According to Creditnet, the minimum legal age to obtain a credit card in the United States is 18. However, there are other credit options for those under 18, including having a parent co-sign a line of credit or purchasing prepaid cards.Know More
About.com explains that being 18 does not necessarily guarantee credit card approval. A person must first be able to prove that he has sufficient income to repay any debt he incurs through the credit card within the lender's time frame.
Creditnet notes that many parents open a line of credit and add their minor child as an authorized user of the account until the child is old enough to get credit of his own.Learn more about Credit & Lending
Most major credit card companies don't allow credit card bills to be paid by credit card. There are alternative methods of using a credit card to make bill payments, such as using the card to get a cash advance or transferring one credit card balance onto another.Full Answer >
Those who want to build or recover a credit rating can apply for a credit card, use it to make purchases a few times each month, and make the payments on time. This helps establish a pattern of responsible credit use.Full Answer >
An annual fee on a credit card is a fee that is placed on the card each year. Though this fee used to be a normal part of having a credit card, many cards dropped the fee in the 1980s and 1990s.Full Answer >
Some of the considerations to keep in mind when applying for a credit card are the factors that can increase the effective APR rate. Although the credit card company will advertise what may appear to be an attractive APR rate, the cost of credit can effectively become higher because of additional factors, such as late-payment penalty interest rate increases, balance transfer fees and cash advance fees. These factors can contribute to generating an actual, or effective, cost of credit that can be significantly higher than the advertised APR, as cautioned by CNN Money.Full Answer >