Quote:
Originally posted by Dildozer
CC companies could have a special number for credit cards assigned to minors, like basic Mastercards always start with 5258 (at least in canada) so maybe for minors could start with a specific number like 5257 or whatever.
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That's really not a viable solution for many reasons.
First, the first 4-6 digits of a credit card number determine the card type and the issuing bank. If it starts with 3, it's an Amex. Starts with 4, it's a Visa, starts with 5, it's a MC.
All TD cards start with 4520, 4551 or 4085. All CIBC cards start with 4501-4505. Etc. Many banks also use the BIN number (the first digits) to determine the type of card. For example, any TD card starting with 4520 is a Canadian card proprietery to the bank (Gold Cards, Classics Cards). All 4551 cards are co-branded (GM, Harley Davidson, Walmart) and all 4085 cards are US$ cards.
Implementing something like this on an internatiol scale would be a real pain in the ass. Frst Visa Int'l would have to implement this as a rule. Then, they'd have to pass it on to Visa Canada, Visa USA, etc.
Then, each issuing bank would have to be assigned a new BIN to support this idea. This would require brand new systems in thousands of banks. Billions of dollars spent on new software, new hardware, new paperwork, forms, stationary, brochures, etc.
If Visa did decide to implement this, it would take years. Recently, Visa Canada decided that merchants can no longer print the entire card number on the receipt. IIRC, they have until 2010 to implement this change.
Also, if they did implement this, it would be nowhere near 100% foolproof. When you add an additional cardholder on your account, you're not required to state their age. Also, when you open a bank account, you're not required to state or age, or you can easily lie about it. And when you give a pre-loaded Visa gift card to someone, no age verification is done.