My nine year old sister wants a credit card and i m only a 19 year old and im not sure what i shall do is it ok to make a credit card for 9 year olds???
Plz help
2007-10-09 07:53:40 · 4 answers · asked by Isla 3 in Business & Finance ➔ Credit
Nope. Not even legal. A 9 year old cannot have a credit card.
The reason being is how is the 9 year old going to pay the credit card balance plus interest off when they don't have a job.
2007-10-09 07:58:28 · answer #1 · answered by Jackson D 3 · 1⤊ 0⤋
(This information may apply to Canadian laws only.)
Legally, anyone under the 'age of majority' (18 or 19, depending on the province) cannot sign any type of contract. Therefore, he/she cannot assume the responsiblity for a credit card. HOWEVER, if the credit card is a supplementary card (meaning it does not affect the second person's credit rating and that person's credit rating does not affect the account), there is no legal age limit on this type of card. Even still, most, if not all, credit card companies will not issue a supplementary card to anyone under the legal 'age of majority'.
In conslusion, it would be extremely difficult (not to mention unwise) to get a credit card for a 9-year-old.
2007-10-09 16:18:24 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Nine year olds can;t legally sign a contract so they can't get credit cards. If you get a credit card in your name and let her use it, you're responsible.
2007-10-09 14:59:10 · answer #3 · answered by Ted 7 · 1⤊ 0⤋
The site http://www.phontron.info has plenty of information about getting rid of bad credit and keeping good credit. Thanks, Kevin
2007-10-10 18:21:23 · answer #4 · answered by Anonymous · 0⤊ 0⤋