The child saved all his pocket money, thought about depositing it in the bank, and planned to ask for a bank card of his own. This is difficult for many parents, at what age can a child apply for a bank card? There are also different opinions on the Internet about the age limit for opening a bank account, so let's talk about it today.
In fact, bank cards are a general concept, and our common bank cards are mainly divided into two categories, one is debit cards and the other is credit cards. Different card types have different functions, and the age limit for opening an account is also slightly different, so I specially consulted the Bank of China, so let's take a look at it specifically.
Debit card:First of all, it should be clear that debit cards do not have a credit limit, and cardholders need to deposit first and then spend.
Chinese citizens under the age of 16 residing in China should have a guardian** open a debit card, and present the guardian and the debit card owner's valid identity documents, as well as household registration booklet and other proof of guardianship relationship. In other words, minors under the age of 16 need to be handled by their parents, but the name of the card owner is still the child himself. Chinese citizens over the age of 16 can bring their valid ID documents to the bank counter on their own.
Credit Cards:With bank credit line and overdraft functions, cardholders can spend directly without depositing in advance, and complete repayment or installment before the statement date.
Regarding the age limit for credit cards, according to the Measures for the Supervision and Administration of Credit Card Business of Commercial Banks issued by the CBRC, card-issuing banks are not allowed to issue credit cards (except for supplementary cards) to customers under the age of 18. Therefore, the minimum age to apply for a credit card is 18 years old. In addition, due to the issue of credit line, cardholders are required to have a stable income**, a good credit history, and the ability to repay and pay interest on time. Although there is no clear restriction on the upper age limit for applying for a credit card, major banks generally set 65-70 years old as the upper age limit based on their own risk management and control requirements, and you need to consult the corresponding bank outlets.
Now that we understand the requirements for opening a bank card, let's take a look at how to choose the right card for your child. For younger children, a debit card is a great option. Parents can handle it on their behalf and set passwords and limits to facilitate the management and use of their children's pocket money. Moreover, debit cards are relatively safe, which can prevent children from overspending or creating unnecessary risks. For older children, if they already have certain financial concepts and consumption needs, credit cards can also be considered. Under the age of 18, parents can apply for a supplementary credit card for their children, and they can supervise them at any time.
Opening a bank account for your child is a meaningful thing that can help them develop a good habit of managing money from an early age. However, parents need to pay attention to the types of bank cards and age restrictions, choose the right card types and financial instruments for their children, and strengthen supervision and guidance to ensure that their children can use bank accounts safely and reasonably. At the same time, parents should also pay attention to their words and deeds, establish correct financial concepts and consumption habits, and set a good example for their children.