There are many things you should consider when shopping for a credit line for an 18-year old. You will first need to ensure that the interest rate you are paying is fair. Many credit cards have high interest rates, often expressed as annual percentage rates (APRs). Consider a variable APR credit card if you are concerned about excessive interest rates. You should also remember that your credit report will include your outstanding balances. High balances can affect your credit score. High credit balances can also affect your credit utilization ratio. This is the ratio of the amount of credit available to you and the total debt that you owe. Credit scores can be seriously affected if you have a credit score of 30 or more.
Capital One Venture X Reward Credit Card
Capital One Venture X Reward Credit Card for Young Adults can help you earn more without having to pay a steep annual fee. You can get more travel rewards with its rewards program without having to break the bank. It offers a number of perks including daily travel deals, tips and tricks to help you save while traveling.
The Capital One Venture X rewards card card can help you to save on airfare. It's a great choice for frequent flyers. You'll get unlimited access to Capital One lounges, as well as Priority Pass participating ones. You'll also earn three times more miles when you buy Capital One products than you do with any other credit card.
Capital One Platinum Secured credit card
The Capital One Platinum secured credit card (18-year-olds) is a great option to help young people build their credit. The card doesn’t require a security fee and does not have an annual fee. As an added benefit, it allows you to increase your credit line without making a second deposit.
Capital One Platinum Credit Cards are available online and in branch. To apply, you must be 18 years old and have a valid Social Security number or Individual Taxpayer Identification number. Additionally, you must provide financial information about your personal finances such as your monthly rent or work status. Of course, you'll need to meet a few other requirements, including being over 18 and not having a credit history.
Petal(r) 2 Visa(r) Credit Card
The Petal(r), 2 Visa Credit Card is a great option for students 18+. This secured card comes with no annual fee and no foreign transaction fees. It also does not charge penalty APR for late payments. It earns its revenue through merchant transaction fees, interest on revolving amounts, and other means. This card will help maintain your credit score by helping to pay your balance on the due date.
Petal 2 Visa Credit Card: While most secured credit cards require you to make a security deposit for your application, this card can be applied without any security deposit. The credit limit for this card is $300-$10,000, depending on your creditworthiness.
Chase Freedom Unlimited
For an 18-yearold just starting to build credit history, Chase Freedom Unlimited credit is a good option. This card does not have foreign transaction fees or an annual fee. It also doesn't charge any fees for purchases made overseas, such as food. This card can help improve your credit score which could be very beneficial for the future. The length of a person's credit history accounts for 15 percent of his or her credit score.
This credit card for 18-year-olds has a $0 annual fee and offers up to 5% cash back on dining, travel, and drugstore purchases. It also allows you to earn up to 1.5% cash back on all other purchases. The card's no-fee addition for authorized users is another benefit.