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Under 18. Credit Card needed for points. Have ABN

Discussion in 'Money matters' started by shmootz, Apr 13, 2012.

  1. shmootz

    shmootz New Member

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    Hi,

    Title basically says it all... I'm under 18 and I run a successful business. Right now I am using a Visa Debit Card (under my parent's name... don't worry, they are happy to do it, as the funds come direct out of my account, so no risk for them). I would really like to apply for a credit card (my parent's don't want to be liable for it however) that gives points, seeing as I have a few hundred dollars per day in expenses, which could be gathering points.

    I am turning 18 in 6 months so I could wait if I had to, but thought I would ask here if anyone had advice.

    With an ABN, is there a restriction on signing up for a credit card under a business account with a Registered Business Name (right now I don't have the RBN, but could get one if required... I have an ABN however).

    Any advice would be great!

    Thanks,
    Adam
  2. MyGreatIdea

    MyGreatIdea Renowned Member

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    I think you'll find that the restriction on having a credit card has nothing to do with whether or not you have a business, ABN or registered business name...it's the fact that you are under 18.

    Wendy :)
    shmootz likes this.
  3. shmootz

    shmootz New Member

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    Thought so... I guess I was hoping that I could sign up for the CC under the business' name.

    Oh well. Makes sense though because my name would be on the card.

    Thanks Wendy!
  4. MyGreatIdea

    MyGreatIdea Renowned Member

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    Sorry, I think you missed my point.

    Even an account in a business name needs a signatory. The signatory for a credit card cannot be under 18 since you, the ABN, the business are all the one.

    Wendy :)
  5. shmootz

    shmootz New Member

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    I got'cha ;)
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  6. MyGreatIdea

    MyGreatIdea Renowned Member

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    Another suggestion for you...

    When my eldest son was 17, he had some major work done on his car (it was over $3000). He could have paid cash for it, but we talked him into going into a repayment plan with the supplier. It was only over 6 months, with monthly repayments and a small admin fee, rather than interest. It gave him a credit rating at very low cost.

    This might be something to think about, and a great reference to take with you to the bank when you do apply for the credit card.

    Wendy :)
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  7. shmootz

    shmootz New Member

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    Ok, great! Thanks for the advice :) Have a lovely weekend.

    Adam
  8. King

    King Renowned Member

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    You can get a youthcard from CBA.
    Like a debit card but all in your own name and your own account
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  9. bluepenguin

    bluepenguin Renowned Member

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    ...and just in case:

    If you're not going to be paying the card off within the interest-free period, forget about points. The interest will cost you more than the goodies you get form the points will be worth.
  10. AgentMail

    AgentMail Renowned Member

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    I think you may also find that you cannot get a credit card under the age of 18, as contract law is invalid under that age of 18, so therefore you are under no obligation to make repayments. The legal bods might be able to clarify, but I am pretty sure minors (and I hate to use that term as I had my own place and full time job at 17) cannot enter into legally binding contracts

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