Can I open a credit card for my child?
While minors (under 18 years old) cannot legally open their own credit card accounts, parents or guardians have a few options to help their children build credit and learn financial responsibility.
You can add your child as an authorized user on your existing credit card account. As an authorized user, your child will receive their own card linked to your account, and they can use it to make purchases. The primary cardholder is responsible for all charges made by the authorized user.This option can help your child build their credit history if the credit card issuer reports authorized user activity to the credit bureaus.
Some credit card issuers offer joint credit card accounts, where both you and your child are co-applicants. Both parties share responsibility for the account and its payments. Joint accounts are less common but can be a way for your child to have access to credit while sharing financial responsibility.
When your child reaches the age of majority (18 or 19, depending on the province), they can apply for a secured credit card. A secured credit card requires a security deposit, which acts as collateral and sets the credit limit. This option can help your child build their credit independently.
As an alternative, you can also take out a personal loan. Your possible expenses:
Personal loan calculations for 1 year (example)
| Amount, $ | Rate, % | Accrued %, $ |
| 20,000 | 7.95% | 861 |
| 20,000 | 10.95% | 1,186 |
| 20,000 | 13.95% | 1,511 |
| 50,000 | 8.15% | 2,207 |
| 50,000 | 11.15% | 3,020 |
| 50,000 | 14.15% | 3,832 |
| 100,000 | 8.35% | 4,523 |
| 100,000 | 11.35% | 6,148 |
| 100,000 | 14.35% | 7,773 |
| 200,000 | 8.55% | 9,263 |
| 200,000 | 11.55% | 12,513 |
| 200,000 | 14.55% | 15,763 |
You can see the similar FAQ at the link:
- How do I apply for a Citibank credit card?
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- How do I check my CIBC credit card application status?
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