Few credit card companies market credit cards specifically for consumers under the age of 18. However, the Farmers Insurance Group FCU Teen Classic MasterCard can be a wonderful way for teens to learn the ins and outs of responsible borrowing. As a non-profit, this credit union has several different financial products available for consumers that may have difficulties qualifying for lines of credit by way of more traditional means. Membership to the Farmers Insurance Group FCU is not limited by region or professional association.
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Even though many applicants will receive a personal credit card from the Farmers Insurance Group FCU, not everyone will be successful. Suze Orman helps to explain some of the most common reasons that credit card applicants are declined for new lines of credit.
Farmers Insurance Group Teen Classic MasterCard Details
Any U.S. resident that is a Farmers Insurance Group FCU member and aged 16 of 17 can apply for the Farmers Insurance Group FCU Teen Classic MasterCard. However, credit card applicants under 18 will need to apply with their parents or guardians.
The Farmers Insurance Group FCU has a financial education program named Elements, which teen credit cardholders are automatically enrolled in. Only $1,000 in credit is offered to qualifying borrowers, but this restriction is completely appropriate for inexperienced consumers.
Farmers Insurance Group Teen Classic MasterCard Interest
While many student credit cards have a lower APR than the Farmers Insurance Group FCU Teen Classic MasterCard, all other fees are quite reasonable. Late payment fees amount to $30 and over-the-limit charges do not exceed $20. Because Farmers Insurance Group FCU Teen Classic MasterCard credit card joint accounts are managed by teens and their parents, both are equally responsible for all debts made.
If payments to the credit card account are not kept current, the accountholders may become responsible for paying additional fees as well as a default interest rate. Farmers Insurance Group FCU Teen Classic MasterCard accounts can be converted into the Farmers Insurance Group FCU Classic MasterCard when the age of maturity is reached.
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- Farmers Insurance Group FCU Classic MasterCard Credit Card
- Farmers Insurance Group FCU Visa Select Credit Card
- Farmers Insurance Group FCU Visa Platinum Credit Card
- Advancial Federal Credit Union Value MasterCard Classic Credit Card
- Premier America Credit Union MasterCard Student Credit Card
- Michigan Schools and Government Credit Union Visa Classic Credit Card
- Earthmover Credit Union Visa Teen Investment Program (TIP) Credit Card