If you're shopping for a credit card for an 18-year-old, there are several things to consider. First, you'll want to make sure the interest rate is reasonable. Many credit cards have high interest rates, often expressed as annual percentage rates (APRs). If you're concerned about paying too much interest, consider a credit card with a lower variable APR. Your credit report will also show your balances. High balances could affect your credit score. Also, high balances affect your credit utilization ratio, which measures the percentage of total debt you owe compared to the total amount of available credit. Credit scores can be seriously affected if you have a credit score of 30 or more.
Capital One Venture X Rewards credit card
Capital One Venture X rewards credit card for young adults will allow you to earn more rewards and not have to pay a large annual fee. The rewards program will allow you to receive more travel rewards without spending a lot. There are many perks that come with it, such as daily travel deals or tips to help you spend less while traveling.
You can save money on your airfare with the Capital One Venture X Rewards Credit Card. It's a great choice for frequent flyers. You'll get unlimited access to Capital One lounges, as well as Priority Pass participating ones. Capital One purchases earn you three times as much miles than other credit cards.
Capital One Platinum Secured Card Credit Card
The Capital One Platinum Secured Credit Card for 18-year-olds is a great option for young people looking to start building their credit. The card is free of annual fees and doesn't require you to make a security deposits. It allows you to grow your credit limit without having to make a second deposit.
The Capital One Platinum Secured credit card is available online as well as at branch locations. To apply, you must be 18 years old and have a valid Social Security number or Individual Taxpayer Identification number. You also need to provide personal financial information such as your monthly rent or employment status. However, there are other requirements.
Petal(r), 2 Visa(r), Credit Card
Petal(r) Visa Credit Card could be a good choice if you are 18 or a student. This secured card comes with no annual fee and no foreign transaction fees. The card does not have a penalty APR for late payments. It makes its money via merchant transaction fees and interest for revolving debts. This card will help maintain your credit score by helping to pay your balance on the due date.
Many secured credit cards require a deposit to open the account. However, the Petal 2 Visa Credit Card is available without a deposit. This card has a credit limit of $300 to $10,000 depending on your creditworthiness.
Chase Freedom Unlimited
For 18-year-olds who are just beginning to build credit, the Chase Freedom Unlimited credit cards is a great option. This card is free of foreign transaction fees and has an annual fee that's low. It also doesn't charge any fees for purchases made overseas, such as food. The card also offers a credit score boost, which can be important for the future. Credit history is responsible for 15% of a person's credit score.
The credit card is available to 18-year-olds with a $0 annual charge and up to 5% cashback on travel, dining and drugstore purchases. You also get up to 1.5% cashback on all purchases. You can also add authorized users without paying any fees to this card.