Didn’t you hate not having access to credit when you were 6? Today’s kids don’t have to suffer like you did. Meet Bennett Christiansen of Aurora, IL. He’s got a shiny new Bank of America credit card with a $600 limit.
From CBS2 Chicago:
Amy Christiansen said her entire family had been receiving credit card applications addressed to each member of her family, including Bennett, who has since turned 6, and Christiansen’s 3-year-old child.
Christiansen said she decided to allow Bennett to fill out a credit card application from Bank of America. He accurately wrote in his birthday in 2002, his annual income of $0, and the fact that he is an “other,” that is, neither a homeowner nor a renter. He signed his name in writing that was obviously that of a child, she said.
A short time later, Christiansen said she received a credit card with Bennett’s name on it.
Christiansen was left baffled, and troubled by the ease with which the application was apparently accepted.
Yes, Bennett signed up and was approved for a credit card. Bank of America has responded: “We do not knowingly solicit or grant credit to a minor,” [a spokesperson] said.
Hey, look at the bright side. Assuming a 24% interest rate and a 2.5% minimum payment, Bankrate’s minimum payment calculator says that Bennett can have his $600 paid off by the time he’s 19.5! (Yeah, we know, even 6-year-olds know not to just pay the minimum payment… it’s still kinda funny.)
Mom Shocked When 6-Year-Old Gets Credit Card [CBS2] (Thanks, Bill!)
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Hmm, handing out credit to those who shouldnt (probably
) have it…..isnt that what got our economy into the mess its currently in?
Thank you BOA!!
Here’s how this kid is getting his Playstation 3. Good for him!
Fantastic BoA. Next thing you know you’re going to allow paramecium to fill out credit cards.
Max that shit out, then call up and tell BoA they’ve entered into a contract with a minor. The minor, being unable to understand the contract, would be under no obligation to pay.
IANAL, but I’m pretty darn sure that’s how contract law works.
So THAT’s the company that gave Santa (Santos) Little Helper a credit card in The Simpsons. Now we know.
Boy, if he keeps it open his credit score is going to rock. Getting loans for college will be a piece of cake.
I remember when I was a college student, I wrote that I had a negative income. I even put down the wrong SSN. They *STILL* issued me a credit card with a $3,000 limit.
I laughed when I called to cancel the card. I got a free T-Shirt out of it.
Kids: don’t do what I did. The free T-shirt ripped after about two washes.
Credit Card Given To Dog > Credit Card Given To 6 Year Old.
[www.nbcsandiego.com]
My 2-year-old daughter received a booklet with her name on it inviting her to visit Borgata Casino, Atlantic City. That booklet had a coupon she can use playing in the casino.
@WiglyWorm: You should get in touch with the friend of krispykrink and ask how that worked out for him.
This is a perfect example of why the housing market went belly up, credit card companies and loan companies really don’t give a crap who they lend to.
Or in some cases, didn’t used to.
Just occurred to me that Bank of America may well be associated with NAMBLA.
Same philosophy.
If you don’t get that, don’t ask.
she should spend her heart’s desire. when they come to collect, she can avoid it by incapacity to enter into a contract. They do not “knowingly” give cards to minors? if the application, and their records, indicate a birth year of 2002, then they are knowingly issuing credit cards to minors. It takes a simple computer program to say “error: underage. do not issue credit card.”
stupid banks.
Thirty years ago, I used to sign my cat George up for different things, for example, the Burger King and Baskin Robbins clubs, to get the coupons they sent at your birthday.
He eventually got a couple of credit cards mailed to him–back then you didn’t even have to apply, they would just mail them to you unsolicited for you to activate.
George didn’t care but when my mother found out about the credit cards, she made me stop completely.
WigglyWorm: IAAL, and that is how it works. Though it will take a lot of paperwork and aggrivation for $600 in JellyBelly’s, or whatever a 6 year old will buy with a credit card.
@howie_in_az:
Maybe it would be more acceptable for a computer program to hand out a
credit card to a dog but it isnt that hard to program a computer to
calculate age and to tell it not to accept ages that are above or below
certain limits… do you even know how to program???
I’ve been a customer with BofA for 8 years and my CC limit isn’t much higher. I’m jealous.
@krispykrink: all I got when I got my driver’s license was a draft card and a razor.
Could’ve used a credit card back then.
“We do not knowingly solicit or grant credit to a minor,” [a spokesperson] said.
Apparently your employees can’t recognize that a date of birth in 2002 is not 18 years? Funny how BofA knowingly can do math to nickle & dime you on everything, but when it comes to subtraction they’re idiots? God help you if your 6 year old wants a pack of cigs from an ex-BofA employee at the convenient mart — because lets face it if the people processing the application can’t do simple math, and the people who program the computer software to process the application can’t restrict date of births earlier than 18 years before today, then you can guess where they’ll be working next.
@BeeBoo:
I filled out online surveys for American Express and got 5 dollar prepaid cards in my dogs name and lots of dead relatives …
course that was years ago when 5 dollars got you @ least two gallons
State law varies on minors’ liability for torts. Parents become liable for the torts of their children only upon the second offense, because they lack knowledge to prevent such an occurrence. Food for thought.