Children above 15 years can operate own bank card
(Updated at 16:0, 6/3/2018)
Allowing minors to operate bank cards will extend bank card ownership, encouraging them to become familiar with banking services, financial control tools, etc.
According to Circular No. 26/2017 of the State Bank of Vietnam (SBV) amending and supplementing a number of articles of Circular 19 regulating bank card activity, minors aged between 15 and 18 without loss or limitation of civil act capacity are allowed to use debit cards, credit cards. At the same time, children aged between six and fifteen years old without loss or limitation of civil act capacity shall be agreed upon in writing by the legal representative of such person on the use of debit card or prepaid card.
The new regulation added that 15 to 18 year old cardholders are allowed to open credit cards, debit cards with overdraft service. Previously, the above group could only open the cards when they have their own security to fulfill the obligation to use the card. According to the State Bank of Vietnam (SBV), the expansion of credit card and debit card holders is in line with the regulations on borrowers in credit institutions (according to Circular 39 of the State Bank of Vietnam) and the provisions of the Civil Code 2015.
On March 5, two days after the effective date of Circular 26, some commercial banks said that adding subjects who are allowed to operate credit cards, ATM cards and debit cards is a good signal for the market and follow the general trend of countries. But for this to be implemented in each bank branch in a consistent manner, banks are still taking into consiration.
Director of the Card Center of a joint-stock bank in Ho Chi Minh City said this is aimed at creating favorable conditions for people aged between 15 and under 18 who work early and earn income. But in fact, not many customers in this age group meeting the requirement to open credit cards and the specific implementation also depends on each bank.
According to financial expert, Dr. Huynh Trung Minh, in other countries, commercial banks allow customers under 18 years old to open bank cards for use under the supervision of parents. People aged 15 to under 18 already have financial awareness, take the initiative in buying books, study supplies or some personal expenses such as using public transportation, etc. Parents can control by granting a certain amount of spending to train in financial management habits and using modern bank services. Personal financial autonomy is also a way to help children create independence. Personal financial management developed during childhood is also a way for teaching kids to be more independent.
According to data of the Payment Department of the State Bank of Vietnam, at the end of the fourth quarter of 2017, more than 132 million cards were issued, including domestic debit cards (ATMs), credit cards, etc. In particular, the statistics for each of the most recently published cards are more than 92 million ATM cards, more than 12 million credit cards and other types of cards.

Huong Nguyen
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