What is the age minimum for a credit card? What is the age minimum for a checking account?

Steve J asked:


I just got my first job and suddenly I have all of this cash stashed in my wallet, which is why I am asking about the checking account. As for the credit card, the only reason I would get it would be to create good credit for myself (by making purchases and paying them back promptly every month). If you’re curious I’m 16 years old.

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3 Responses to “What is the age minimum for a credit card? What is the age minimum for a checking account?”

1. Miss. Advice Says:
   February 25th, 2009 at 8:08 am

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   I believe it’s 18 for both. butif you talk with you rparents they can open you up a checking acount under their name, but ask them to leave it as yours, just to have thier name on it so you can keep it. that’s what my Parents did…I’m 16 too.

   as for the credit card, i wouldnt go for that quite yet. credit cards make me nervouse. I would rather have my debit when I can conciously knwo ho wmuch is in my account compared to how much Im taking out with teh transaction. it’s like a credit card, but harder to over do it

   good luck

2. yung joc Says:
   February 27th, 2009 at 9:34 pm

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   i have joint checking with my parents but they dont use it. an i have a debit card which is almost the same thing . im 14

3. AFather Says:
   February 28th, 2009 at 11:34 pm

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   Since my dog received a credit card at age 4, I don’t think they have age or even species requirement.

   As for developing credit, the problem you will face is not getting it, but resisting the urges of youth, by using it simply because it’s there, whether you can afford to pay it off monthly, or not. The card should stay in the possession of your parents until you specifically need it for something. As for building credit, you don’t gain credit by paying off the card each month, you get it by making payments on balances carried over each month. What you would do is charge $100, cut up the card, than make the minimum payment, plus $5 each month until it’s paid off. A better way to create credit is to save up $1000 to $5000 and out it into a 1 or 2 year Cash Certificate. You than use it as collateral on a bank loan. Once you finish paying off the loan, you will have established credit, plus you will gain back some of the interest you paid out from the interest you earned on the CD. When my daughter wanted to borrow money form me, I bought a CD, and gave her permission to use it as collateral. Once she paid off the loan, I got my money back, and there was none of this, “But, Dad, can’t you wait another month for the payment?”

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