How Old Do You Have to Get a Debit Card - Early Finder
Finance

How Old Do You Have to Get a Debit Card

Debit cards have become a popular and convenient way of making transactions, especially for those who do not want to carry cash or use credit cards. However, there is no one-size-fits-all answer to the question of how old you have to be to get a debit card. The age requirements for obtaining a debit card can vary depending on the bank or financial institution, the type of account, and the country in which you reside. In this article, we will explore the various factors that determine the minimum age required to get a debit card. How old do you have to get a debit card

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Banks and Financial Institutions

Banks and financial institutions are the primary issuers of debit cards. The minimum age required to get a debit card can vary from one bank to another. Some banks may allow minors to have a debit card, while others may require the account holder to be at least 18 years old. The age requirement may also depend on the type of account being opened. For example, some banks may allow minors to have a debit card as long as they are linked to a parent or guardian’s account. Others may require the minor to have a joint account with a parent or guardian.

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Furthermore, some banks may have additional requirements for minors to get a debit card. For example, they may require the minor to have a certain minimum balance in their account or have a certain level of account activity. These requirements can vary from one bank to another, so it is essential to check with the bank directly to determine the specific requirements.

Country of Residence

The minimum age required to get a debit card can also depend on the country in which you reside. For example, in the United States, minors can get a debit card as long as they have a joint account with a parent or guardian. However, in some other countries, such as the United Kingdom, the minimum age requirement to get a debit card is 16 years old. In other countries, such as Canada, the minimum age requirement can vary from one bank to another.

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Type of Debit Card

The type of debit card you are applying for can also affect the minimum age requirement. Some debit cards, such as those linked to a savings account, may have a lower age requirement than those linked to a checking account. Prepaid debit cards, which are not linked to a bank account, may have different age requirements than traditional debit cards.EarlyFinder

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Benefits of Having a Debit Card

Debit cards have become increasingly popular in recent years because of the benefits they offer. Some of the benefits of having a debit card include:

Convenience: Debit cards are a convenient way to make transactions without having to carry cash or write checks.

Security: Debit cards are a more secure way to make transactions than carrying cash because they require a PIN to be entered for each transaction.

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Budgeting: Debit cards can help you keep track of your spending and budget your money more effectively because you can easily see your transactions online or on your account statement.

Credit Building: Debit cards can help build credit because some banks report debit card usage to credit bureaus.

Conclusion

The minimum age required to get a debit card can vary depending on several factors, including the bank or financial institution, the country in which you reside, and the type of debit card you are applying for. It is important to check with the bank directly to determine the specific requirements for obtaining a debit card. Debit cards offer many benefits, including convenience, security, budgeting, and credit building, making them a popular option for making transactions.

Kristen is a mother, survivor, and a passionate lover of innovations and smart living. She is the editor-in-chief at earlyfinder.com. Let's get in touch, I'm open to collaboration.

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