Did you know that a credit card for minors under 18 is possible? Check out how this is possible!
The credit card is in fact a technology that has greatly revolutionized payment methods. In addition to the practicality that this brings to the day-to-day, technology also allows you to have control of finances and expenses in one place, which leaves aside the long lists of papers, previously used.
The card has become so popular that today it is even possible for children under 18 to have one. Evidently, the process is not so easy, as not every financial institution makes this possible, but there are some that can help in this process.
Whether for short trips, or for parents and guardians to take control of their children’s finances, this is a very viable and even smart option.
What this article covers:
How to apply for a card for minors under 18?
It is important to know that there is no credit release or credit analysis for people under 18 years of age, so applying on your own is not feasible. But, there are some possible methods of getting a card, check out some of them below.
To request the additional card, the person responsible for the account or card must open the application of the bank or financial institution and request it with the dependent’s data. If this option is not available, the person responsible can go to the branch and request an additional card.
Some institutions allow the release of a prepaid card similar to the additional one, in which the person in charge requests the additional card and recharges the prepaid balance through the account itself.
Others already allow the application directly to the minor, without the need for an intermediary account or card.
The request can be made through the application of the banks that offer this option. The university student himself opens his account.
In emancipation, the minor is no longer considered incapable and starts to have and exercise civil rights, the same as a citizen over 18 years old.
Thus, the request for credit is made as if it were for a larger one, which makes it possible to release credit from financial institutions.
Digital Account for Children Under 18: How does it work?
Digital accounts brought even more convenience and less bureaucracy to banking services. And some of them even have services for people under 18.
It is necessary to have RG and CPF, the responsible adult downloads the application of the financial institution he wants, fills in the data of the minor and the person responsible and attaches the documents. The proposal will be analyzed and if released, it is already available for use.
Prepaid: Card for minors
This has even greater control, since its use is directly linked to the balance present on the card, which can be added through a bank slip or transfer. It is similar to a debit card, but works as a branded credit card and is accepted in the vast majority of establishments.
Thus, it is impossible to use it above the balance and it is an easier method to achieve, in addition to being practical to store the child’s allowance money, for example.
Best credit cards for under 18s
Despite a certain bureaucracy, it is clear that there are institutions that can facilitate the process for releasing the card, below we list some cards with great benefits.
- additional card c6 bank??
- BB young card;
- Santander additional card;
- Santander play card;
- Santander University Card.
These are just some of the possible cards for minors, if you have any doubts, you can ask your agency for clarification or the possibilities they offer.
How does the additional credit card for minors work?
The additional card is directly linked to the parent’s account and credit. Thus, it is possible to manage the limit of the additional card, see the expense ratio and always keep track of the use of the card.
This is a good option, especially for parents or guardians who like and find it necessary to monitor the financial life of their child or card user.
What precautions do we need to take when applying for a credit card for minors?
Parents or guardians should closely monitor the young person’s finances, so that they don’t get lost with finances.
In addition, care must be taken in which establishments the user will shop at, and how the card is stored, to avoid possible losses or even scams.
Therefore, despite helping the young person to have more financial responsibilities, it is always necessary to be extra careful.