Credit Card For 16 Year Old?

Question

Hello. I'm 16 years old and I was wondering if I would be able to obtain a credit anywhere. If you know any company I can get a credit card from, please tell me.

Preferably: no extra fees.

And I have a question: If I was to build up credit on for example "Visa"...And Later on I get a master card, would my credit from Visa be transfered to the master card?

Thanks.

Answer 1

You may be able to get a joint checking account with a parent/guardian. If so, you can probably get a debit check card. These work like credit cards, but these don't report to credit agencies, even if they have a Visa/MasterCard logo. I know for a fact that you can set up an account with PayPal if it's joint, but you may have to be 18 in order to actually set it up.

Answer 2

Credit Cards For 16 Year Olds

Answer 3

Let me say this. As one that was naive about credit cards at 18, I thought it was great and I could buy what I wanted at anytime with plastic. Having a credit card is a HUGE responsibility. What you don't realize when your 18 and have your first credit card, you are going to have such a high interest rate. You need to make small purchases and pay it off completely when you get the bill to avoid the interest. Right now, since your under 18, the prepaid card will be your best bet. But if the prepaid card has a VISA or Mastercard logo on it, most retailers won't take this unless you have a photo ID.

Answer 4

At 16 you can legally sign a contract, the problem is that you can legally void the contract. Thats why credit card companies won't give you a credit card. For examply you run up a $1000 debt, and then you can say forget it, I don't want to pay. You void your contract, and the credit card company can't hold you responsible because at 16 you, by definition, didn't understand the legal consequences of the contract.

But if you have an adult co-sign the contract with you the credit card company will give you a credit card. This means that if you void your part of the contract, the credit card company can now go after the co-signing adult.

Answer 5

Yes, you can get a credit card, just not one of the traditional card. What you will be able to get is a prepaid credit card, It basically works as a credit card only thing you have to load the money on the card yourself. I believe there is an activation fee for such a card and each time you load money on you will be charge a small fee. You don't build credit history with a card like this, but at least you can use it for restaurants and buying things over the internet. I believe Mastercard provides this service.

Answer 6

A 16 year old cannot legally sign a contract so to get a credit card, a parent would have to co-sign.

Answer 7

First of all you have to be of legal age to sign a contract to get a credit card. In every State I know of that age is 18.

As to your other question, the answer is no.

Answer 8

you have to be 18 to get a credit card. it would be up to you to tranfer credit from one card to another, When you are old enough and do have a credit card dont fall into the trap of having several cards they all have to be paid back and the intrest is high. in fact try to survive without one if you can,

Answer 9

NOT at 16. You're not an adult so you won't get one. BUT you might be able to use your parents cards as an authorized user. The card is under their name but you can get a card in your name under their account. This may not help your credit as the account is under their name. You get a card with your name on it, but it is their card so it reflects on their credit not yours.

Answer 10

question part 1.

None you are too young to enter into a contract and as such no credit card company is going to issue you credit.

question part 2

No when you change to mastercard they will evaluate your credit based on your history and determine the amount of credit that they will issue you based on your risk level.

BTW pre-paid credit cards do nothing for your credit.