From 15 years old are allowed to open bank card

PV• March 7, 2018 19:00

Allowing children 15 years of age to open bank cards will help expand the number of bank card holders.

According to Circular 26/2017 of the State Bank of Vietnam (SBV) amending and supplementing a number of articles of Circular 19 regulating bank card activities, people from 15 years old to under 18 years old who do not lose or have limited civil capacity are allowed to use debit cards, credit cards, and prepaid cards.

At the same time, a person from 6 years old to under 15 years old who has not lost or has limited civil capacity and whose legal representative has agreed in writing to use the card is allowed to use a debit card or prepaid card.

Children 15 years old and older will be allowed to open a bank card. (Photo: KT)

The new regulation has added the main cardholders aged 15 to 18 who are allowed to open credit cards and debit cards with overdraft, instead of previously this group of subjects were only allowed to open cards when they had their own assets to guarantee the performance of obligations in using the card. According to the State Bank, the expansion of subjects allowed to use credit cards and debit cards with overdraft is to synchronize with the regulations on subjects allowed to borrow from credit institutions and the provisions of the 2015 Civil Code.

After Circular 26 took effect, some commercial banks said that adding more customers to open credit cards, ATM cards, and prepaid cards is a good signal for the market and follows the general trend of other countries. However, to deploy it synchronously to each branch and transaction office, some banks are still researching.

According to the data of the Payment Department - State Bank of Vietnam, by the end of the fourth quarter of 2017, there were more than 132 million cards of all types issued in the market, including ATM cards, credit cards, prepaid cards... Of which, the most recent statistics published for each type of card are more than 92 million ATM cards, more than 12 million credit cards and other types of cards./.