The best credit card for 18-year-olds is the Petal® 2 Visa® Credit Card because it has a $0 annual fee and is intended for beginners with little-to-no credit history. The Petal 2 Card also rewards cardholders with up to 1.5% cash back on purchases. There’s no security deposit required to open the account, either.
Best Credit Cards for 18-Year-Olds
As you can see, the best card depends a lot on your financial situation and spending habits. For example, the best credit cards for 18-year-old students are the Discover it® Student chrome and Bank of America® Customized Cash Rewards Credit Card for Students cards. They both offer $0 annual fees and solid cash back rewards on all purchases. A student’s age and earning potential are an attractive prospect for credit card issuers, so they’re willing to extend offers not readily available to non-students.
In addition, some of the other best credit cards for 18-year-olds are secured credit cards, which offer the easiest approval. They require a security deposit, typically around $200. The security deposit sets the credit limit and serves as collateral for the lender. It’s fully refundable after closing the account in good standing. The Discover it® Secured Credit Card and Secured Mastercard® from Capital One are two of the best secured credit cards for 18-year-olds.
Best Ways for 18-Year-Olds to Access Credit
Keep in mind that the Credit Card Accountability, Responsibility and Disclosure (CARD) Act of 2009 places limits on credit cards for 18-year-olds. Under the law, consumers younger than 21 years old must have either a co-signer or proof of a steady income to be a credit card’s primary accountholder. If you can meet one of these two requirements, you’ll have a pool of cards to choose from that will help you establish credit.
Another option is to become an authorized user on someone else’s credit card. You can become an authorized user on any type of credit card, and you’ll enjoy any benefits the card offers while you establish your credit. The primary cardholder is financially responsible for the account, and his or her card activity will also be reflected on your credit report. However, any negative information such as late or missed payments will cause a drop in both of your credit scores.
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