Do you need a credit cards for 18 year olds or maybe your kids is upto 18 years old ? In this article we share a list of best credit cards for 18 years old teens and how they can apply for the best credit cards in their own name.
Table of Contents
What Credit Cards Is All About ?
According To Investopedia, A credit card is a thin rectangular piece of plastic or metal issued by a bank or financial services company, that allows cardholders to borrow funds with which to pay for goods and services with merchants that accept cards for payment.
Credit cards impose the condition that cardholders pay back the borrowed money, plus any applicable interest, as well as any additional agreed-upon charges, either in full by the billing date or over time.
Also according to Wikipedia, A credit card is a payment card issued to users (cardholders) to enable the cardholder to pay a merchant for goods and services based on the cardholder’s accrued debt (i.e., promise to the card issuer to pay them for the amounts plus the other agreed charges).
What Credit Cards Is Used For ?
Credit cards offer you a line of credit that can be used to make purchases, balance transfers and/or cash advances and requiring that you pay back the loan amount in the future.
When using a credit card, you will need to make at least the minimum payment every month by the due date on the balance.
Are Credit Cards Good Or Bad ?
Are Credit Cards Good or Bad? Credit cards are neither good nor bad. They are financial tools that must be used with care.
The dangers include running up debt, missing card payments, carrying a balance and racking up interest charges, using too much of your card limit, and applying for too many cards at once.
Eligibility For Credit Cards For 18 Year Olds
Age – You will need to be minimum 18 years of age to apply for a Credit Card. Even if you are an add-on Credit Card holder, the age limit needs to be met. Anyone meeting this criteria becomes eligible for a Credit Card.
Income – Each bank has a specified minimum income set by them as an eligibility criteria.
You will need to have a regular income and provide proof of the same. Income requirement varies depending on the Credit Card being applied for.
You can either be a salaried employee, or self-employed and managing your own business.
Credit history – A good credit history is proof that you can manage your credit well. This helps in getting you a Credit Card easily.
Nationality – While applying for a Credit Card in India, you need to be an Indian resident or a Non-resident Indian (NRI) depending on the country credit cards that you are applying for.
Best Credit Cards For 18 Year Olds With No Credit History
If you are upto 18 years or even older then you can apply from this credit cards companies with your names in minutes.
• Discover Credit Cards
Discover is one of the best credit cards for 18 years old and also a brand issued primarily in the United States. It was introduced by Sears in 1985.
When launched, Discover did not charge an annual fee and offered a higher-than-normal credit limit, features that were disruptive to the existing credit card industry.
A subsequent innovation was “Cashback Bonus” on purchases.
Most cards with the Discover brand are issued by Discover Bank, formerly the Greenwood Trust Company.
Discover transactions are processed through the Discover Network payment network. In 2005, Discover Financial Services acquired Pulse, an electronic funds transfer network, allowing it to market and issue debit and ATM cards.
In February 2006, Discover Financial Services announced that it would begin offering Discover debit cards to other financial institutions, made possible by the acquisition of Pulse.
Discover is the third largest credit card brand in the U.S. based on the number of cards in circulation, behind Visa and MasterCard, with 57 million cardholders.
• Discover Financial
Discover Financial Services is an American financial services company that owns and operates Discover Bank, which offers checking and savings accounts, personal loans, home equity loans, student loans and credit cards.
It also owns and operates the Discover and Pulse networks, and owns Diners Club International.
Discover Card is the third largest credit card brand in the United States, when measured by cards in force, with nearly 50 million cardholders.
Discover is currently headquartered in the Chicago suburb of Riverwoods, Illinois.
• U.S Bancorp
U.S. Bancorp is an American bank holding company based in Minneapolis, Minnesota, and incorporated in Delaware.
It is the parent company of U.S. Bank National Association, and is the fifth largest banking institution in the United States.
The company provides banking, investment, mortgage, trust, and payment services products to individuals, businesses, governmental entities, and other financial institutions.
It has 3,106 branches and 4,842 automated teller machines, primarily in the Western and Midwestern United States.
It is ranked 117th on the Fortune 500, and it is considered a systemically important bank by the Financial Stability Board.
The company also owns Elavon, a processor of credit card transactions for merchants, and Elan Financial Services, a credit card issuer that issues teen credit card products on behalf of small credit unions and banks across the U.S.
• Capital One Credit Cards
Capital One Financial Corporation is an American bank holding company specializing in credit cards, auto loans, banking, and savings accounts, headquartered in McLean, Virginia with operations primarily in the United States.
It is on the list of largest banks in the United States and has developed a reputation for being a technology-focused bank.
The bank has 755 branches including 30 café style locations and 2,000 ATMs. It is ranked 99th on the Fortune 500, 9th on Fortune’s 100 Best Companies to Work For list, and conducts business in the United States, Canada, and the United Kingdom.
The company helped pioneer the mass marketing of credit cards in the 1990s. In 2016, it was the 5th largest credit cards for 18 years old issuer by purchase volume, after American Express, JPMorgan Chase, Bank of America, and Citigroup.
With a market share of 5%, Capital One is also the second largest auto finance company in the United States, following Ally Financial.
The company’s three divisions are credit cards, consumer banking and commercial banking. In the fourth quarter of 2018, 75% of the company’s revenues were from credit cards, 14% were from consumer banking, and 11% were from commercial banking.
Above list are some of the best credit cards for 18 year olds to use and get their own credit cards in their own name.