Friday, September 30, 2022

Best Credit Cards for Teens in 2022

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We check on our kid’s safety and health, which is an obvious fact. But, when it comes to their financial future? Well…. Not as much, right? In a world full of credit scores, where it has so much influence on your kids, helping them to build healthy financial relationships early in their life can make a drastic difference when the time comes for you to set your little bird free. So What are the Best Credit Cards for Teens in 2022?

Instead of being reluctant to slap a credit card in your teen’s hand, first, teach them how the responsibility of owning a credit card works and how it can help them in financial independence once they start growing older. Let’s get to know your part in giving your child a credit card, so here are some of the best credit cards for teens.

Credit Cards for Ages 13 to 17 years.

Well, technically, your kid is underaged, so they can’t get a credit card to their name until they reach 18 years old. But, here’s the catch, they don’t need to get a credit card to their name to keep the ball rolling. Instead, you can make your credit card account and add your teen as an authorized user.

Help The Authorized User to Benefit Their Future.

Allowing your kid to become an authorized user can aid in the development of their credit score. The authorized user’s credit score will improve if the card owner pays their credit card payments on time and adopts excellent credit habits. However, poor credit card behaviors, such as late payments and holding huge sums, can also be detrimental to the authorized user.

It’s critical to remember that adding your child as an authorized user to your credit card makes you financially responsible for any purchases they incur. So, for example, if they spend $600 on video games in the mall, you’ll be liable for the costs – even if you disapproved of the transaction.

Eligibility & Age Limits.

Adding authorized users will depend on the credit card since some issuers charge a fee. Contact your issuer and inquire about any costs connected with approved users to find out if your card is eligible. Finally, your credit card may impose an age restriction on authorized users:

Credit Card Issuer Minimum Age Requirement
American Express 13 years
Bank of America
Barclays 13 years
Capital One
Chase
Citi
Wells Fargo

 

Best Credit Cards for Our Young Authorized Users.

However, not all credit cards are made equal, so here are a few solutions that stand out as viable options for enrolling your child as an authorized user.

1. Discover it Cash Back.

With an exclusive introductory offer, it will match all of the cashback that you have earned by the end of the first year of use. Having no minimum or maximum rewards, you could change your $150 cashback into $300!

With a $0 annual fee, you can use your rewards at Amazon.com checkout, plus your rewards never expire! Now that’s what we are talking about.

2. Discover it Balance Transfer.

Presenting the same benefits and rewards as the Cash Back credit card, the Discover is accepted nationwide by 99% of the places that allow credit card payment.

3. Capital One Venture Rewards Credit Card.

Enjoy a one-time bonus of 60,000 miles when you spend $3,000 on purchases within three months of creating your account, which is comparable to $600 in travel.

Miles will not expire for the account duration, and there is no cap on how much you may earn. So every transaction makes you an infinite number of 2X miles.

With all these benefits, this credit card comes with an annual fee of $95.

4. Amex Blue Cash EveryDay Credit Card.

This credit card rewards you for spending every day- all day! So regardless of the purchase, this can be a decent alternative for earning rewards on your child’s spending, irrespective of what they spend it on, albeit it will not provide you with the most significant earnings rate possible.

An annual fee of $0 comes with an intro offer of $200 statement credit after spending $2000 in the first six months of use.

5. Chase Freedom Unlimited.

With an introductory offer of earning a $200 cash back bonus after spending $500 in the first three months of use, this credit card comes with an annual fee of $0.

6. Citi Simplicity Card.

This credit card comes with an introductory offer of a long 0% APR period on balance transfers and purchases. In addition, the annual fee for the credit card is $0.

What about the Teens 18 and Over?

Well, technically, once your teen turns 18 years old, they are a legal adult. Now everything changes. They do not have any restrictions of taking a credit card to their name, but there will still be some requirements they should meet up to get the credit card successfully.

Now the options for credit cards are expanding, here are some of the credit cards your young adults can use now:

1. Discover it Secured.

This credit card is known to be one of the best credit cards to use as a first. A refundable deposit sets the credit limits that the cardholder makes on the account. In addition, all of the card activity is reported to the three major credit card bureaus (Experian, Equifax and TransUnion). But you should first prove yourself as a responsible borrower so that you can secure a strong credit score.

The Discover it Secured has a $0 yearly expense, so your child can zero in on making instalments on schedule. You additionally get 2% money back on buys at eateries and corner stores (up to $1,000 quarterly) and 1% money back on any remaining deals. Discover will naturally audit your record after eight months to check whether you can progress to a document with no security store.

2. Discover it Student Cash Back.

Having an annual fee of $0 and a $20 statement credit card each year for college students who are capable of maintaining a GPA of 3.0 or higher, you can let your kid handle credit cards while being focused on their schoolwork.

Need more? Discover will match all the money back your child procures toward the finish of their first year — and there’s no restriction to how much Discover will coordinate. The credit required for this card goes from reasonable to magnificent, so centre on having an ideal score to build the chances of endorsement.

3. Journey Student Credit Card – Capital One.

The cardholder can earn 1% cashback on every purchase and a 1.25% cashback every month you make an on-time transfer. So with $0 annual fees and $0 foreign transaction fees, your kid will gain a higher credit line in the least six months. But there is a catch: there should be an average credit to get this credit card.

4. OpenSky Secured Visa.

No credit check is required for this one. Since the OpenSky Secured Visa is a gotten Mastercard, you set your acknowledge line for an underlying refundable store — as low as $200 and up to $3,000. To guarantee you’re assembling your credit, the three significant credit authorities account for every type of effort. It’s an option in contrast to the Discover it Secured card, yet it does not have the profit rate presented by Discover.

Secured Credit Cards for Teens.

Secured credit cards require users to make a refundable deposit into a bank account to secure a line of credit.

1. Capital One Quicksilver – Secured Cash Rewards Credit Card.

With no annual fee or hidden fees, you can earn unlimited 1.5% cashback. This type of credit card will help in building credit. By putting down a refundable $200 as a security deposit, you can gain a $200 initial credit line.

2. Capital One Platinum Secured Credit Card.

With no annual or hidden fees, you can put down a refundable security deposit starting from $49 to obtain a $200 initial credit line. You can earn back the security deposit as a statement credit by using the credit card responsibly and adequately by paying on time.

3. Applied Bank® Secured Visa® Gold Preferred® Credit Card.

This card has no credit check or minimum credit score required and has automatic reporting to all three national credit bureaus. It has a 9.99% low fixed APR that would not change even though your payment is late. This credit card comes with an annual fee of $48.

Why Should You Consider Getting a Secured Card?

Secured credit cards are an excellent beginner-level option for teens without a gentle income. These cards act a bit like standard credit cards. The sole difference is that applicants must make a margin to open their account, acting as collateral if the cardboard user fails to form payments on their performance. Additionally, the quantity that you put down will usually determine your credit line. For instance, if you set down a $500 deposit, then you will not be allowed to spend quite $500 on your card at a time.

If you opt to shut your account, this margin will be returned after paying off your balance. In some instances, you’ll even receive your margin early if the MasterCard issuer deems the user to be creditworthy. Then, after months of on-time and complete payments, you’ll be eligible to receive this sediment back wholly. Above all, secured credit cards help users establish their credit habits if they need no income to qualify for a standard card.

Summary.

The groundwork for maintaining good credit can start at a young age. As a licensed user, your child can benefit from having the ability to practice proper spending habits and lengthier credit history. Once they turn 18, they will leverage their very own MasterCard and continue their record as a responsible borrower. Strong credit history and an honest credit score can open up opportunities for them down the road, including better loan terms and interest rates.

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