There are many things you should consider when shopping for a credit line for an 18-year old. 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). Consider a variable APR credit card if you are concerned about excessive interest rates. Your credit report will also show your balances. Credit scores can be affected if you have high balances. 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. Your credit score can be affected by anything above 30%.
Capital One Venture X Reward Credit Card
Capital One Venture X Rewards credit card for young adults is a great way to get more rewards. With its rewards program, you can enjoy more travel rewards without breaking the bank. It comes with a variety of perks, including daily travel deals and tips to help you save money while traveling.
You can save money on your airfare with the Capital One Venture X Rewards Credit Card. This card is great for frequent flyers. Capital One Lounges are available to you 24/7, and Priority Pass participants as well. You'll also earn three times more miles when you buy Capital One products than you do with any other credit card.
Capital One Platinum Secured credit card
For young people who want to build their credit, the Capital One Platinum Secured Card Credit Card is a great choice. There is no annual fee and the card doesn't require any security deposit. This card gives you the ability to increase your credit score without having to deposit a second amount.
You can apply for Capital One Platinum Secured credit cards online or at any of their branches. To apply, you must be 18 years old and have a valid Social Security number or Individual Taxpayer Identification number. Also, you will need to give financial information like your income and whereabouts. Of course, you'll need to meet a few other requirements, including being over 18 and not having a credit history.
Petal(r) 2 Visa(r) Credit Card
Petal(r), Visa Credit Card may be the right choice for you if you're 18 years old and a student. The secured card has no foreign transaction fees and there is no annual fee. You will not be charged a penalty APR if you pay late. It earns its money from merchant transaction fees and interest on the revolving balances. By helping you to pay your balance on-time, this card will help you maintain high credit scores.
Petal 2 Visa Credit Card - While some secured credit card applications require a security fee, you can apply for this card without having to pay a security fee. The credit limit for this card is $300-$10,000, depending on your creditworthiness.
Chase Freedom Unlimited
The Chase Freedom Unlimited credit card is a good option for an 18-year-old who is just starting to build up his or her credit history. This card is free of foreign transaction fees and has an annual fee that's low. It doesn't charge fees for overseas purchases like food. You can get a credit score boost with the card, which can be beneficial for your future. 15 percent of credit scores are determined by a person’s credit history.
The 18-year old credit card has a $0 annual cost and offers up 5% cashback on dining, travel and drugstore purchase. You can also earn as much as 1.5% cashback on all other purchases The card's no-fee addition for authorized users is another benefit.