There are many benefits and drawbacks to choosing the best credit card for young adults. The Capital One Venture Rewards credit cards does not have an introductory APR rate. This is helpful for faster debt repayment. You will not receive a signup bonus which can help improve your credit score. Also, you cannot withdraw money using this card from ATMs.
Discover it Secured
A Discover It Secured credit card can be a great option for young adults to manage their money in many ways. This card is flexible and offers fixed installments over two year. This makes it easy for you to manage your finances. You can also use it like a normal creditcard and earn cashback for purchases. The card does not offer any other benefits or rewards such as points that could be saved for a future date. Your cashback will be applied automatically to your next month's balance if you spend a certain amount.
Another benefit of the Discover it Secured credit card is that it has low fees. This is an important advantage for those who want to build credit profiles. This card's APR is based on the prime rate. It is not like other secured credit cards with high fees.
Chase Freedom Unlimited
Chase Freedom Unlimited credit credit card may be a good choice for you if you are a young adult without credit history. While this card doesn’t offer any sign-up bonus or rewards, it will allow you to receive electronic statements as well as a free credit score and report. It’s an excellent option for young adults.
Chase Freedom Unlimited has no annual fee and is a credit-card that comes with no annual fees. It earns 1.5 percent cashback for all purchases. Although the cash back amount is not high, it's still well above average. This credit card works well for young adults just starting to manage their finances. Whether you travel frequently or don't, this card will help you achieve your financial goals.
Capital One QuicksilverOne Cash Rewards Credit Card
A Capital One QuicksilverOne Rewards credit card is a good choice for young adults looking for a card. This card is free of annual fees and gives you 1% cashback for all purchases. In addition to earning cash back on all purchases, you can also get a sign up bonus that is equal to the amount of cash you have earned in the first year. Additionally, foreign transaction fees can be avoided.
This credit card offers relatively low credit-score requirements, making it ideal for young adults with a fair credit score. However, you do have to have good credit to qualify for the card, so you'll need to maintain your score well. If your credit score is higher, you may be eligible to upgrade to full-featured card.
Milestone Mastercard
Milestone Mastercard could be a good choice for young adults with poor credit. You get MasterCard perks such as extended warranties for large purchases, theft protection and $0 liability for fraud. You can also get 24-hour international services and airport concierges with this credit card.
Milestone MasterCard can be accepted online, in retail locations and via the app. However, you need to keep your credit utilization low to avoid paying large interest rates. It is also important that you keep an eye on your account balance, payment history, and bank processing times.