However, with some planning and foresight, a 19-year-old can still get a credit card and build a score. Find credit cards geared to individuals in your age range and credit history. If you know your credit score, search consumer finance websites for credit cards recommended for your credit score range.
How old do you have to be to get a credit card?
You can’t get a credit card until you’re at least 18 years old. If you’re under 18, however, you can be an authorized user on someone else’s account.
Can a 19-year-old get a credit card?
To make matters worse, the 2009 Credit Card Act imposes extra credit card restrictions for young adults. However, with some planning and foresight, a 19-year-old can still get a credit card and build a score. Find credit cards geared to individuals in your age range and credit history.
What credit cards allow authorized users under 18?
Credit cards that allow authorized users under 18 Best for no annual fee, everyday purchases: Blue Cash Everyday® Card from American Express Best for simple cash back: American Express Cash Magnet® Card
Should I get my teenager a credit card?
Getting your teen on the path to a credit card can be a great way to help them financially prepare for the future. Before you make them an authorized user on an account, however, be sure they have proper financial supervision and that they understand the basics of how credit cards work.
What is the best student credit card for a teenager?
The best student credit card depends on you and your child's spending habits. Compare student credit cards to find one that best suits your needs.
Which cards should my teen get once they turn 18?
Consider a student or secured card, which are good options for new cardholders.
Should my teenager get a credit card?
You might think your teen is far too young to use a credit card. But you'll find two big reasons why it could be a good idea for them to have one....
How to find credit cards for my credit score?
If you know your credit score, search consumer finance websites for credit cards recommended for your credit score range . Students should look for student credit cards specifically designed for university students without credit experience. If you aren't a student, look for bank credit cards aimed at individuals with limited credit history or retail store credit cards.
How long does a credit card expire?
Don't be fooled by low introductory rates -- they're a helpful temporary benefit, but they generally expire after six months or a year and usually shoot up. If you can, choose a card application that offers a cash bonus or earned points on transactions.
What to do if you don't have a job?
If you don't have a job, talk to your parents and other relatives and friends, and ask if anyone is willing to co-sign on your credit account. Once you do get a job, you can choose to close any co-signed accounts. Once you obtain a credit card, use it responsibly to build your credit.
Can credit cards be used to build credit?
For young adults, obtaining a credit card and building credit can be a tricky task. Credit cards are a useful tool for building credit, but many creditors aren't willing to extend cards to individuals with a limited credit history.
Does revolving balance hurt credit?
Late payments and a revolving balance can hurt your credit score, so only make purchases if you know you have enough cash in your bank account to cover the transaction. Jot down your credit transactions and compare them against your bank balance, just like you would for checks and debit card transactions.
Who is Madison Garcia?
Based in San Diego, Calif., Madison Garcia is a writer specializing in business topics. Garcia received her Master of Science in accountancy from San Diego State University.
What happens if you pay your credit card bill late?
If you don’t have sufficient income, your other option is to add a cosigner — someone who agrees to pay if you default. If you pay late, you could damage your cosigner’s credit history.
How old do you have to be to get a credit card?
How to get a credit card if you’re under 18 years old. If you’re under 18, you’re not allowed to get a credit card on your own. It is possible to get one, though: You just need to be an authorized user on someone else’s card account. As an authorized user: You’ll get a credit card in your name that you can use.
What happens if you pay late on your credit report?
If you pay late, you could damage your cosigner’s credit history.
What happens if you pay your cosigner late?
If you pay late, you could damage your cosigner’s credit history. If you’re unsure whether your income qualifies or you need a cosigner, call your card provider. In many cases, your provider will contact you with further steps after you submit your application.
What is Finder.com?
Finder.com provides guides and information on a range of products and services. Because our content is not financial advice, we suggest talking with a professional before you make any decision.
Can I apply for a credit card online if I'm under 21?
Can I apply for a credit card over the phone if I’m under 21? No. You can only apply for cards over the phone if you’re at least 21 years old. If you’re 18 to 21 years old, you must apply online or by mail.
Can you build credit in your name?
As an authorized user: You’ll get a credit card in your name that you can use. You’re not technically on the hook for making payments — that responsibility lies with the primary cardholder. You may build credit as long as the primary cardholder makes payments on time.
How old do you have to be to get a credit card?
