If you’re hoping to get a credit card on your own, you need to be at least 18 years old to qualify. However, there are some restrictions for consumers until they’re 21 years old, and teenagers under 18 can only get a credit card if it’s tied to an existing account.
If you’re wondering about your chances of getting a credit card based on your age, here’s what you need to know.
Can you get an account if you’re under the credit card age limit?
It’s possible to get a credit card in your name if you’re under 18, but it’s not the same as getting an account in your name. Instead, you can get added as an authorized user on a family member’s account (typically a parent), and you’ll receive a card in your name that’s tied to that account.
As an authorized user, you’re not financially responsible for any debt incurred on the main account, including charges you make with your card. That said, once you’ve been added as an authorized user on a credit card, that account’s entire history is added to your credit file, which can help you establish your credit history early on.
Of course, if your parent has missed some payments in the past or regularly carries a high balance, those negative items could hinder your chances of building a positive credit history. So check with your parents before you ask to be added to make sure you’re starting off on the right foot…Read more>>