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. If you are under 18 you must show proof of independent income. While the law doesn't stipulate how much you have to earn, you must make enough to pay at least the minimum amount on your account.
Credit cards are available to 18-to-20 year-olds.
While 18-to-20 year-olds are allowed to apply for credit cards on their own, most credit card issuers still require proof of income and a cosigner in order to approve credit card applications. This is because people must show they can pay the account off on their own without the assistance of anyone else.
Credit cards are an excellent way to begin building your credit and learning how to manage your finances. Many products may not be available for young adults due to a lack of credit history. There are many opportunities for 18-to-20-year olds to create a credit history.
A co-signer may help you get a credit line
Co-signing for a credit card with a friend is a great idea to increase your credit score. Be aware of the risks. You must first ensure that the person you are going to trust is trustworthy, and can pay back the debt. The lender may not grant you a credit line if the borrower has poor credit.
Another option would be to ask a family member or friend to become an authorized card user. After you have submitted your request, the card issuer will send the card to the designated authorized user. This credit card can be attached to your account. It can be used to pay bills or make purchases.
Getting a credit card without a co-signer
Getting a credit card without a credit-card co-signer can be a challenging task. 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. You don't want your financial situation to become untenable.
Another option for those with poor credit is to apply for a secured credit card. This type of credit card requires a deposit and has a low credit limit. These cards are not reported to credit bureaus by some banks. However, if the cardholder fails to make the payments, the co-signer will be liable for the payments. If the cardholder fails to pay on time or misses payment, the co-signer will be notified and given a copy. This could be detrimental to the credit of the co-signer, depending on how the bank handles it.
Credit card application without independent income
If you are unemployed and don't have an independent income, you may be wondering how you can get a credit card. There are many options. One option is to be authorized as a user on another person’s credit-card. An authorized cardholder will not be charged an annual fee. They can also spend up to the maximum amount allowed by the primary cardholder.
Credit card companies also require that you have income and be financially independent. You can get this income from a scholarship, regular allowance, or any other source. You may need a cosigner if you are younger than 21 to apply.