How to Get a Credit Card for Teenagers

Teenagers can build a strong credit history with a credit card.

Securing a line of credit as a teenager can help you build credit sooner, so that you can purchase a car or buy a home in early adulthood. What's more, getting credit at an early age can teach you how to manage money and debt. There are several ways for teenagers to acquire credit cards. Many financial institutions help young adults build good credit histories.

Instructions

1. Get a part-time or full-time job. Secure part-time work for the evenings or weekends if you're still in school, or consider full-time employment if you're not attending school. Having a steady source of income is necessary to qualify for a credit card.

2. Start a bank account with a local institution. Open a checking or savings account with a bank or credit union in your neighborhood.

3. Apply for a secured credit card. Getting an unsecured credit card with no prior credit history is challenging. With a checking or savings account, you can submit an application for a secured credit card with your personal bank. The requirements are employment and a security deposit ($300 to $500).

4. Ask your parents to co-sign the credit card. With the help of your parents, apply for an unsecured major credit card and ask your parents to co-sign the application. This makes them responsible for the debt if you're unable to pay.

Tips & Warnings

• College students can apply for student credit cards with easy approvals and low credit limits.

• Teenagers under the age of 18 cannot apply for a credit card without parental permission.

References

• Interest: The Best Credit Cards for Teens
• Credit FYI: Build Credit History for Teens