirements for debit cards
Many financial institutions offer teen checking accounts for teens around 13 or 15 years old, which come with their own set of unique features and perks. Some institutions may even offer checking accounts for children as young as six years old.
Should you request a security freeze be placed on your minor dependent's credit report, a credit report is created for the minor and then frozen. You'll also need to complete this form and provide proof of your identity; proof of their identity; and proof that you are their parent or legal guardian.
Credit and debt statistics
17 percent of children aged 8 to 14 years have a credit card, and 19 percent in this age group have a checking account (T. Rowe Price) 73 percent of parents indicate they talk regularly with their children about saving and spending habits (T.
A credit card is essentially a means of taking out a loan; as such, you must be 18 to get one. If your child is under 18, the only way for them to “get” a credit card is to add them as an authorized user to an existing account. An authorized user is allowed to use the card but isn't responsible for paying the bill.
If you want to teach your child responsible spending habits, a debit card might be a great tool. Credit cards allow teens to charge as much as they want, whether or not they actually have the funds, which can lead to debt and bad money habits.
If you're aged 11 to 17 and a half, you can choose between a cash card and Visa debit card with our children's bank account. Cash cards can only be used to get money from cash machines and print mini statements. From 17 and a half, you'll need to use a Visa debit card.
Minors will need a parent or legal guardian who is at least 18 years old to get a debit card or bank account. Parents will act as a joint co-owner or sponsor on the account. Most traditional checking accounts require kids to be at least 13 years old, while prepaid debit cards for kids accept any age.
Generally speaking, at 13 years old, you can become an authorized user on the credit card of a parent, guardian, etc., but you won't be able to get a credit card as the primary cardholder until you are at least 18.
Can I get a PayPal card at 13?
A. No. A minor may not independently request or purchase a PayPal Prepaid Card.
But can a teenager open a bank account? Yes, but with some conditions. Those under 18 are often required to have a parent or guardian present, who may need to be an owner or co-owner of the account with the teen.
You have to be at least 18 to open a credit card account. A potential way to access credit if you're under 18 is to become an authorized user on someone else's credit card account. If you're under 21, you have to prove your income and show the ability to make monthly payments when applying for a credit card.
The most common way to build credit for kids is to add them as an authorized user on your credit card. Whether they're a young child or a teenager, you can add them to your account so they can begin building credit. Basically, becoming an authorized user allows them to “piggyback” on your credit.
That includes “borrowing” a child's identity to obtain credit or something else in their name. This is actually a type of fraud, although many parents may not think of it this way. It's largely a crime of opportunity.
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