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What is a good first credit card?
Did you know that there are banks that specialize in extending Visa Credit Cards and MasterCard Credit Cards to individuals that are not currently using credit cards and need to establish a credit score? You can choose any bank to apply for a card but don't apply to more than one at a time, credit applications will show up on your credit report almost immediately, and remember that multiple rejections will make you look desperate for a credit card.
I'm under 18. Can I get a credit card?
The legal age in the United States to obtain your own credit card is 18 years. Fortunately, there are other options available to you.
First, you can obtain a prepaid debit card which you charge up by sending money to the card issuer, and then use that card as you would a regular card, everywhere Visa or Mastercard is accepted. From the merchant's point of view there is virtually no difference between a prepaid card and a credit card.
Many prepaid card issuers, however, offer their cards only to individuals over the age of 18. In this case, parents or a legal guardian can apply for the card under their name but allow you to keep and maintain the card using the PIN. This option is perfectly legal and gives you the opportunity to safely use your own money in the form of a card. To view prepaid card offers, such as the Vue Prepaid Visa Card or the VIP Prepaid MasterCard, please visit our Credit Cards section.
As an alternative you can obtain an actual credit card through your parents or legal guardian. They can submit to their credit card issuer a request to add you to their account, which would result in a credit card being issued to you. They become, in effect, your co-signer. As such they are ultimately responsible for your account. If you abuse the card or default on your payments, you will have to endure the wrath of your co-signer.
If your initial application does not land you a new credit card don`t fret, there are other options.
As soon as you establish a payment history will help you qualify down the road for the major credit cards. Apply to one, meaning either a department store or oil company, and see if you are approved. Wait a few months before applying for another card.
We recommend that you carry a small balance on the department store card or secured card at all times. This shows the credit companies that you can handle an outstanding balance. Remember always, it is vital that you stay up to date with all your statements. Late payments, missed payments or other payment problems will undo all your efforts to build a credit history to the point where you have ready access to credit.
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