This Week in Credit Cards: Why This Foreign Country Is Letting 12-Year-Olds Get Credit Cards

A credit card report out of South Korea this week is likely to bring smiles to the faces of adolescents — even though their parents may fear that one of their worst nightmares has come true. The country’s government has decided that companies can issue credit cards to South Korean children as young as 12 years old.

Previously, South Koreans had to be at least 19 years old to be eligible for a credit card. Concerned parents may have fewer worries over the new policy when they learn that minors will need their parents to actually apply for a credit card for them.

12-year-olds being issued credit cards sounds fake. It’s not. Find out which country is allowing preteens to have plastic 👇 https://t.co/BO6Zza57Hd pic.twitter.com/4avuJyu3Lm

— CardRates News (@CardRatesNews) May 8, 2026

While some 12-year-olds may not be ready to handle the responsibility of having a credit card in their name, South Korean authorities expect the new policy will help children learn about managing finances, according to the The Korea Times.

The cards come with restrictions to protect people who are new to using credit. Those restrictions include monthly spending limits that cardholders cannot adjust without consent from their parents. 

Further, minors can only use the cards to pay for certain expenses, including purchases they make from bookstores and hospitals. They can’t use the cards at entertainment venues or gambling-related establishments, The Korea Times reports.

The American Express Gold Card turns 60 this year, and the company is showering cardholders with enhanced benefits to celebrate the occasion. The card has played a big role in the lives of many consumers through the decades, helping people save money on travel and dining expenses.

Gold Card customers can now earn boosted points when they use the card to book prepaid hotels through American Express’s travel system. And Amex has added more businesses, including Buffalo Wild Wings, where cardholders can earn statement credits when they use the Gold Card.

In a press release on the Gold Card’s anniversary, American Express said the card’s updates connect customers with more of what they value most. The leading credit card issuer also announced offers on the card only available in 2026.

Credit card companies that roll out new and enhanced perks to their card programs often raise the annual fee on those products. But American Express is keeping the Gold Card annual fee at $325. The company is also giving its mobile app a refresh intended to bring simplicity to the process of tracking and using benefits.

The long and sometimes bumpy journey of Spirit Airlines has come to a relatively abrupt end. The company ceased operations this past weekend, leaving some travelers scrambling to find return flight to their hometowns. But despite the company’s demise, Spirit’s credit cards are still alive.

Bank of America is the issuer of both the Free Spirit Travel Mastercard and the Free Spirit Travel More World Elite Mastercard. The financial institution will continue to service current Free Spirit card accounts, but it is no longer taking new card applications.

Cardholders who don’t have access to another credit card may be relieved that they can still use their Spirit cards. They may still accrue Free Spirit points, but those points are currently not redeemable and their future value remains unclear.

In addition, Spirit posted on its website that cardholders can’t transfer the Free Spirit points they’ve accumulated to another loyalty program or airline.

Bank of America will be reaching out to cardholders regarding any updates to their accounts, according to a USA Today report. And a spokesperson for the financial institution told the newspaper that some people may be eligible to shift their accounts to another card program with the bank.

Credit cards continue to be a crucial financial tool for consumers in 2026. Kevin Hassett, Director of the National Economic Council, recently welcomed the head of a leading U.S. bank to his office, according to The Hill. 

The parties reviewed credit card data during the meeting, and Hassett reportedly came away from the encounter with the conclusion that “credit card spending is through the roof.” U.S. consumers are contending with higher prices on essential goods this year so the higher card spending may also reflect pressure from elevated prices, including gasoline.

Overall consumer spending grew by 1.7% in March over February figures, The Hill reported. Higher prices at gasoline pumps account for a portion of that increase. A gallon of regular gas now costs more than $1 more than it did just one year ago, a recent AAA report reveals.

Hassett also had some good news for people searching for a job. He told Fox Business that he expects the job market to be very healthy and steady for the remainder of 2026.

Synchrony recently announced a new arrangement with Lowe’s that will see the financial services company issue the MyLowe’s Pro Rewards American Express Card. 

The card does not come with an annual fee, and it allows cardholders to earn points on purchases. Cardholders can use the new card at any location that accepts American Express.

In addition, Synchrony and Dick’s Sporting Goods revealed earlier this week that the companies are relaunching the retailer’s credit card program. Cardholders can now earn 10% back when they use a Dick’s card to make qualifying purchases at Dick’s locations.

New cardholders can also earn a $30 bonus when they use their card at participating Dick’s Sporting Goods locations.

We’ll return next week with another edition of This Week in Credit Cards. Be sure to check out our social media accounts on Bluesky, LinkedIn, and X for more news updates, feature interviews with industry insiders and additional reporting on the biggest stories from the world of credit cards.

Check back in with us often for coverage of the latest news and trends impacting cardholders.