18 years old is the legal age to apply online for a creditcard. However, most major issuers do not allow underage consumers to get their own credit cards without a co-signer. 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.
A credit card application can only be made by 18-to-20year-olds
Although 18- to 20-year-olds may apply for their own credit cards most credit card issuers will still require proof that income or a co-signer to approve a credit application. This is because the law requires people to show that they can pay off the account without a co-signer's assistance.
Credit cards can help you establish credit and manage your finances. However, young adults often lack adequate credit history and may have trouble qualifying for many of the products available. There are many ways for 18- to 20-year-olds with good credit histories to start building one.
The co-signer option may help you to qualify for a card.
It is a great way for you to improve your credit score by getting a cosigner for a creditcard. Be aware of the risks. First, make sure you can trust the person you choose to do business with. Second, ensure they are financially stable and capable of repaying the debt. A lender might not approve you for a credit card if the applicant has poor credit.
Another option is to ask a friend or family member to become an authorized user on your credit card. After you have submitted your request, the card issuer will send the card to the designated 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. The process can become more difficult and even risky if you add another person to it. It is important to assess the trustworthiness and financial abilities of the 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 of credit card is subject to a minimum deposit and has a lower credit limit. Some banks don't report these transactions 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 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 become an authorized user on another person's credit card. An authorized cardholder will not be charged an annual fee. They can also spend up to the maximum amount allowed by the primary cardholder.
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. The income could come from a regular income, scholarship, or another source. To apply if you're under 21, you might need to have a co-signer.