And what kinds of choices are there? Thanks!
2006-12-27 23:28:03 · 11 answers · asked by Michelle 1 in Business & Finance ➔ Personal Finance
Most states you can't enter into a contract of any sort until the age of 18 which until then you are unelligible to get a credit card, unless your parents do it for you.
2006-12-27 23:31:01 · answer #1 · answered by Mark 2 · 1⤊ 0⤋
As a minor you can not have a credit card at all. You are not even allowed a debit card for a savings account, and you are not able to have a checking account. You may have a savings account that your parents can open for you, but you may not, on your own, make any withdrawals.
A credit card (which include gas cards & student cards-which are for college students of legal age only), debit card, checking account, and loans (which is what a credit card is) are all contractual type of accounts. Which means you must sign a contract for the usage of the accounts. Which means that you must be of legal contractual age to do so. No bank or credit union will be willing to give access to credit or funds from them, to someone who has no legal obligation to pay it back!
The ONLY way for this legally, is to have your parents put you on their accounts as an authorized user. That makes them responsible for it. Or to have them get you a pre-paid debit card, such as a Visa gift card.
2006-12-28 00:45:44 · answer #2 · answered by ricks 5 · 0⤊ 0⤋
Check with your financial institution to see if they have any type of credit cards for minors. The one I work at does have credit cards for minors, but the parent must be on the card as well. We also allow anyone 13-17 to open a checking account and receive a debit card as long as their parent is on the account. If you do get a card be very careful not to go over your spending limits.
2006-12-31 09:14:17 · answer #3 · answered by Anonymous · 0⤊ 0⤋
I would not suggest getting a credit card at this age at all. The only good answer I have read is having your parents add you as an authorized user on their account but ask them if that card is in good standing first because once you get added that credt card goes on your credit report. If you are able to get a credit card make sure you have means to pay the balance on time everytime. The one time you miss your interest gets boosted up and you do not want that to happen. It is always good to build your credit when you are young but make sure you do it the right way and the smart way.
2006-12-28 01:47:39 · answer #4 · answered by Ani 1 · 0⤊ 0⤋
Try to apply for a gas card. If you put minimal charges on it and make payments on time, it will give you excellent credit. I am assuming that since you are only 16 you don't have any credit so start now. It is really easy and one day down the road when you want to buy your own car or a house or even just get a line of credit for that piece of jewlery you just have to have, you will be able to!! Good luck oh also you can opena checking account and get a debit card but it doesn't help your credit much.
2006-12-27 23:33:20 · answer #5 · answered by mrsmatthewmiller 1 · 1⤊ 2⤋
Now why do you need a credit card at 16 years old? If you want a debit card, your savings account, or your checking account should provide you with one.
2006-12-27 23:31:14 · answer #6 · answered by Anonymous · 1⤊ 1⤋
I think your best bet would be the local schools employee credit union. They have student visa/MasterCard's you can apply for.
Here is a website to search for a local credit union in your area, contact them and see if they have student only credit cards.
http://www.creditunion.coop/
Also, if you have an adult who is willing to co-sign for you to have a credit card - you can either be put on the account as an authorized signer or a co-borrower.
2006-12-28 00:26:55 · answer #7 · answered by Martini Babee 4 · 0⤊ 1⤋
You can get a Solo Card when you're 12/13
2006-12-27 23:37:38 · answer #8 · answered by Anonymous · 0⤊ 0⤋
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2016-11-24 19:44:51 · answer #9 · answered by Anonymous · 0⤊ 0⤋
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2006-12-27 23:34:35 · answer #10 · answered by Anonymous · 1⤊ 0⤋