You can’t get a credit card until you’re at least 18 years old. If you’re under 18, however, you can be an authorized user on someone else’s account. This can be a good option for a minor as it helps them build a credit score and history. Having a strong credit history can help a minor be eligible for better credit card options — such as a rewards or travel card — once they’re old enough to apply.
Why is it important to have a credit card for teens?
1. It can teach your teen how to use a credit card responsibly for the future. After adding your teen as an authorized user, you have control over their account and can see how they use their card .
What is the best debit card for teens?
Greenlight is among the best debit cards for teens because it includes a broad set of features and parental controls, including the ability to restrict when and where your teen uses their card. The Greenlight app includes the ability to assign chores and automate allowance payments. Plus, it encourages your teen to invest some of their balance and donate money to charity. But there's a $4.99 monthly fee, and you'll pay more to access some of Greenlight 's features.
How much should a teenager spend on credit?
Carrying a high balance puts one in danger of incurring overlimit fees, on top of accumulating high debt. Many experts recommend keeping spending under 30% of one’s credit limit.
How long does it take to transfer a credit card balance?
You won't pay an annual fee to use this card. Four-month limit to transfer a balance. This card has a slightly longer than average time limit for transferring existing debts of 4 months. Many cards on the market give you just 30 to 60 days to make a transfer.
Why do kids need credit cards?
Getting your kid a credit card can help you avoid unpleasant situations and avoid cash theft.
When do teens start to build credit?
Most people start with a brand-new credit history when they’re ready to get a credit card. This usually means they’re limited to student cards and secured cards, both of which typically come with limited features. You can help your teen build an impressive credit history before they reach adulthood. Just add them as an authorized user on your account and consistently make payments on time. When they turn 18, their credit may be strong enough to expand their card options considerably.
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Summary
Some parents add their children to their credit card accounts in their early teens, while others insist that their kids wait until they can qualify for cards on their own. In any case, it doesn’t hurt to start discussing credit with them early.
When does getting a credit card for a child make sense?
Every family’s journey is different, but the following steps will help you recognize if your child can begin using a credit card without jeopardizing your finances or risking their own long-term credit profile.
Minimum age requirements for a credit card
Some credit card issuers set a minimum age for authorized credit users, while others do not. Here is a snapshot into some of the age restrictions, or lack thereof, from each major credit card issuer:
How to set your child up with a credit card
If your child is ready, here are options for setting your child up for success with a credit card.
Bottom line
Building credit is an important part of becoming financially literate, and you’re the best person to teach your children what to do (and not to do). By working alongside them while giving them independence in the process, you guide them toward becoming capable, financially responsible adults.
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We are committed to being fully transparent with our readers. Opinions expressed here are the author’s and/or WalletHub editors'. WalletHub editorial content on this page is not provided, commissioned, reviewed, approved or otherwise endorsed by any company. In addition, it is not any company’s responsibility to ensure all questions are answered.
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What is an authorized user?
Being an authorized user is similar to having a joint credit card with a co-signer. The difference is that, as an authorized user, you’re not legally responsible for the balance. The payment history does show up on your credit report and can later help you get your own credit card if the card issuer uses a credit scoring model that considers authorized users (the VantageScore ignores authorized user accounts). 2
How old do you have to be to get a credit card?
Legally, you can get a credit card at age 18, but it’s not as easy for young adults to get a credit card for the first time as it used to be. That’s because the Feds passed a law requiring credit card issuers to ensure young adults under 21 have the income to pay a credit card balance.
What to do if you don't have a credit history?
If you have the income to get a credit card, but your lack of credit history is keeping you from getting approved, consider getting a secured credit card. This type of card requires you to make a cash deposit as collateral against the credit limit.
What happens if you are turned down for a credit card?
If you’re turned down and it’s because you don’t have sufficient income to qualify, you’ll get a letter in the mail explaining the reason you were declined. 1.
Do you have to have income to get a credit card?
The rules don’t state a specific income you’d need to qualify, but credit card issuers have their own (non-disclosed) guidelines that vary by credit card.
Can you make purchases on a prepaid card?
A prepaid card isn’t a credit card in the sense that you’re extended a credit line, so it won’t help you build a credit score and you can’t make purchases unless you have cash balance on the prepaid card .
Who is responsible for credit card balance after approval?
After approval, you and the co-signer are jointly responsible for the credit card balance, even if only one of you uses the card. How you handle the joint credit card will also affect your cosigner's credit history and vise versa.
