You must be at least eighteen years old to take a credit card, and there is no upper age limit. If you are between 18 and 21, you must be able to get a secured card, student credit card or another starter credit card for your own. You only need sufficient independent income to perform monthly lease payments.
Clients under eighteen years old cannot get a credit card for their own names but can be added to another adult’s credit card account as an authorized user. While a lot of credit card firms allow authorized use at any age, others want authorized users to be a minimum age–typically 15 or 18. In most cases, the primary card owner may add an authorized user by providing the user’s name and Social Security number to the credit card firm. That process could be done online or on the phone.
Young adults may get a regular credit card for their own or with help from a co-signer. They may also select among 3 card sorts that are particularly suited to first-time cardholders. Two of them below;
A Regular Card For Their Own
These between 18 and 21 years old could open a credit card account in their name if they have evidence of individual revenue, according to rules set by the Credit Card Accountability and Responsibility Act of 2009. In an effort to break credit card debt among young people, the act wants credit card firms to make sure young applicants have the means to repay their bills. Most providers require applicants 18 to 21 to simply state their compensation amount on the credit card application.
A Regular Card With A Co-Signer
Another method for adults between 18 and 21 to take a credit card is to have a co-signer, another adult who is minimum 21 years old. The co-signer must have a good credit history to improve the chances of getting approved. Unlike an authorized user, both people are jointly liable for repayment and both may charge debt to the card. Both should use the card responsibly because the payment history is reported to both signer’s credit reports.