Having a card is a big step in the person’s financial education process. Considering this type of card is an option for testing financial responsibility or perhaps improving children’s spending mindset.
The credit card for minors works as an exception that credit card companies make for young people. They are registered by owners or guardians.
So, a credit card for a minor is a card available to young people who are 16 years old or fall under some rules, such as:
- To be emancipated;
- To work;
- Being a university student.
In this way, it is possible for a minor to have a card of its own or in addition to the cardholder.
How to get a card being under 18?
To get a credit card for children under 18 you need to choose some special rules or situations. Among these, you can have a card in the following situations:
Child credit card or additional card: This is a card intended for dependents, it is linked to the cardholder card and shares both the bill and its limit;
Youth or college account card: When creating a college or youth account, institutions tend to offer a debit card that will work by consuming the account balance. The age range varies from 16 to 21 years in this modality;
Allowance card or prepaid card: acts as a gift card. This way, the amount loaded on the card can be used, but no more. The advantage is that companies generally allow more than one load and use;
Emancipated minor card: This is a type of card intended for minors who have attained the title of independent. Thus, responsible for their own actions;
Card for young people who already work: works similar to emancipated, but there are exceptions. In some cases, you do not need emancipation, but have a certified monthly income and pass the credit assessment.
How to apply for a minor credit card
To apply for a card, it is first wise to do a search between credit card institutions and operators. This way, by searching and comparing it is possible to discover offers and plans with better conditions. Now there is a plethora of cards, although the best known flags are Mastercard or Visa. It is even possible to get even international cards that have no monthly fee or annual fee.
However, when it comes to underage credit card, most institutions request the holders or guardians and / or the following documents:
- Photo ID or ID (must also contain the CPF in this document);
- Proof of emancipation (for cases in which the minor is already emancipated, if necessary, presentation of the emancipation document);
- Proof of income (taking into account employment contracts and work card);
- Proof of residence or address (the newer the better).
It is common for institutions to perform a credit analysis and dirty system name check to see if they are in fact fit for a card.
Another common point is that some institutions apply for a minimum credit card age of 16 years.
However, credit cards for dependents may also be granted to husbands and wives and dependents under 16, ranging from 12 to 15 years, in some carriers.
Generally, these under-16 institutions work with prepaid or prepaid cards and additional cards. These cards hold cardholders responsible and only they can apply for the card.