What's the Best Age to Get Your First Credit Card?

Key takeaways:

• Though you generally must be 21 to qualify for a traditional credit card, you may be able to access credit at 18 or even younger.
• While age is a factor in determining when you can get your first credit card, you should wait until you have the financial knowledge to use the card wisely.
• Benefits to getting a credit card include building a credit history, improving money management skills and gaining access to cashback and rewards.
• If you’re applying for credit for the first time, you may need to meet age and income requirements to qualify.

Deciding when to apply for your first credit card is one of the most important financial decisions you can make. Waiting too long can hurt your chances of qualifying for future loans when you need them. Yet, applying before you have a good understanding of how credit works can damage your long-term financial health.

While age will likely be a consideration, financial maturity should also play a role. Only you can determine the best time to get your first credit card, but the following factors can help you make the right decision.

What age can you get a credit card?

Your age plays a role in your ability to access credit.

• If you’re under 18, you can’t get a credit card of your own, but you may become an authorized user of a credit card belonging to an adult cardholder.
• If you’re 21 or older, you may qualify for a traditional credit card if you meet income requirements and other criteria such as a minimum credit score.

What age should kids get credit cards?

Exactly when you think your child is responsible enough for a credit card will be up to you, but since most card companies allow customers to submit an application without a co-signer at 18 or 21 you might want to start talking about it with your child before they head off to college. Make sure they have a solid understanding of how credit cards work before they sign up for one.

When should I get a credit card?

Your first credit card can help you start building your credit history, which will be important for achieving future goals like renting an apartment or taking out a loan. While earlier is sometimes better, you’ll likely have to wait until you have a stable source of income to get approved. Also, make sure you have a budget and know your monthly expenses so you can avoid overspending and going into debt. Before applying for your first credit card you should also familiarize yourself with how credit cards work - including how interest is calculated and the importance of making payments on time. 

Credit card benefits

There are several benefits to getting your first credit card. Among them are:

• The ability to build or repair credit
• A way to learn responsible money management and budgeting habits
• Access to rewards such as cashback and perks
• A source of funding for emergencies

First-time credit card requirements

If you’re applying for a credit card for the first time, you may need proof that you meet certain income requirements and a minimum credit score. You also may need to provide your Social Security number and a valid government-issued identification card.

There may be other criteria depending upon the type of credit card you want. For example, the Fifth Third Secured Card¹ requires a $300 deposit that serves as the credit line.

What’s the best first credit card?

There are a number of credit card options out there these days, but if you are new to credit cards or you have a child that is just learning the ropes, you might want to stick with something that’s a bit more restrictive. Some good first-time credit card options include:

Secured credit cards

Secured credit cards are backed by a cash deposit that you make to open the card, so they are an easy way to establish a set credit limit. With the Fifth Third Secured Card, you deposit as little as $300 to an interest-earning account and that secures your credit limit.

How to apply for your first credit card

Applying for your first credit card can be done by taking the following steps:

• Make sure you’re eligible. Check to see if you meet age requirements as well as other qualifications, which are typically confirmed during the application process.
• Gather your documentation. Make sure you have a government-issued ID and your Social Security number. Also have proof of income, such as a pay stub.
• Apply online or in-person. Many card issuers let you fill out an application online though you may be able to apply in a branch or via phone.

Three things to do next:

• Learn more about Fifth Third’s card offerings and how they can help you build your credit.
• Discover strategies to help you improve your credit score in the next year.
• Get your credit reports for free from AnnualCreditReport.com.