Credit cards for minors: what are the rules?

Did you know that there is credit card for minors? That's right, however, there are some rules that interested parties need to be aware of in all details. Want to know more information about having a credit card for minors? So, stay with us until the end of the reading! 

What are the rules for having a credit card for minors?

It may seem like a novelty, however, it is very common for the financial market to offer credit cards for minors. Many banks offer this option, which offers several advantages to all interested parties. 

However, there are some rules that you need to consider, such as criteria, limits and other details. See all the features below!

What is the credit card limit for minors? 

Generally, the credit limit for cards for minors [varies between R$100 and R$1,000, depending on the financial institution and the credit analysis of the person responsible. 

The limit aims to teach young people to manage their finances responsibly, avoiding excessive spending from an early age. In addition, it is common for guardians to have the option of adjusting the limit monthly.

What are the credit card options for minors? 

There are several credit card options available for minors, offering a variety of benefits to cardholders and users. Among the available options, the following options can be considered:

• Prepaid credit cards: allow young people to load a specific amount of money onto the card, thus limiting spending to the amount loaded;

• Cards linked to guardian accounts: the card is issued in the name of the minor, but is linked to the bank account of a guardian, who can monitor and control expenses;

• Specific credit cards for young people: Some financial institutions offer products aimed at teenagers, with educational resources and adaptable limits, as well as apps that help them learn about finances.

Criteria for request

Generally, to apply for a credit card for minors, you must meet the following criteria:

• Minimum age of at least 16 years, although some institutions may allow applications from the age of 14;
• Responsible co-holder: it is mandatory that a legal guardian (father, mother or guardian) acts as co-holder of the card, assuming responsibility for transactions;
• Required documentation: the minor must present personal documents, such as RG (General Registry) and CPF (Individual Taxpayer Registry);
• Proof of income: in some cases, the institution may require the person responsible to prove their income, such as pay slips or bank statements, to assess payment capacity and define the card limit.

If the minor meets all the established criteria, he/she will have the chance to apply for this type of credit card. 

Why have a credit card for children?

Having a credit card for children is beneficial because it promotes financial education from an early age. It works like an allowance, allowing parents to set a limit that should not be exceeded, which helps children learn to manage their money and spend it wisely. 

The recommendation is a lower limit is ideal, as it teaches children about the difficulty of achieving financial goals and the importance of saving. 

Furthermore, supervision by those responsible allows for monitoring expenses, ensuring that children develop healthy consumption habits. 

Ultimately, this prepares children for the responsible use of credit cards in the future, familiarizing them with financial management in a practical and safe way.

Written by

Juliana Raquel