There are two answers to this question. If you have a co-signer for your credit card application, you can fill out the form pretty much whenever you want, but you probably shouldn’t until you have a steady job and some idea of financial responsibility. If you do not have a co-signer, the easy answer is that you can fill out a credit card application when you are 21 years old.
If you are ready to apply for your first bank credit card, visit the credit card chaser today.
The Credit Card Accountability Responsibility Disclosure Act of 2009 set the age of 21 as the minimum age for an independent credit application. To view the act in its entirety, you can visit the website of the United States Senate.
Being legally able to fill out a credit card application and being mature enough to do so are often two different things. While age and maturity generally seem to rise together, just about everyone knows some 40 year olds with the maturity of a 16 year old and vice versa.
Do I need a job to get a bank credit card?
Usually, you do need a job to get a credit card. More specifically, you need a source of income. For most of us, our main source of income, and often our only source of income, comes from our job.
There are exceptions. Sometimes someone could be living off a trust fund or other investment income, which might be large enough to allow someone to apply for a credit card. A person could also be getting some sort of structured settlement payment from a lawsuit or lottery that would be big enough to qualify them for a credit card.
Is a secured credit card or a prepaid credit card the only type of card I can get the first time?
Secured credit cards and prepaid credit cards are often the easiest types of credit card to get, since they basically offer zero risk for the lender, but they are not always the only option. Student credit cards are very popular as first cards because they often have slightly more lenient credit requirements and interest rates that are not too extreme.
Having a co-signer is another good option for getting a first credit card. A co-signer can help a person to get any one of many different types of bank credit cards or store credit cards. If you are getting someone to co-sign for a credit card with you, make sure that they know all of the credit terms, such as the interest rate.
Which is better for a first credit card, a bank credit card, or a store credit card?
Store credit cards are easier to get, because they are usually pretty lenient in their credit requirements and they often have perks like a discount on purchases. The problems with store credit cards include higher interest rates, lower credit limits, and lack of ability to be used at many different places.
The catch-22 of store credit cards is that they are relatively easy to get for first-time credit card users, but they count against your credit rating and often make it harder to get bank credit cards, at least in the short term. As time goes on and you establish a history of paying on time, your credit rating will improve and it will be easier to get a bank credit card. To know exactly what your credit rating is and how to manage it, you can visit one of the major credit bureaus, like TransUnion.
Why should I get a bank credit card?
Today, a credit card is pretty much a necessity for daily life. You need a credit card to:
- Book a hotel
- Order something online or by telephone
- Buy advance tickets for an event
There is also a convenience factor. It is often much easier to pay with credit than cash, for instance at a gas station with a pay-at-the-pump option.
A bank credit card is also a great way to build up your credit rating, making it easier to get a loan to buy a home or car. You can get some of these benefits with a store credit card, a gas credit card, or some other types of credit cards, but the bank credit card is generally more versatile and more effective at building credit.
If you are ready to assume the responsibility and enjoy the benefits of being a credit cardholder, visit the credit card chaser and start your search!
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