Conestoga Bank, formerly known as First Penn, has multiple credit cards offers. Simply referred to as the Young Adult Visa Card, this line of bad credit credit cards is marketed towards younger consumers that might have had a few credit snafus in the past. Whether working to build credit for the very first time or hoping to repair damage that has already been done, the Conestoga Bank Young Adult Visa credit card is one of the few available to consumers under the age of 18.
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Many credit card issuers allow cardholders to add authorized users onto their account, but the Conestoga Bank Young Adult Visa program goes a step further. Anyone 16 or over can qualify for the Young Adult Visa, if they meet the minimum income requirements and have a co-signor that is of legal age.
Conestoga Bank Young Adult Visa Details
Some credit experts such as Suze Orman warn of the perils racking up debts at a young age, but the Young Adult Visa line of credit cards can be great for establishing credit. These are unsecured credit cards that don’t have a penalty APR, so consumers can apply knowing that they will not go into further debt if their financial circumstances change.
The Conestoga Bank Young Adult Visa application process can be completed online, which helps applicants to learn the outcome much faster. Interest rates are as long as 9.99%, which is extremely low for student credit cards in general. The APR can go as high as 20.99%, however, cardholders can request interest rate reductions, especially if their credit scores have recently improved.
Conestoga Bank Young Adult Visa Restrictions
No one under the age of 16 can apply for a Conestoga Bank Young Adult Visa. Verifiable income statements are needed to be approved. Because many of the consumers applying for this card are under the age of 18, co-applicants are usually needed in order to be approved.
The interest rates on the Conestoga Bank Young Adult Visa can increase, but cardholders will have the ability of closing their accounts before the changes can be applied. Initially, the credit lines offered on these low interest credit cards may be limited.
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