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. The law doesn’t say how much you must earn but you must have sufficient income to pay the minimum payment on your account.
Legal age for applying for a credit card is 18-20 years old
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. This is because people must show they can pay the account off on their own without the assistance of anyone else.
Credit cards can be a great way for you to build your credit history and learn how to manage your money. However, young adults often lack adequate credit history and may have trouble qualifying for many of the products available. Luckily, there are many options for 18-to-20-year-olds to build a good 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. There are risks, however. 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. A lender might not approve you for a credit card if the applicant 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 is attached in your account. The card can be given to the authorized user who can use it for purchases or to pay bills.
Credit card applications without co-signers
A credit card application without a cosigner is difficult. Adding another person to your application can make the process more complicated and can even be financially risky. Be sure to evaluate the financial ability and trustworthiness your co-signer. It is not a good idea to be in a financial position where you are unable to pay the bills.
You can also apply for a secured card if you have poor credit. This credit card requires a deposit, and has a very low credit limit. These cards are not reported to credit bureaus by some banks. If the cardholder does not make payments on time, the cosigner will be responsible. The co-signer will receive a copy of the statements and will be held responsible if the cardholder misses payments or otherwise fails to make payments on time. This could have a detrimental effect on the cosigner’s credit, depending upon the bank.
Getting a credit card without independent income
It's possible to get a credit line if you aren't working and have no income. There are several options. One option is to be authorized as a user 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.
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. This income can come from regular allowances, scholarships, or any other source. To apply if you're under 21, you might need to have a co-signer.