18 years old is the legal age to apply online for a creditcard. However, most major issuers do not allow underage consumers to get their own credit cards without a co-signer. If you're under 18, you will need proof that you have an independent income. The law doesn't specify how much you need to earn, but you must have enough to make at least the minimum payments on your account.
A credit card application can only be made by 18-to-20year-olds
Although anyone 18 to 20 years old can apply for their credit cards, most credit card companies will require a cosigner and proof of income in order to approve an application. Because of the law, applicants must prove that they are able to pay the account off without the assistance of a cosigner.
Credit cards are a great way to start building your credit history and learning to manage your finances. Young adults may not have a good credit history, so they might not be able to qualify for some of the available products. There are many ways for 18- to 20-year-olds with good credit histories to start building one.
Co-signers may help you qualify for a credit card
To build your credit, a cosigner on a credit card can be a great option. But you need to be aware of the potential risks. You must first ensure that the person you are going to trust is trustworthy, and can pay back the debt. Lenders might refuse to approve you for credit if you have poor credit.
Another option is asking a friend or relative to be an authorized user of your credit card. Once the request is approved by the card issuer, the card will be mailed to the authorized user. This credit card is attached to your account and can be given to the person who can use it to make purchases or pay bills.
Get a creditcard without a cosigner
Without a cosigner, getting a credit card can be difficult. The process can become more difficult and even risky if you add another person to it. Carefully evaluate the financial capability and trustworthiness for your co-signer. It is not a good idea to be in a financial position where you are unable to pay the bills.
Another option for those with poor credit is to apply for a secured credit card. This type is available to those with poor credit. It requires a deposit and a limited credit limit. Some banks won't report card activity to credit bureaus. If the cardholder does not make payments on time, the cosigner will be responsible. The statements will be sent to the cosigner. They will also receive copies of the statements. If the cardholder does not make the payments due to circumstances beyond their control, they will be held accountable. This can cause credit damage depending on which bank it is.
A credit card without an independent income
It's possible to get a credit line if you aren't working and have no income. There are a number of options. One option is becoming an authorized person on another person’s credit card. An authorized user will not have to pay an annual fee, and they can spend up to the amount the primary cardholder allows.
Credit card companies require you to be financially independent and at least 21 years old. This income can be from a regular allowance, scholarship, or other source of income. To apply if you're under 21, you might need to have a co-signer.