What Age Can You Get a Credit Card? Age & Income Rules

Obtaining a credit card is a significant step in managing personal finances. Eligibility depends on several factors, with age being a primary consideration. This article explores the age and income conditions that determine credit card access.

General Minimum Age for Credit Cards

In the United States, the legal minimum age to open a credit card account as a primary account holder is 18 years old. This requirement is rooted in federal legislation, specifically the Credit Card Accountability Responsibility and Disclosure (CARD) Act of 2009. Being 18 generally signifies the age at which an individual can legally enter into binding contracts, including credit card agreements.

Credit Card Access for Those Under 21

The CARD Act of 2009 introduced specific provisions impacting individuals aged 18, 19, and 20 seeking a credit card. Applicants in this age group typically must demonstrate an independent means to repay debt. This includes sufficient independent income from wages, full-time, part-time, or seasonal jobs, self-employment, or even regular allowances and grants or scholarships after educational expenses. The law does not specify a minimum income amount, but it must be adequate to cover minimum credit card payments.

Alternatively, individuals under 21 can obtain a credit card with a co-signer who is 21 or older and possesses the financial capacity to repay the debt. A co-signer legally guarantees they will cover the credit card balance if the primary cardholder defaults. However, many major credit card issuers do not permit co-signers on their accounts.

Another pathway for young individuals, including those under 18, to access a credit card is becoming an authorized user on someone else’s account. An authorized user receives a card linked to the primary account but is not legally responsible for the debt. This allows them to use the card and potentially build a credit history, provided the primary account holder manages the account responsibly. Minimum age requirements for authorized users vary by issuer, with some allowing individuals as young as 13.

Types of Credit Cards for Young Applicants

Several types of credit cards are commonly accessible for young adults, particularly those with limited or no credit history. Secured credit cards require a cash deposit, which acts as collateral for the credit limit. This deposit mitigates risk for the issuer, making these cards more accessible for individuals who might not qualify for traditional unsecured cards. The credit limit on a secured card is often equal to the deposit amount.

Student credit cards are specifically designed for college students and frequently feature more lenient approval requirements, acknowledging limited credit experience. These cards typically have lower credit limits compared to general-purpose credit cards. Student cards often consider various income sources, such as scholarships, grants, and regular allowances, which can help students meet income requirements.