Best Credit Cards For 20 Year Olds

Hey there young adults, we know the struggle of managing finances and choosing the right credit card that suits your needs the best. But worry no more, because Flik Eco has your back. Here's our carefully compiled list of the best credit cards for 20-year-olds, so you can choose the right one that fits your current lifestyle and financial goals without breaking a sweat!

Why Do 20-Year-Olds Need Credit Cards?

Every individual has unique financial needs, especially at the age of 20, when you're just starting to grasp adult responsibilities. Having your own credit card at an early age offers several benefits, such as convenience, security, easy transactions, and most importantly, helps in building a good credit score.

Factors to Consider Before Choosing a Credit Card

Before we dive into the list, let's first consider the factors that will aid you in selecting the best credit card:

• Annual Percentage Rate (APR): Interest rate applied on outstanding balances when not paid in full.
• Fees: Application, annual, and late fees that may be associated with the credit card.
• Rewards: Points, cashback, and travel rewards offered by the card.
• Credit Limit: The maximum amount of credit you can borrow on the card.
• Additional Benefits: Any extra perks or offers the card provides, e.g., discounts on specific purchases, no foreign transaction fees, etc.

Best Credit Cards for 20-Year-Olds

Now that we have covered the factors that should be considered while choosing a credit card, let's explore the best options available to 20-year-olds:

1. Citi Double Cash Card

• APR: 13.99% - 23.99% (Variable)
• Fees: No annual fee; late fee up to $40
• Rewards: 2% cashback (1% when you make the purchase and another 1% when you pay it off)
• Credit Limit: Depends on your creditworthiness
• Additional Benefits: Intro 0% APR on balance transfers for 18 months

2. Discover it Student Cash Back

• APR: 12.99% - 21.99% (Variable)
• Fees: No annual fee; late fee up to $40
• Rewards: 5% cash back on rotating quarterly categories (on up to $1,500 in purchases) and 1% cash back on all other purchases
• Credit Limit: Depends on your creditworthiness
• Additional Benefits: Discover matches all the cash back you've earned at the end of your first year, good grades rewards, no foreign transaction fees

3. Capital One QuicksilverOne Cash Rewards Credit Card

• APR: 26.99% (Variable)
• Fees: $39 annual fee; late fee up to $40
• Rewards: 1.5% cash back on every purchase
• Credit Limit: Depends on your creditworthiness
• Additional Benefits: Access to higher credit line after making first five payments on time, no foreign transaction fees

Best Credit Cards For 20 Year Olds Example:

For instance, let's say you're a 20-year-old college student who's seeking a low-fee credit card, which also offers cashback rewards to make those long study sessions more worthwhile. The Discover it Student Cash Back card would be a perfect fit for you! With its rotating 5% cashback categories, there's plenty of opportunities to save on your everyday purchases. Plus, the Good Grades Rewards feature and the end-of-the-year cashback match would certainly help you establish a solid credit history.

Now that we've shared the best credit cards for 20-year-olds, it's time for you to make an informed choice. Remember to select the card that aligns with your financial goals and spending habits. Start building your credit score and enjoying rewards by applying for the card that's perfect for you. If you found this guide helpful, don't forget to share it with your friends and explore other educational guides on Flik Eco. Let's conquer the world of personal finance together!