Theresa Chalfant, Writer
@theresa_chalfant
The average age of a first-time credit card holder is around 21 years old, with most people getting their first card shortly after high school. WalletHub did a survey of college students and found that the majority got their first card within the first two years of college.
When Students Get Their First Credit Cards
| School Year | Percentage of Students |
| Freshman | 28% |
| Sophomore | 26% |
| Junior | 13% |
| Senior | 24% |
| Don’t have a credit card | 9% |
Source: WalletHub survey
People under 18 years old can’t apply for credit cards, and if you’re under 21 you also need to show that you have a personal source of income. It’s best to apply for a card as soon as you can so you can start building credit.
You can use a credit card before you turn 18 by becoming an authorized user on someone else’s account. Most major credit card companies don’t have a minimum age for authorized users, and you don’t need to apply. About 1 in 5 teenagers have a credit card as an authorized user on a parent’s or guardian’s credit card, according to data from TransUnion.
Once you turn 18 years old, you can compare the best first credit cards and apply for one that suits your financial needs.
People also ask
What percentage of 18-year-olds have a credit card?
It’s hard to say what percentage of 18-year-olds have a credit card, since the information collected by different sources focuses on groups belonging to an age range, rather than groups of a specific age. For example, a TransUnion study found that 50% of 18-26 year-olds have a credit card. However, the data was not broken down by age.
Managing a credit card at 18 can be demanding, though. With limited income, even getting approved for...
read full answer by John Miller, Credit Cards ModeratorIs it good for an 18-year-old to have 2 credit cards?
It can be good for an 18-year-old to have 2 credit cards, as long as they use them responsibly and pay the bills on time. Otherwise, they increase the risk of overspending and accumulating debt, which will not only hurt them financially, but also damage their credit score.
Pros and Cons of Having Two Credit Cards at 18
Pros:
- You can increase your overall credit limit, which is the total amount of...
What age group uses credit cards the most?
The age group that uses credit cards the most is typically the 58 to 76 range, according to 2022 Experian data. Individuals in this age bracket owned an average of 4.6 credit cards per person. The close runner-up in this category was the 42-57 age group, which had an average of 4.4 credit cards per person.
These trends reflect the varying financial needs and preferences among different age groups, with older individuals often using credit cards...
read full answer by John Miller, Credit Cards ModeratorDid we answer your question?
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