How Old Do You Have to Be to Get a Credit Card?

If you’re wondering how old you have to be to get a credit card, the answer is usually 18. However, there are a few credit cards that have different age requirements. We’ve got all the details on what you need to know about getting a credit card, no matter your age.

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Introduction

Different types of credit cards have different age requirements. For example, you must be 21 years old to get a traditional credit card from most issuers. But, there are a few issuers that will give you a credit card if you’re 18 years old.

There are also secured credit cards, which are a good option for people of all ages. With a secured credit card, you put down a deposit that becomes your credit limit. So, if you put down a $200 deposit, your credit limit is $200.

There are also some prepaid debit cards that can be used like a credit card. These don’t have age requirements, but they also don’t help you build credit because they’re not reported to the credit bureaus.

The Legal Age to Get a Credit Card

In the United States, you must be 18 years old to sign a contract. This includes credit card contracts. So, in order to get a credit card, you must be at least 18 years old. There are a few exceptions to this rule. You may be able to get a credit card at a younger age if you have a parent or guardian who co-signs on the credit card contract.

Federal Law

The Credit CARD Act of 2009 is a United States federal law that amended the Truth in Lending Act. It was enacted on May 22, 2009, by President Barack Obama. The law’s main goals are to protect consumers from unfair credit card practices and to help young adults better manage their credit card debt.

One major provision of the law is that it raised the minimum age for getting a credit card to 21. Before the law was enacted, consumers as young as 18 could get a credit card if they could show proof of income. Now, consumers under 21 can only get a credit card if they have enough income to make the minimum payments on their credit card debt, or if they have a co-signer who meets this income requirement.

The law also put an end to some common predatory lending practices, such as universal default and two-cycle billing. Universal default is when a lender raises your interest rate because you missed a payment to another lender. Two-cycle billing is when interest is charged on both the current balance and the average daily balance from the previous two billing cycles. These practices are no longer allowed under the Credit CARD Act.

The Credit CARD Act has helped make credit cards more transparent and manageable for consumers. It has also helped young adults better understand the responsibility that comes with having a credit card.

State Law

The legal age to get a credit card is determined by state law. In most states, the legal age is 18 years old. However, there are a few states where the legal age is 21 years old.

In order to get a credit card, you will need to have a job and an income. You will also need to have a good credit history. If you do not have a good credit history, you may still be able to get a credit card, but you will likely have to pay a higher interest rate.

Exceptions to the Rule

You must be 18 years old to get a credit card unless you can get a co-signer or have a source of income.There are a few ways around this rule, though. If you have a source of income, you may be able to get a credit card with a lower credit limit. If you have a co-signer, they will be responsible for your credit card balance if you cannot pay it off.

Authorized Users

There are some exceptions to the rule that you have to be 18 to get a credit card. If you are married, you may be able to get a joint credit card with your spouse. And, if you are an authorized user on someone else’s credit card, you may be able to get your own credit card.

Being an authorized user means that you are allowed to use someone else’s credit card, but you are not legally responsible for paying the bill. Typically, authorized users are family members or close friends who trust each other. If you think being an authorized user is right for you, talk to the primary cardholder about adding you to their account.

Joint Accounts

You and a person who is close to you, like a spouse, family member, or trusted friend, can sign up for a joint account. This allows both of you to use the same credit card. You’ll each have your own credit scores, but the account history will appear on both of your reports.

Joint accounts can help build or rebuild your credit score if you make your payments on time. But if you have trouble making payments, it could hurt your score — and the other person’s as well.

Joint accounts are generally not available to people under 18 years old, but there are some exceptions. You may be able to get a joint account with someone who is 21 or older if you can show that you have enough income to make the payments.

The Bottom Line

The bottom line is that you have to be at least 18 years old to get a credit card. However, there are a few ways to get around this if you’re not quite of age. You can become an authorized user on someone else’s credit card, or you can get a secured credit card. If you have a job, you may also be able to get a credit card through your employer.