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 18 or younger, you need to show that you have 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.
Legal age for applying for a credit card is 18-20 years old
18- to-20-year olds can apply for credit cards by themselves, but most credit card providers will still require a cosigner or proof of income before they approve a credit card application. Because law requires that applicants prove their ability to pay off the account on their own, they must also provide proof of income.
Credit cards are a great tool to help you build your credit score and learn how to manage finances. However, young adults often lack adequate credit history and may have trouble qualifying for many of the products available. There are many options available for 18-to-20 year-olds to establish a strong credit history.
You may be eligible for a credit card if you have co-signers
Getting a co-signer for a credit card is a great way to build up your credit score. You should be aware of the possible risks. First, make sure you can trust the person you choose to do business with. Second, ensure they are financially stable and capable of repaying the debt. Lenders might refuse to approve you for credit if you have poor credit.
Another option is to ask a friend or family member to become an authorized user on your credit card. After the card issuer approves your request, they will mail the card to the person who you've designated as an authorized user. This credit card can be attached to your account. It can be used to pay bills or make purchases.
Get a creditcard without a cosigner
It can be difficult to get a credit card with no co-signer. It can be more difficult to apply for a credit card without a co-signer and may even prove financially risky. It is important to assess the trustworthiness and financial abilities of the co-signer. You don't want to find yourself in a financial bind that makes it impossible to pay the monthly payments.
A secured credit card is another option for people with poor credit. This credit card requires a deposit, and has a very low credit limit. These cards may not be reported by banks to credit bureaus. However, if the cardholder fails to make the payments, the co-signer will be liable for the payments. 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 can have a negative impact on the cosigner's credit depending on the bank.
You can get a credit card with no income independent of your job
Unemployed people without an income may wonder how they can get credit cards. There are several options. One option is becoming an authorized person on another person’s credit card. An authorized user does not need to pay an annual fee and can spend as much as the primary cardholder allows.
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.