18 years of age is the legal minimum age to apply for credit cards. Most major issuers don't allow anyone younger than 18 to apply for credit cards. You must prove that you are 18 years old or older to be eligible for a credit card. While there is no minimum income requirement, the law requires that you earn at least the minimum to be eligible for any payments.
Legal age for applying for a credit card is 18-20 years old
Although 18- to 20-year-olds may apply for their own credit cards most credit card issuers will still require proof that income or a co-signer to approve a credit application. Because the law requires that people prove they can repay the account without the help of a cosigner, this is necessary.
Credit cards are a great way to start building your credit history and learning to manage your finances. However, young adults are often not able to establish a credit history that is sufficient to be eligible for most of the products. There are many opportunities for 18-to-20-year olds to create a credit history.
The co-signer option may help you to qualify for a card.
Co-signing for a credit card with a friend is a great idea to increase your credit score. But you need to be aware of the potential risks. The first thing you need to check is that the person whom you trust has the financial ability and the integrity to pay off the debt. Lenders might refuse to approve you for credit if you have poor credit.
Another option would be to ask a family member or friend to become an authorized card user. After the card issuer approves your request, they will mail the card to the person who you've designated as an authorized user. The credit card will be attached to your account. This card can then be given to anyone who is able to use it to make purchases and pay bills.
Get a creditcard without a cosigner
A credit card application without a cosigner is difficult. The process can become more difficult and even risky if you add another person to it. You should carefully assess the financial and trustworthiness of your cosigner. You don't want your financial situation to become untenable.
For those with poor credit, another option is to apply for secured credit cards. This type credit card requires a small deposit and has low credit limits. These cards may not be reported by banks to credit bureaus. However, the cosigner may be held responsible for payments if the cardholder is unable to pay. The cosigner will be provided with a copy the statements. He or she will be responsible for any missed payments or other failure to make timely payments. This could be detrimental to the credit of the co-signer, depending on how the bank handles it.
You can get a credit card with no income independent of your job
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 to be an authorized user for another person's card. An authorized user doesn't need to pay an annual charge and can spend as much or less than the primary cardholder.
In addition to being financially independent, credit card companies will require that you be at least 21 years of age and have a source of income. You can get this income from a scholarship, regular allowance, or any other source. However, if you are less than 21, you may need a cosigner.