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How Old Should I Be Before I Get My First Credit Card?

how old to get a credit card

By Miriam Caldwell. Money in Your 20s Expert

Miriam Caldwell is a freelance writer with a specialty in personal finance. She believes that you can lay a solid foundation by starting to manage your finances in your twenties.

For many their first credit card is seen as a rite of passage into adulthood. A few years ago, college freshman’s mailboxes were full of credit card offers, trying to entice college students to open an account with them. Now it has become more difficult for people to open an account, and they must provide proof of income to qualify for an account without a cosigner. The Credit Card Act made it more difficult to take out a credit card account. Age is not necessarily as important as considering whether or not you are now financially responsible enough to have one. Before you open a credit card account. ask yourself these


1. Do I Have a Regular Income?

2. Can I Pay Off My Balance Each Month?

The next question you need to determine is whether or not you will be able to pay off the balance each month. If you can find money in your budget to cover your credit card balance each month, you should be okay with having a credit card available to you. As you use your credit card, you need to understand the risks and responsibilities associated with having a credit card. When you do not pay it off each month, you are going to end up paying a lot in interest over time. Keeping a lower available credit balance can also help you effectively manage your credit and to help prevent you from running up balances that are difficult to pay off.

3. Why Do I Want a Credit Card?

Category: Credit

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