Adding your teenager as an additional cardholder to your credit card can be convenient. They can use it for certain expenses in case of an emergency, or just buy a missing pint of milk at the grocery store, or when they are travelling, far from home and their parents.
However, the rules vary from bank to bank as to the minimum age required. I recommend that you read the article on How adding an additional credit card works. You’ll see that:
A student or young adult can only take out a credit card in their own name when they reach the age of majority in their province of residence. See our article on the best first card for young adults and students.
There may be an annual fee for an additional credit card application. For example, the annual fee is:
This varies from one financial institution to another.
For example, an application for an additional credit card can be made directly online in your Tangerine and American Express accounts. Desjardins, on the other hand, requires you to bring your child to the branch with you, so bring your child’s ID with you. National Bank, on the other hand, allows you to do this over the phone.
Above all, be careful with your credit card, as there may be a breach of your agreement governing the use of your credit card and can have serious consequences if:
So if you ever have a problem with an unauthorized expense or fraud on your card, the financial institution won’t be able to help you, and you’ll have no recourse.
That’s why an additional credit card in your child’s name can be useful.
When applying for a card, you will be asked to provide the following information:
Banks allow you to add an additional minor holder, and here is a list of requirements:
13 years old and over
No minimum age
16years old and over
12 years old and over
14 years old and over
If you give them an additional Aeroplan card that offers a free baggage allowance (like the TD® Aeroplan® Visa Infinite* Card or the TD® Aeroplan® Visa Infinite Privilege* Credit Card), your child will be able to take advantage of this privilege. You’ll need to ensure that their personal Aeroplan number is linked to their Aeroplan credit card account.
Please note that if your main credit card gives access to an airport lounge , the additional card may also grant lounge access. Please consult the information on this card, as this may vary from one financial institution to another.
Additionally, if your child is a minor and has an additional card that grants access to airport lounges, they will not be able to enter alone because alcohol is served in those lounges.
CIBC allows you to set a credit limit on your child’s additional credit card.
You could have your own credit limit of $10,000 as the primary cardholder, but you could set another limit specifically for your child, such as $250. This can be a good idea to avoid over-spending when using the additional card.
I advise you to check this with your financial institution because, usually, the primary cardholder’s limit is the only valid one.
Every purchase your child makes earns points in your account. It can be a great way to earn points faster in your rewards programs or to unlock a bonus!
Also, check with your financial institution for promotions. Sometimes it’s possible to get discounts, cash back or extra points when you add someone to your account.
For example, American Express currently gives additional points when an additional cardholder is added.
When used properly, the extra card gives the youngster a sense of responsibility and offers peace of mind for mom and dad.
More and more, I’m asking my youngster to run small emergency errands for the family, or to pay for certain purchases with his additional card when he’s alone at grandma’s (instead of grandma paying and me reimbursing her afterwards). It’s more efficient and, at the same time, he’s learning to be independent.
Then, when he has his first credit card all to himself, he’ll know how it works.
Adding your child as an additional cardholder is an option with many advantages. All you need to do is take the time to explain the rules to your child! For more tips, see our guide to introducing your children to personal finance.
To own a credit card, you must be of legal age in your province of residence. However, a child can be an additional cardholder on a parent’s credit card. The minimum age depends on the financial institution, and you can see the conditions in the article above.
You must be of legal age in your province of residence.
For example, the age of majority is 18 in Quebec, Ontario and Manitoba, and 19 in New Brunswick and British Columbia.
Not as a primary cardholder. But a person aged 17 and under can be associated with a parent’s credit card account, thanks to an additional card.
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