I have a student checking account, and the checking account I have is only available to students aged 16-24. I am curious if student credit cards also have age restrictions like this.
Most credit card issuers will not allow a minor to have the credit card without an adult co-signer, just because each purchase is a contract to pay and a minor can contest a contract when he becomes 18. Some banks will, but most won’t.
The age restriction on your checking account is also set by your bank. My kids had savings accounts since they were born and when they were 15-16 added a checking account and debit features. Those accounts had a ‘30’ code while mine at the same institution has an ‘8.’ When I asked why, I was told it was because they were minors when opened. They still have the accounts with the same numbers even though they are now 21-22.
I think that at least one of my daughters had a credit card through a local credit union, membership in which is limited to certain categories of individuals and which she was a member because of me being a member. The student credit card was only for students but the credit union was happy (probably eager) to switch her to a regular credit card after she graduated from college.
We put both of our kids on credit /debit cards prior to college from our bank.,Bank of America. Didn’t see any advantage of the university credit card. We have access to their account even though they are 19/21. So much easier to transfer money into their account when needed. Both have learned to pay off bills etc in a timely manner to secure good credit for the future. Both have had sit-downs with our /their banking reps to discuss what to do for good credit in the future. They scan in their checks from work etc and pay bills automatically on their phones. Things are so much easier now… Lol.
Generally to have a credit card solely in your own name, you need to be 18. As for being an authorized user of an adult’s, it differs by bank.
Not sure, but I think that OP might be concerned about the maximum age since many student accounts waive fees charged to other accounts. OP might be asking if he/she exceeds age 24 & is no longer a student, will he or she still be able to use the account without fees.
Because we didn’t want our D on our credit cards (we don’t want the risk, and what she spends her money on is her business), she has had a secured credit card since she was 18. The account it is tied to is hers. If she wants to up the limit, she has to put more money in the account. She does have to reconfirm her student status every year. Our bank won’t offer her a regular card until she reaches a certain credit score. She could apply for a normal credit card available for students, but the interest rates can be high, and she doesn’t need the temptation of charging more than she can afford to pay off every month. As she banks where we do, transferring money to her account is super quick and easy.
Not an upper age limit, no.