You do not have to wait until you are of legal age to get a loan. In fact, adolescence is a great time to start learning the concepts of money in the real world and open your first credit card.
If you are 18 or older, you can apply for a credit card in your name. If you are younger, your parents may add you as an authorized user to their cards.
Below, you’ll find our top six credit cards for teens based on simple approval requirements, credit building tools, and valuable rewards.
Review of the best credit cards for teens
Pursuit of Unlimited Freedom®
With Chase Freedom Unlimited®, you get 5% back on trips purchased through Chase Ultimate Rewards®, 3% back on restaurant and pharmacy purchases, and 1.5% back on all other eligible purchases.
Rewards come in the form of Chase Ultimate Rewards® points, which can then be converted into credits, direct deposits, gift cards, travel and more.
Cardholders will also have access to the Chase Credit Journey, which displays your weekly credit score for free and offers unique information and resources to monitor your credit health – a nice bonus for teens who are just starting to build their credit history.
Plus, there is no extra charge for adding an authorized user, making this cashback card a convenient choice for teens and parents alike.
See map details or read our full review.
Discover® Cash Back
The Discover it® Cash Back program offers a dollar-to-dollar ratio for all cash rewards you earn at the end of your first year of opening an account.
This cashback card offers a 5% refund on rotating quarterly categories you activate up to the first $1,500 spent. These categories include popular spending areas such as gas stations, groceries, and more. After this $1,500 limit (or any other eligible purchase), cardholders will receive a 1% refund.
There are no annual or authorized user fees when using Discover it® Cash Back. However, Discover requires authorized users to be at least 15 years old, so younger teens may not qualify yet.
Citi® Secure Mastercard®
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On the Citi Secure website
Teenagers without proof of income may get lucky if they open a secure credit card such as a Citi® Secured Mastercard®. To open an account, you must pay a deposit of between $200 and $2,500. It is fully reimbursable and determines how much of the total line of credit is available to you.
While Citi® Secured Mastercard® does not offer rewards, it is a great way for teens to practice managing their credit card. Once you have built up a sufficient credit history, you can apply for other credit cards, including those that offer cash back or travel rewards.
See card information or read our full list of the best secured credit cards.
Capital One VentureOne Rewards Credit Card
If you’re a teenager looking to jump into the world of travel rewards, consider the Capital One VentureOne Rewards credit card.
The card has a range of benefits, including a one-time bonus of 20,000 miles after you spend $500 for the first 3 months, 0% APR on purchases and balance transfers for 15 months (after which the standard rate of 17.99% – 27.99% Variable). applies). A balance transfer fee of 3% applies to amounts transferred within the first 15 months.
No annual fee (or authorized user fee) to worry about, and you’ll earn unlimited 1.25x miles regardless of purchase. You can also use the Capital One travel portal to book hotels and cars and earn 5x the miles.
All accumulated miles can erase any travel purchases charged to your card in the form of a credit statement. Also, if you’re traveling the world, you’ll need a card like Capital One VentureOne, which waives foreign transaction fees.
Read our full review.
Amex EveryDay® Credit Card
The Amex EveryDay® Credit Card is an entry-level card with no annual fee or authorized user fee. You’ll earn valuable Membership Rewards points, which you can then use to pay for your card, travel, and more.
Cardholders will earn 2x points for products (up to $6,000 per year, then 1 point) and 1 point for all other eligible purchases. What’s especially unique about the Amex EveryDay® Credit Card is that you can earn 20% extra points if you pay with your card 20 or more times in a billing period.
New candidates can earn 10,000 Membership Rewards points after you use your new card for $2,000 worth of purchases during the first six months of your card membership. In addition, there is an initial offer of 0% APR on purchases within 15 months from the account opening date, and then a variable APR from 14.49% to 25.49%.
Read our complete guide to Amex credit cards.
Chase Sapphire Preferred® Card
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On a secure site
Without a source of income or previous credit history, most teens probably won’t be able to qualify for the Chase Sapphire Preferred® card on their own. However, adding an authorized user does not incur any additional fees.
While Chase Sapphire Preferred® is charged $95 an annual fee, it consistently ranks at the top of the list of best travel cards. That’s because it earns tons of points from travel to everyday purchases: 5x points for trips purchased through Chase Ultimate Rewards®, 3x points for meals, online groceries and some streaming services, 2x points for other travel purchases and 1x points for all. other purchases.
See map details or read our full review.
What you need to know about getting a credit card as a teenager
Teenagers must be at least 18 years of age to apply for a credit card without parental permission. However, the US CARD Act, passed in 2009, provided protection for young cardholders.
Under this law, while you can apply for your own credit card at 18, applicants under the age of 21 will have a harder time getting approved for a credit card without a source of income or assets. Otherwise, most teens will likely need a guarantor to apply for their own credit card.
Given these two caveats, the credit card options available to teens are much thinner than those available to adults. However, this does not prevent you from fully opening the credit card.
Teens can be authorized users
Younger teens (ages 13 to 17) cannot apply for a credit card on their own. Instead, parents or guardians must add their teens as authorized users to their credit cards.
Authorized users get their own credit card – even with their name on it. However, their card is still linked to the primary cardholder’s account. This means that when a parent adds their teen to the account, they are responsible for all fees charged – keep that in mind every time you swipe!
Being an authorized user is beneficial because you can start building your loan portfolio at a young age. By the time you are of legal age, you will have years of credit under your belt.
Read more: Pros and Cons of Authorized Cardholders
Age limits vary by issuer
Fortunately, for most credit cards, adding authorized users will not incur any additional costs. The exception to this rule are some premium cards such as The Platinum Card® by American Express and Chase Sapphire Reserve®, both of which charge an additional fee for adding authorized users. In exchange, authorized users receive a range of travel benefits such as access to airport lounges and credits for Global Entry or TSA PreCheck.
Regardless of the card, it is important to familiarize yourself with the age restrictions of the bank for authorized users. Many major card issuers (Bank of America, Capital One, Chase, Citi and Wells Fargo) have no age limit for authorized users. Theoretically, an infant could be added as an authorized user.
In the case of American Express and Barclays, both issuers require authorized users to be at least 13 years old. Discover requires authorized users to be at least 15 years old.
Student cards are perfect for college students
Student cards are designed specifically for college students. This can be a great option for teens aged 18 or 19 who are in a two- or four-year school and want to apply for their own credit card.
Read more: Best Credit Cards for College Students
bottom line
The best credit card for you will depend on your age and income, among other factors. But getting it as a teenager will cut your credit-building time by a few years, meaning you’ll qualify for things like low-interest loans and premium credit cards much sooner than your peers, not involved in lending.
In most cases, becoming an authorized user is the best way to get a credit card at a young age. You just need to check the age requirements (if any) with the bank.