See how old you can get a credit card for and get yours as soon as possible.
If you're ready to get your first credit card or you're a parent looking to get one for your child, you may be wondering how old someone needs to be to qualify.
Of course, not everyone can get a credit card, and there are age requirements for taking responsibility.
Building credit as quickly as possible is often hailed as a fundamental step towards establishing a solid financial position. There are different ways of obtaining credit, and opening a credit card is one of the most popular.
But if you want to open a credit card, you should understand the age requirements and any other qualifications you need to meet. Here's how old you can be to open a credit card.
How old do you have to be to get a credit card?
Building a solid credit history is one of the most important tasks in a young person's life, and the sooner you start, the better.
That said, the minimum age to be a main cardholder for most card issuers is 18. However, some allow the issuance of credit card additional for minors.
However, credit cards for under-18s function as an extension of the main card, which belongs to the cardholder.
Therefore, even though they are an extension of the main card, the cards share the same benefits, i.e. the same bill, which is the responsibility of the cardholder.
Extension cards aren't just limited to the young person's parents, it can also be someone else, such as: acquaintances, godparents, uncles and grandparents.
How can I get a credit card for under-18s?
When it comes to how old you can get a credit card, the first step to getting one is to have a guardian of legal age who has an account with an institution, which is the main way to get an additional card.
As mentioned above, banks don't require cardholders to be just the minor's parents, which makes it easier for other guardians to apply for the additional card, as long as they are of legal age.
Another way for minors to get a credit card is through a declaration of their own income, from the age of 16, or if they can prove their emancipation.
Below we'll show you some of the options that can make the card available to minors.
Additional card
Functioning as an extension of the cardholder, an additional card can be issued to minors. However, the cardholder is responsible for paying the bill.
The benefits offered by the card are the same for both, which is one of the most popular ways of issuing a credit card to minors.
The person responsible for the card has full access to all transactions on the child's account, which is the way to control financial spending.
University card
To get a university card, a minor must be enrolled in a higher education institution.
In this situation, it is up to the financial institution to analyze the data and approve it.
Emancipation
A emancipation gives not only the young person the right to a credit card, but also various rights and responsibilities. A notarized deed that makes minors responsible for their actions and civil matters.
How to start building credit
Once you have a card, you must use it responsibly. Starting with good credit habits can help you increase your credit score quickly.
Keep in mind the factors that credit agencies consider when determining your credit score: payment history, credit utilization, credit age and new credit.
When starting out with credit, it can be tempting to splurge on your newly available funds.
However, it's important to spend only within your means to avoid credit card debt.
Using your credit card only for purchases you know you can pay off at the end of the month, keeping your credit utilization (how much of your available credit you are using) below 30% and paying your credit card bill on time and in full are some of the most important things you can do to keep your credit score high.
To set yourself up for success, start with one card and work on building your credit for at least six months before applying for another.
Taking the time to develop a good credit score will open up a whole new level of the best credit cardswith better rewards, better rates and better welcome bonuses.
