Can you Get a credit Card?

Everyone needs to build up their credit histories, but according to the experts at SoFi, consumers cannot get a credit card until they are at least 18 years of age.

Although someone under the age of 18 cannot have his own card, he can be an authorized user of another person’s card.

What Age Can I Get a Credit Card?

Let’s answer the question, “What age can I get a credit card?”

In most cases, consumers must be 18 years of age. That is because a person under the age of 18 is determined to be too young to enter into a contract.

In addition to that, some credit card companies require consumers under the age of 21 to meet additional requirements before they can receive credit cards.

Credit card applicants under the age of 21 may be required to demonstrate that they earn independent incomes large enough to allow them to make their minimum payments.

In the event that applicants cannot show that they earn sufficient income, they may have the option of asking a close friend or relative to be a joint applicant, a guarantor or a cosigner.

How Can a Young Person Build Credit?

Consumers under the age of 21 may need to take other measures before applying for a credit card on their own, including the following:

Apply for a Secured Credit Card.

A credit card is secured after the applicant deposits a sum of money with the credit card issuer. The deposit may be refundable, and the credit card may offer the consumer rewards.

Apply for a Student Credit Card.

Student credit cards were created specifically for students, so students can qualify for them more easily than they can qualify for major credit cards.

Students can begin to build their credit histories with these cards, and they also help them learn how to be financially independent.

Become an Authorized User on Another Person’s Credit Card Account.

The owner of the credit card grants another person permission to use the credit card as an authorized user. This person may or may not have his or her own credit card.

The authorized user is not required to pay the bills, so the charges the authorized user makes may not be reported to the credit bureaus. If the authorized user’s charges are not being reported, the credit card account will not necessarily help him build his credit.

Find a Cosigner.

If consumers do not have sufficient funds to apply for a credit card on their own, they have the option of asking someone to be a cosigner.

An ideal cosigner is a close friend or family member, but this person would need to agree to pay the applicant’s financial responsibilities if the applicant is unable to do so.

Whether or not consumers decide that they are going to have a cosigner, apply for a secured credit card or become an authorized user on another person’s account, they must remember to always use the credit that has been entrusted to them responsibly.