How Old do You Have to Be to Get a Credit Card?

Obtaining a credit card is commonly regarded as the first and most crucial step in establishing a credit history. If you have a credit history, and you are aged 21 years and older, you have a better chance of receiving a credit card with good benefits.

Minors under the age of 18 can enrol as approved users depending on the card issuer. In the United States, the legal age to apply for a credit card is 18 although parents may choose to add minors as the authorized user depending on the card issuer.

The Credit Card Act of 2009 is a piece of legislation that was signed into law in 2009. To be authorized for a first credit card, 18 -20 year’s olds must either have a cosigner or present proof of income or regular allowances.

When using a credit card for the first time, cardholders should exercise particular caution. You should not purchase anything if you can’t pay cash for it. To prevent incurring interest, pay off your bill in full every month. When you use your credit card responsibly, you can avoid paying fees for security and convenience

To prevent late fees and safeguard your credit history, pay your account on time each month. If you are between the ages of 18 and 20, here is how to get a credit card. At this age, many are trade school students, college students, or people who are already employed. 

It is convenient to have a credit card on hand for regular transactions such as cashback. Cards created for persons with less or no credit history or cards such as student credit cards are better for first-time cardholders.

How to Get a Credit Card If You Are 18 to 20 Years

Become a Licensed User 

Getting a credit card as a licensed user is a simple way to receive one since you will not have to fill a long application. A licensed user frequently requires his or her credit card that bears the user name of the authorized person.

You can request your parent or your guardian or even a friend who is willing to enrol you as an authorized person who is comfortable doing so. The addition of licensed users may incur a modest fee from some card issuers. The primary cardholder has the responsibility of paying off both cards. To avoid overspending and late payments, work out a spending and payment procedure with the primary cardholder.

Before taking on the risk, double-check if the card issuer discloses permitted user activity to credit bureaus. After all, one of the key goals for credit card users who are young is to build credit for better cards.

Obtain a Cosigner 

To be appointed for a credit card, those who are applying and are aged 18 to 20 years should have either a designer or proof of work or income. This information assures the issuer that the one holding the card can pay their payments at the right time and establishes the list for the credit for the new cardholder.

Check to see if the cosigner has a strong credit history and a good likelihood of getting a loan approved. Always keep in mind that a cosigner has equal financial and legal responsibility for any card’s balance. The cosigner’s and cardholder’s credit scores may suffer if the cardholder defaults on their payments, so both parties must be careful.

Apply For a Student Credit Card 

Student credit cards are created for people between the ages of 18 and 22 and have no credit or little credit history. For those students who are in college and need a credit card, Discover it Student Cash Back is a good choice.

This card has a 0% initial APR on purchases for the six months then a regular APR of 12.99%to 21.99 percent. Variables 5%cash back on ordinary purchases at a variety of locations each quarter including restaurants, petrol stations,, and grocery stores.

Obtain Protected Credit Card 

Protected credit cards are a fantastic alternative if you don’t have a cosigner. Those who are applying must submit a security deposit to the issuer which establishes the card’s credit limit. 

Protected card functions similarly to a standard credit card in that the cardholder can buy up to the credit card limit and should pay the balance every month. The security deposit is reimbursed when the cash holder has closed the account and paid the whole balance which includes interest and fees.

How to Get a Credit Card if You’re Younger Than 18 Years Old 

Authorized users can be added by their parents if the parents wish to begin building the credit history of their children early. 

There is also a minimum age for permitted users and parents should contact them using the number indicated on the card or review the terms written on that card. Let’s take an example of 

Discover, which permits authorized users who are aged 15 years old at no additional cost to the account owners in a hurry. To avoid any problems, make sure to outline a responsible spending strategy.

How to Get a Credit Card If You Are At least 21 Years Old 

If you are at least 21 years old and have a steady income you can apply for a credit card on your own. These older applicants, particularly the ones who spent their first year working on their credit through a student credit card or as a licensed user have greater credit card possibilities.

Wrapping Up

Although you can receive your first credit card as a minor by being an authorized user on a parent’s account, you must be 18year to apply for a credit card. Young people between the ages of 18 and 20 should apply with a cosigner. 

Applicants who are between the age of 20 can apply for a card without the assistance of a third party. When applying for a credit card ensure that you enter accurate information. Every application normally requires personal information such as annual income, mailing addresses, social security, and more.

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