What is the minimum age for a Discover card?

What is the Minimum Age for a Discover Card?

Are you looking to apply for a Discover card but wondering if you’re old enough? Discover cards are a popular choice for individuals who want to build credit, earn rewards, and enjoy exclusive benefits. In this article, we’ll explore the minimum age requirement for Discover cards and provide answers to common questions.

Minimum Age Requirement for Discover Cards

The minimum age requirement for a Discover card is 18 years old. Yes, you read that right! According to Discover’s official website, individuals must be at least 18 years old to apply for a Discover credit card. This is because credit cards are considered a type of loan, and lenders require individuals to be at least 18 years old to be responsible for repaying the debt.

Exceptions for Minors

However, there are some exceptions for minors who may want to use a credit card. Authorized users, who are individuals added to an existing account by a primary cardholder, can be as young as 15 years old. In this case, the primary cardholder is responsible for ensuring that the authorized user understands the terms and conditions of the credit card and manages their account responsibly.

Custodial Savings Accounts

Another option for minors is to open a custodial savings account. A custodial savings account is a type of savings account where an adult, typically a parent or guardian, opens an account for a minor child. The adult is responsible for managing the account and making financial decisions on behalf of the child until the child reaches the age of majority (usually 18 or 21 years old, depending on the state).

What Happens If I Apply for a Discover Card as a Minor?

If you try to apply for a Discover card as a minor (under the age of 18), your application will likely be denied. Discover has strict policies in place to ensure that all cardholders are responsible and capable of managing their credit card accounts.

What Are the Consequences of Using a Credit Card as a Minor?

Using a credit card as a minor can have serious consequences, including:

• Credit score damage: If you’re unable to make payments on a credit card, your credit score can be severely damaged, making it harder to obtain credit in the future.
• Financial strain: Credit cards can quickly lead to financial strain if you’re not able to pay your balances in full each month.
• Parental responsibility: As a minor, your parents or guardians may be held responsible for your credit card debt.

What Can I Do Instead?

If you’re under the age of 18 and want to start building credit or earning rewards, consider the following alternatives:

• Get a debit card: Debit cards can help you learn how to manage your finances responsibly without the risk of credit card debt.
• Open a custodial savings account: As mentioned earlier, custodial savings accounts can help you save money and learn about personal finance.
• Wait until you’re 18: If you’re not ready for a credit card now, wait until you’re 18 and apply for a Discover card or other credit card that suits your needs.

Conclusion

In conclusion, the minimum age requirement for a Discover card is 18 years old. While there are some exceptions for minors, it’s essential to understand the responsibilities and consequences of using a credit card. By understanding these rules and alternatives, you can make informed decisions about your financial future.

Discover Card Eligibility Criteria

Takeaway

Remember, it’s essential to be at least 18 years old to apply for a Discover card. If you’re under 18, consider alternative options like debit cards, custodial savings accounts, or waiting until you’re 18 to apply for a credit card.