18 years is the legal age for applying for a credit card. Major issuers will not let anyone under 18 get a credit card without a cosigner. If you are under 18 you must show proof of 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.
A credit card application can only be made by 18-to-20year-olds
Although 18-to-20-year-olds can apply for their own credit cards, most credit card issuers will still require a co-signer and/or proof of income to approve a credit card application. Because the law requires that people prove they can repay the account without the help of a cosigner, this is necessary.
Credit cards can be a great way for you to build your credit history and learn how to manage your money. Young adults may not have a good credit history, so they might not be able to qualify for some of the available products. There are many opportunities for 18-to-20-year olds to create a credit history.
The co-signer option may help you to qualify for a card.
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. If the person has poor credit, the lender may not give you a credit card.
Another option is to ask someone you know to become an authorized credit card user. After your request has been approved by the card company, they will mail the card directly to the authorized user. The credit card will be attached to your account. This card can then be given to anyone who is able to use it to make purchases and pay bills.
Credit card applications without co-signers
It can be difficult to get a credit card with no co-signer. An additional person can complicate your application and could even make it financially risky. Be sure to evaluate the financial ability and trustworthiness your co-signer. You don’t want to end in a situation where you can’t make the payments.
For those with poor credit, another option is to apply for secured credit cards. This type credit card requires a small deposit and has low credit limits. These cards are not reported to credit bureaus by some banks. The co-signer is responsible for any payments that are not made by the cardholder. 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 could be detrimental to the credit of the co-signer, depending on how the bank handles it.
A credit card without an independent income
You may wonder how to get a credit card if you're unemployed or don't have a source of income. There are many options. One option is to be an authorized user for another person's card. An authorized user won't have to pay an additional annual fee and can spend the same amount as the primary cardholder.
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. If you are under 21, however, you may have to get a co-signer to apply.