Can My 13-Year-Old Get a Credit Card?
Age Requirement
Key Facts
- Age Requirement: Generally, you have to be at least 18 years old to open your own credit card. This is because individuals under 18 are typically considered too young to enter into contracts, including credit card agreements.
- Extra Requirements for Under 21: If you are under 21 years old, there might be additional requirements to get your own credit card. These requirements are in place to ensure that young individuals have the necessary financial responsibility and understanding before obtaining a credit card.
- Parental Involvement: While it may not be possible for a 13-year-old to get their own credit card, there are alternatives that involve parental involvement. Some parents choose to add their children as authorized users on their credit cards. This allows the child to have a card linked to the parent’s account, but the parent remains responsible for the charges and payments.
Generally, individuals must be at least 18 years old to open a credit card account (Capital One, 2023). This is because minors are typically considered too young to enter into contracts, including credit card agreements.
Additional Requirements for Individuals Under 21
Individuals under 21 years old may face additional requirements to obtain a credit card (Capital One, 2023). These requirements are intended to ensure that young individuals possess the necessary financial responsibility and understanding before acquiring a credit card.
Parental Involvement
While a 13-year-old cannot obtain their own credit card, there are options that involve parental involvement (Wallethub, 2022). Some parents choose to add their children as authorized users on their credit cards. This allows the child to have a card linked to the parent’s account, but the parent remains responsible for charges and payments.
Sources
- Capital One. (2023, January 17). How old do you have to be to get a credit card? Retrieved from https://www.capitalone.com/learn-grow/money-management/how-old-to-apply-for-credit-card/
- FinanceBuzz. (2024, February 5). Why I’m Getting My 13-Year-Old a Credit Card. Retrieved from https://financebuzz.com/get-credit-card-for-teenager
- Wallethub. (2022, May 27). Can You Get a Credit Card at 13? Retrieved from https://wallethub.com/answers/cc/can-you-get-a-credit-card-at-13-2140672992/
FAQs
Can a 13-year-old get a credit card in their own name?
No, individuals must be at least 18 years old to open a credit card account in their own name.
Can a 13-year-old become an authorized user on a parent’s credit card?
Yes, some parents choose to add their children as authorized users on their credit cards. This allows the child to have a card linked to the parent’s account, but the parent remains responsible for charges and payments.
What are the benefits of adding a 13-year-old as an authorized user?
Adding a 13-year-old as an authorized user can help them start building credit history and learn responsible credit card use.
What are the risks of adding a 13-year-old as an authorized user?
The primary risk is that the child may make unauthorized purchases or overspend, which could negatively impact the parent’s credit score and finances.
What should parents consider before adding a 13-year-old as an authorized user?
Parents should consider their child’s maturity level, financial literacy, and spending habits before adding them as an authorized user.
Are there any alternatives to credit cards for 13-year-olds?
Yes, there are prepaid debit cards and secured credit cards designed for teenagers and young adults.
What are the advantages of prepaid debit cards for 13-year-olds?
Prepaid debit cards allow parents to control spending limits and monitor transactions, making them a good option for teaching financial responsibility.