applying for credit card questions?

Question

hey i am a 16 year old working part time at an icecream shop. and i wanted to apply for a credit card. i applied for citibank. but i have to be 18 years old.

are there any credit cards that will accept me? or do i have to be 18 years old?
is there anyway to get like a parent to co-sign the card?

looking for a card that will give cash back and stuff.

Answer 1

Any credit card will require you to be 18 or have a co\signer. It is a legal issue that states you cannot be held liable. You can only make a legal contract when you are no longer a minor. I forget the legal terminology now but no bank will give you a card if they can't come after you for repayment.

Answer 2

Why do you want a credit card? Use cash or get a debit card, assuming you have a checking account. If you don't have a checking and savings account, scrap together a couple hundred bucks and get one. Some banks or credit unions will pay interest on a checking account if the balance stays above a certain amount, usually around $200.

Cash back from credit card companies is a joke. If you make a payment late (and it doesn't have to be fault, mail or the company "posts" you payment late), you lost your cashback in penalties and interest for a year. Plus how much do you get back. If you spend $100 you get $5 back, wow. If you pay late, even if it isn't your fault, you pay $21 or more in interest, and more in late fees. Plus if read the fine print, they can change the interest rates and terms on a whim. Don't get sucked in. They are all nice when you sign up, but then you become cash machine later.

Read a book by Dave Ramsey. You are 16, and just starting to handle your money you worked for, you need a little guidance so you don't fall into the trap so many adults fall into, debt. Good luck, stay away from credit card and debt, and don't spend more than you make.

Answer 3

Debit cards don't help get credit cards, it depends on your actual credit history, ability to repay debt, cash in the bank, and in savings accounts as well as your income. All are factors. Avoid store credit cards if you can, they have the highest interest rates, shortest grace periods, usually less than 30 days, and they continually try to hook you into using the card for special deals on merchandise you can get elsewhere for much less. Best bet is to get a Visa or Mastercard, but only if you have the ability to keep it paid off each month.

Answer 4

You have to be 18.

The cash back cards are not free.

Get a debit card from your bank. If you manage that correctly for 2 years, then you can get a credit card.

Just remember, credit cards are not free money.

Answer 5

Legally, you're underage, so you won't be able to get a credit card in your own name by yourself. However, your parents can get a card for you, but anything you do will go on their credit report until you become of age (18).

This means that if you go wild with the card, it's your parents who will pay the price. And I'm sure they won't be happy with you if you ruin their credit. And FYI, your credit limit won't be all that high because of your age and inexperience, so you won't be able to go out and buy that $3000 big screen tv.

Answer 6

For legal reasons, I think they'll all require one of your parents to cosign until you turn 18. You should ask your parents if they're willing to do it. Read the fine print. I'd recommend getting just one and make sure it has no annual fees or anything ike that.

Answer 7

you can have your parents get you a major card but they have the say on how you use it and if there were pay backs your parents would get them.

Answer 8

hoo hoo you're 16 and actually applying for a credit card... its impossible kid....

Answer 9

Lots of info here.

Answer 10

Try debit card.

-----------------------------------------------------------------------
http://www.bestcreditrates.net
http://www.online-discount-pharmacy1.com