Rising Concerns About the New Decision to Allow Credit Cards for Minors
- Doyoung Lim
- May 13
- 2 min read
May 13, 2026
Doyoung Lim
The government’s newly announced decision to allow the issuance of credit cards to minors aged 12 and older has evoked skepticism from parents, along with some raising concerns about early exposure to overspending and impulse buying, leading to no concept of money. Credit cards had previously been limited only to adults aged 19 and older, while the minimum eligibility age was just lowered through a revision of the policy by the government.
This alteration was enforced by the decree of the Specialized Credit Finance Business Act starting by Monday. There is a growing concern among most parents regarding their children’s concept of money. A woman in her 40s surnamed Kim, who currently lives in Seoul and has a 13-year-old daughter, doubted the current move of the government toward the permit of usage of credit cards. Not only her, but also other parents are questioning whether a credit card is necessary when their children already have a credit card.
Currently, most children and minors use Kakaobank’s mini card, a debit card designed for teenagers, which allows a monthly usage of 100,000 won ($67). According to the financial experts, teenagers are still on the stage of learning how to manage money, and a credit card could encourage overspending and impulse purchases. They may also start comparing their credit card limits with their friends, which could be a sensitive issue among teenagers.
Authorities are expecting the new policy to improve payment convenience and serve as a practical tool for financial education for students. While the public remains mostly negative opinions. In a worst-case scenario, parents with bad credit could shift it onto their children’s names and leave them with damaged credit. “While allowing credit cards to minors could help spending habits, parental oversight needs to be enhanced as much as possible first,” experts said.
