Should I Get A Credit Card At 18

Kate gregory jun 1 15 at 20 55.

Should i get a credit card at 18. You know there s all these rules. The right age to get a credit card will vary from person to person based on maturity needs and financial support. Of course if you don t already have a credit card you ll likely face a confounding catch 22. I would say yes.

If you are under 21 according to credit card law you will need a cosigner or proof of your ability to pay it off such as employment other income or assets. Legally you can get a credit card at age 18 but it s not as easy for young adults to get a credit card for the first time as it used to be. The best time to get a credit card is when you have enough money to pay off any charges you might incur and are responsible enough to pay your bills on time every month. You can t get a card without a credit history and you can t build a credit history without a card.

Click here to learn why you should get a credit card at 18. Telling 18 year olds not to get credit cards because you think saving is better is coming from a place of privilege. Credit cards seem confusing but it is very important to get one young. So for example if my credit card has a 500 limit i should never spend more than 250 of it.

Aim for lower if possible. Life is complicated and not always fair. Analyze your financial situation there is no perfect age to get your first credit card as long as you are at least 18 to qualify for one. That should be all you need for a while especially if you re going to college.

That s because the feds passed a law requiring credit card issuers to ensure young adults under 21 have the income to pay a credit card balance. See if your local credit union has a student card that would be the route i would go for. Owing more than half of what s available will hurt your credit ouch that one got me a couple of times. Credit cards may seem like a scary financial decision.

You have to be 18 to get a card in your name. You should get a credit card at 18 as long as you are financially able to support it. Length of credit is important another important reason to start signing up your kids for credit cards when they turn 18 along with adding them to your credit cards as authorized users is that the average age of accounts is one of the biggest factors in determining your credit score.