There are many things you should consider when shopping for a credit line for an 18-year old. First, ensure the interest rate is affordable. Many credit cards come with high interest rates. These are usually expressed as annual percentage rate (APRs). You may be worried about paying too much interest if you have a low variable APR. Second, remember that your balances will show up on your credit report. High balances can 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. Any balance above 30% can seriously impact your credit score.
Capital One Venture X rewards Credit Card
Capital One Venture X Rewards credit card for young adults is a great way to get more rewards. You will be able to get more travel rewards and not break the bank with its rewards program. You get a range of perks such as daily travel deals and tips that will help you save money while on vacation.
The Capital One Venture X reward credit card is a great way to save money on airfare. This card is great for frequent flyers. You'll get unlimited access to Capital One lounges, as well as Priority Pass participating ones. Capital One purchases are three times more valuable than any other credit cards.
Capital One Platinum Secured 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. This card does not require a security deposit, and there is no annual fee. The card allows you to increase credit without making another deposit.
Capital One Platinum Credit Cards are available online and in branch. To apply, you must be 18 years old and have a valid Social Security number or Individual Taxpayer Identification number. Personal financial information, such as monthly rent and employment status, is also required. 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
The Petal(r), 2 Visa Credit Card is a great option for students 18+. 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 through merchant transaction fees and interest on revolving balances. You can maintain high credit scores by using this card to help you pay your balance in a timely manner.
Although many secured credit cards require security deposits, the Petal 2 Visa Credit Card allows you to apply for it without one. This card offers credit limits between $300 and $10,000 depending on 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. The card charges a low annual fee, and there are no foreign transaction fees. There are no foreign transaction fees or charges for purchases made in the country. This card can help improve your credit score which could be very beneficial for the future. 15 percent of a person’s credit score is determined by how long he or she has been in credit.
This credit card is for 18-years-olds and has a $0 per year fee. It also offers up to 5.5% cash back on purchases at drugstores, restaurants, and travel. It also allows you to earn up to 1.5% cash back on all other purchases. The card's no-fee addition for authorized users is another benefit.