18 years of age is the legal minimum age to apply for credit cards. However, most major issuers do not allow underage consumers to get their own credit cards without a co-signer. If you are 18 or under, you will need to prove independent income. 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
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 of the law, applicants must prove that they are able to pay the account off without the assistance of a cosigner.
Credit cards are a great way to start building your credit history and learning to manage your finances. Many products may not be available for young adults due to a lack of credit history. Luckily, there are many options for 18-to-20-year-olds to build a good credit history.
You may be eligible for a credit card if you have co-signers
It is a great way for you to improve your credit score by getting a cosigner for a creditcard. You should be aware of the possible risks. First, be sure to verify that the person who you are going with is trustworthy and financially able to repay the debt. Lenders may refuse to give credit cards to people with poor credit ratings.
You can also ask your friend or family member for authorization to use your credit card. 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.
A credit card application without a cosigner
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. Be sure to evaluate the financial ability and trustworthiness your co-signer. You don't want your financial situation to become untenable.
Secured credit cards are another option for those with bad credit. This type is available to those with poor credit. It requires a deposit and a limited credit limit. Some banks won't report card activity to credit bureaus. The cosigner can be held responsible if the cardholder defaults on payments. The co-signer receives a copy of the statements. In the event that the cardholder doesn't make their payments on time, or misses them altogether, the statement will be available to him. This could have a detrimental effect on the cosigner’s credit, depending upon 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 to become an authorized user 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 will also require that you are financially independent. This income can be from a regular allowance, scholarship, or other source of income. You may need a cosigner if you are younger than 21 to apply.