Age limit for credit cards?

Question

My 12 year old just received a credit card offer in the mail from guess who...Capital One. As if those slimeballs ahven't been in enough trouble with class action lawsuits about predatory practices and marketing for those with bad credit or low income, now they're soliciting minors!

Is there a law that I can cite that would prevent them from soliciting to minors?

Answer 1

The company doesn't know how old your daughter is. They probably bought a generic mailing list, ran a cursory credit check and found no major negative information and mailed out an offer.

If your daughter were to seriously fill out the application, and give true information on her date of birth and/or social security number, chances are she would be declined. Or they would ask her to 'reapply with a co-signer'...code for "get mommy or daddy to apply for the card and give you permission to use it."

Legally, nobody under the age of 18 can be held repsonsible for a legal contract (credit cards and other purchase agreements fall under this heading) because it is assumed that a minor does not have the education and life experience to make a properly informed decision.

My advice would be to just shred the application before putting it in the trash. You don't want someone picking through the trash and fraudulently getting credit in your daughter's name, either.

Answer 2

Use no more than 35% of your available limit (e.g. if you have a $300 limit, carry a balance of no more than $105) and pay it down as much as possible by the end of the billing cycle. This is the best way to build credit, and still be able to use some of the limit for purchases.

Answer 3

That's nothing the credit card company actually issued one to a family dog, go figure. Just remember NO MINORS CAN BE HELD TO A CONTRACT LEGALLY. Check with your law first before spending it

Answer 4

The age limit is 18

Answer 5

there are flexi credit cards which targets childrens who are minor or below 18 but parents approval is needed. there only few companies

Answer 6

I think your credit card has to be under your mother's and/or your father's name until you're 18 yrs. old.

Answer 7

u gotta be 18

Answer 8

no.