Credit Card

A minor cannot enter into any contract. He cannot incur liability. Hence, credit card cannot be issued to minors. If a minor does not pay back his dues after using credit card, bank cannot recover the amount from minor. Hence, no bank will issue credit card to a minor. However, a minor may have a bank account subject to certain rules for minor account. A Debit card can be issued but not a credit card.

gulshan kumar ajmani wrote:
[quote]A minor cannot enter into any contract. He cannot incur liability. Hence, credit card cannot be issued to minors. If a minor does not pay back his dues after using credit card, bank cannot recover the amount from minor. Hence, no bank will issue credit card to a minor. However, a minor may have a bank account subject to certain rules for minor account. A Debit card can be issued but not a credit card.[/quote]
Thank you Tax Conultant Sahab.
But can an adult apply if he doesn't have any job or does not have any other source of income ? Is there any copulsory need of a collateral ?

The Bank will look for your financial status before issuing a credit card. The credit limit will depend on your income.