Heritage Bank of Commerce, the same Silicon Valley community bank that first issued the Internet-only NextCard Visa, has agreed to distribute a new product, a secured credit card for teenagers and young adults.

The San Jose, Calif., bank, a subsidiary of $477 million-asset Heritage Commerce Corp., says it will work with Cobaltcard, a San Francisco start-up company, to issue a cobranded Visa card to 13 to 22-year-olds. The cards will be linked to deposit accounts into which young people or their parents can transfer funds.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.