Best Credit Cards For When You Turn 18
Depending on your spending habits and financial situation, a credit card for students may be the right choice for you. The Bank of America Travel Rewards for Students, for example, has no annual fee and has a high rewards rate. Credit card issuers recognize that students are a desirable demographic and are ready to extend attractive offers. Here’s a look at the Best Credit Cards For When You Turn 18
Can 18-Year-Olds Have Credit Cards?
For many people, turning 18 marks a big milestone. Not only do you get to leave home for the first time, but you can also vote and buy your first Powerball ticket. Perhaps you’ve even dreamed of becoming a millionaire. In the past, signing up for your first credit card was considered a rite of passage. But with the CARD Act of 2009, you no longer have to worry about this!
While it’s possible to get a credit card before turning 18, you should know that most major credit card companies require that primary cardholders are at least 18 years old. However, you can still apply for a credit card before turning 18 as an authorized user.
Another option for 18-year-olds is a student credit card. These cards are easy to apply for and often offer lower interest rates. For this reason, many people who have no or limited credit history can benefit from these cards. Even with a small deposit, these cards can help you get a better interest rate.
While it’s true that 18-year-olds can legally apply for a credit card with certain providers, it is a good idea to limit their spending until they turn 18. It’s better to offer a student credit card instead. This card may have fewer fees and is safer for your child. If you’re worried that your teenager might abuse the card, make sure to instruct them about responsible credit card usage.
Here is Best Credit Cards For When You Turn 18
1. Capital One Platinum
If you are a young adult who is looking for a Best credit card, Capital One Platinum is a good option. It has a low annual fee of $0 and no foreign transaction fee. The credit limit will be low to begin with, but with on-time payments you can increase it. However, you should be aware of the high interest rate and no cashback rewards. If you are thinking about getting a Capital One credit card, make sure you can pay the balance in full each month.
Another good option is the Capital One Quick silver One Cash Rewards Credit Card, which offers 1.5% cash back on all purchases. You can redeem this credit card as statement credits or as a check. However, you have to spend at least $2600 per year to offset the annual fee. If you’re a young adult with average credit, a Capital One Platinum card may be the better option.
The Capital One Platinum Secured credit card is a good option for those who are just starting to build their credit. It reports your activity to all three credit bureaus, so in a few months, you may be considered for a higher credit limit. While the Capital One Platinum Secured credit card doesn’t offer ongoing rewards, it does have reasonable deposit requirements and no annual fee.
If your credit score is above average and you’re looking for an introductory credit card, the Capital One Platinum is the best option for you. This card doesn’t charge an annual fee, and it has no foreign transaction fees. Plus, you can upgrade it later if you want to. Just make sure you keep on top of your payments or you’ll find yourself in trouble.
2. Discover Freedom Student
Discover Student credit cards are aimed at students and generally offer rewards and helpful features. They can help build your credit history and develop financial literacy. The main difference between these cards and other types of credit cards is that they have rewards specifically designed for students. If you plan to use one of these cards when you turn 18 you should be aware of the terms and conditions.
One of the most important things to consider when applying for a credit card is the interest rate. Some credit cards have a very high interest rate, commonly expressed as annual percentage rates (APR). If this is a concern, you should consider a card with a lower variable APR. Additionally, high balances can negatively affect your credit score. This is because your balances affect your credit utilization ratio, which compares your total credit limit to your total balance. A credit utilization ratio over 30 percent can damage your score.
The Discover card offers a number of benefits, including unlimited cash back. For example, the Discover it Student Chrome offers 2 percent back on gas and 1 percent on all other purchases. It also does not charge foreign transaction fees. These benefits make this card ideal for college students who are studying abroad. If you’re an American citizen and enrolled in a four-year degree program, you can apply for this card. Just make sure you pay it off on time.
3. American Express Blue Cash Preferred
If you’re 18 and looking for a credit card, American Express Blue Cash Preferred is a great option. This card comes with a generous welcome bonus and the potential to earn up to $693 in the first year. In fact, the rewards can go up even higher if you max out the grocery category. For example, if you spend $6000 in the grocery category, you’ll receive $360 in cash back.
If you’re planning to make purchases at the supermarket, you’ll love the cash back on your Blue Cash Preferred card. The 3% cash back on gas is great, but there’s one more great feature: you can also get 6% cash back on select U.S. streaming services, including Netflix and Spotify. In addition, you can earn unlimited 3% cash back at gas stations and transit, too. That’s a pretty sweet deal.
The Blue Cash Preferred card also comes with a $350 statement credit when you spend $3,000 within the first six months. That’s pretty high, and is more than twice the average cash-back bonus. In addition, it’s free to check if you qualify for the card, and it won’t impact your credit score.
You can also get 0% APR on purchases for the first year of your card. This is a pretty good deal, since it means you can start earning cash back right away. Plus, you can split big purchases into monthly installments, which makes it very convenient for college students. The card’s annual fee is just ninety-five euros, so you can’t go wrong.