Looking for the best credit card for 18 year old? Check out our guide to find the perfect card for you. We’ve got all the information you need to make an informed decision.
Introduction:
Congratulations! You’re 18 years old and ready to start building your credit. But with so many credit card options out there, how do you choose the best one for you? Don’t worry, we’ve got you covered. In this guide, we’ll walk you through everything you need to know to pick the best credit card for 18 year old.
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What to Consider When Choosing the Best Credit Card for 18 Year Old
When choosing the best credit card for 18 year old, there are a few things you should consider:
Your Credit Score
Your credit score is one of the most important factors that credit card companies consider when deciding whether to approve your application. If you have a low credit score, you may not be approved for certain cards, or you may be offered a high interest rate. If you don’t have a credit score yet, consider a secured credit card to start building your credit.
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Fees
Many credit cards come with fees, such as annual fees, balance transfer fees, and foreign transaction fees. Make sure you understand all the fees associated with a card before applying.
Rewards
Credit cards often come with rewards programs, such as cash back or points. Consider what type of rewards you want and how you plan to use them. Some cards offer higher rewards for certain categories, such as gas or dining, so make sure you choose a card that fits your spending habits.
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Interest Rates
If you plan to carry a balance on your credit card, interest rates are an important factor to consider. Look for a card with a low interest rate to save money on interest charges.
Best Credit Cards for 18 Year Old
Now that you know what to consider when choosing a credit card, let’s take a look at some of the best credit cards for 18 year old.
Discover it Student Cash Back
The Discover it Student Cash Back is a great option for college students. It offers 5% cash back on rotating categories and 1% cash back on all other purchases. Plus, Discover will match all the cash back you earn in your first year, making this a great card for earning rewards.
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Pros.
- No annual fee
- Rewards program with high cash back rates
- Good for building credit
Cons.
- Limited acceptance outside of the US
- No sign-up bonus
Capital One Platinum Credit Card
The Capital One Platinum Credit Card is a great option for those with limited credit history. It has no annual fee and offers credit line increases after you make your first 5 monthly payments on time.
Pros.
- No annual fee
- Credit line increase after 5 on-time payments
- Fraud coverage
Cons.
- No rewards program
- High APR for those with less than perfect credit
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Citi Rewards+ Student Card
The Citi Rewards+ Student Card is a good option for students who want to earn rewards. It offers 2x points at supermarkets and gas stations, and 1x points on all other purchases. Plus, you can round up your points to the nearest 10 on every purchase, making it easy to earn rewards.
Pros
- No annual fee
- Round up points feature
- Rewards program
Cons
- Limited rewards redemption options
- No sign-up bonus
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Conclusion – Best Credit Card for 18 yr Old
Choosing the best credit card for 18 year old can seem overwhelming, but with the right information, you can make an informed decision. Consider your credit score, fees, rewards, and interest rates when choosing a card.
Some great options for 18 year old include the Discover it Student Cash Back, Capital One Platinum Credit Card, and Citi Rewards+ Student Card. And remember, always use your credit card responsibly to build a strong credit history.
FAQs
Here are some FAQs about choosing the best credit card for 18 year old:
Q: Do I need a credit history to get a credit card?
A: Not necessarily. There are some credit cards that are designed for people with no credit history, such as secured credit cards. However, having a good credit history can increase your chances of being approved for a card and getting a lower interest rate.
Q: What should I do if I’m not approved for a credit card?
A: If you’re not approved for a credit card, don’t worry. You can still build your credit by paying bills on time, using a secured credit card, or becoming an authorized user on someone else’s credit card.
Q: How can I avoid credit card debt?
A: One way to avoid credit card debt is to only use your card for purchases you can afford to pay off each month. You should also keep track of your spending and avoid carrying a balance on your card.
Q: Can I use my credit card overseas?
A: It depends on the card. Some credit cards have foreign transaction fees and may not be accepted in certain countries. If you plan to use your card overseas, make sure to check with the issuer first.
Q: What should I do if my credit card is lost or stolen?
A: If your credit card is lost or stolen, report it to the issuer immediately. They can cancel the card and issue a new one to you.