So you’ve just turned 20 and are looking to get your first credit card. Congratulations! This is an important milestone in your financial life. But with so many different credit cards on the market, which one should you choose? In this article, we will discuss the best credit cards for 20 year olds and provide you with all the information you need to make an informed decision. We will cover a variety of different types of cards, including student cards, secured cards, and rewards cards. So whether you’re looking for a card to build your credit history or one that offers cash back or travel rewards, we have you covered!
Best Credit Cards for 20 Year Olds in 2022 Table of Contents
What Are Credit Cards?
A credit card is a plastic card that gives the holder a borrowing limit that can be used to make purchases or withdraw cash. There are many different types of credit cards, each with their own interest rates, annual fees, and rewards programs.
What Are The Different Types of Credit Cards for 20 Year Olds?
There are many different types of credit cards for 20 year olds on the market today. The best credit card for you will depend on your individual financial situation and needs. Here are some of the most popular types of credit cards for 20 year olds:
Secured Credit Cards
A secured credit card is a great option for 20 year olds with limited or no credit history. These cards require a security deposit, which acts as your line of credit. This deposit is usually equal to your credit limit. Secured cards can help you build your credit history and improve your credit score over time.
Student Credit Cards
If you’re a college student, you may be able to qualify for a student credit card. These cards often have low credit limits and high interest rates. However, they can be a good way to start building your credit history.
Rewards Credit Cards
Rewards credit cards offer points, cash back, or other perks for every purchase you make. If you’re a 20 year old who loves to shop, a rewards card could be a great option for you. Just be sure to pay off your balance in full each month to avoid interest charges.
Balance Transfer Credit Cards
Balance transfer cards allow you to transfer the balance of one credit card to another. This can be helpful if you have high interest rates on your current card and want to save money on interest charges. Just be sure to read the terms and conditions carefully before you apply, as balance transfer fees can add up.
No matter what type of credit card you’re looking for, be sure to compare your options carefully before you apply. There are many different offers on the market, so it’s important to find the best fit for your needs. Once you’ve found the right card, use it responsibly to help build your credit history and improve your credit score over time.
What Are The Benefits of Getting a Credit Card for 20 Year Olds?
There are plenty of benefits that come with getting a credit card for 20 year olds. For one, it can help build your credit score. A good credit score is important for when you want to take out loans for big purchases, like a car or house.
And, if you ever run into financial trouble and need to rely on credit cards to get by, having a good credit score will help you get better terms and rates.
Another benefit of having a credit card is that it can provide some financial security in case of an emergency. If you lose your job or have an unexpected medical bill, your credit card can be a lifeline until you’re back on your feet again.
Finally, using a credit card responsibly can help teach you how to manage your finances and stay out of debt.
So, if you’re looking for the best credit card for 20 year olds, make sure to consider all the benefits before making your decision.
What Are The Best Credit Cards for 20 Year Olds?
Discover it® Secured
This is a great starter card for 20 year olds because it offers cash back rewards on everyday purchases, which can help you save money. The Discover it® Secured also has no annual fee and a relatively low APR, so you can keep your costs down.
Citi® Double Cash Card
The Citi® Double Cash Card is another good option for 20 year olds because it gives you cash back on every purchase, both when you first charge it and when you pay it off. This can help you earn rewards while also staying out of debt. The Citi® Double Cash Card also has no annual fee.
Wells Fargo Visa® Platinum Card
The Wells Fargo Visa® Platinum Card is a good choice for 20 year olds who want to build their credit score. This card offers a 0% APR for the first 18 months, which can help you save money on interest if you need to carry a balance. After the intro period, the APR increases to a variable rate between 13.99% and 24.99%. There is also no annual fee for this card.
How Decide Which Type of Credit Card for 20 Year Olds You Want
There are a lot of great credit cards out there for 20 year olds. But which one is right for you? It all depends on what you’re looking for. Do you want a card with no annual fee? Or one with rewards? Maybe you’re looking for a low interest rate.
The best way to decide which credit card is right for you is to figure out what you want from it. Do some research and then compare your options. There’s no need to rush into anything. The best credit card for 20 year olds is the one that fits your needs the best.
How Many Credit Cards Should 20 Year Olds Have?
The answer to this question depends on a few factors, but we generally recommend having at least two credit cards. The first should be a rewards card that offers cash back or points for every dollar you spend. This will help you build up your credit history and earn rewards while doing it.
The second credit card should be a low-interest card that you can use for emergencies or large purchases. This way, you won’t have to worry about interest charges eating into your savings.
Of course, there are other types of credit cards out there, and you may find that another type suits your needs better than our recommendations. But these are the two essential types of credit cards that 20 year olds should have in their wallet.
What Credit Limit Do Credit Cards for 20 Year Olds Have?
Credit limits on credit cards for 20 year olds can vary greatly. Some issuers may offer a low limit to start, around $500, while others may extend a much higher limit, such as $5000 or more.
There’s no set rule for what credit limit is best for a 20 year old, but generally speaking, the higher the limit, the better.
This is because it will give you more flexibility in terms of your spending and help you build your credit history faster.
If you’re not sure what credit limit you should be aiming for, try to get a sense of what your average monthly expenses are.
Once you have an idea of that number, add on a cushion of about 30% to account for any unexpected costs that may come up.
So, if your monthly expenses are $500, you should look for a credit card with a limit of at least $650.
This will help ensure that you’re never in a situation where you’re maxing out your credit card and damaging your credit score.
Do Credit Cards for 20 Year Olds Report to The Three Major Credit Bureaus?
The best credit cards for 20 year olds will report to the three major credit bureaus. This is important because it will help build your credit history and improve your credit score.
What is The Best Way to Use a Credit Card?
There are a few different ways to use a credit card, and each has its own benefits and drawbacks. You can use your credit card for everyday purchases, or you can use it for larger expenses. You can also use your credit card to build your credit score.
If you use your credit card for everyday purchases, you can earn rewards like cash back or points that you can redeem for travel. This is a great way to save money on your everyday spending. However, if you don’t pay off your balance in full every month, you will be charged interest on your purchases.
If you use your credit card for larger expenses, like a vacation or a new TV, you can avoid paying interest by paying off your balance in full within the grace period. This is a great way to save money on interest charges. However, if you don’t have the cash to pay off your balance in full, you may be better off using a personal loan or a 0% APR credit card.
If you are trying to build your credit score, using your credit card responsibly is the best way to do it. Make sure you make your payments on time and keep your balance low relative to your credit limit. If you do this, you will see your credit score start to improve over time.
Do The Best Credit Cards for 20 Year Olds Have Any Annual Fees?
The best credit cards for 20 year olds typically have no annual fees. However, some of the best rewards credit cards may come with an annual fee.
It really depends on your spending habits and how much you’re willing to pay in order to get the best rewards.
If you spend a lot of money on your credit card, then it might make sense to pay an annual fee in order to get the best rewards. Otherwise, you can usually find a good credit card with no annual fee.
Do The Best Credit Cards for 20 Year Olds Have Rewards Programs?
The best credit cards for 20 year olds offer a variety of perks and rewards that can save you money and help you build your credit.
Many of the best cards for 20 year olds have great sign-up bonuses, low interest rates, and 0% APR periods. Some even offer cash back or points that can be used for travel.
If you’re looking for the best credit card for 20 year olds, make sure to compare the different offers and find one that best suits your needs.
Do The Best Credit Cards for 20 Year Olds Offer 0% APR?
The best credit cards for 20 year olds offer 0% APR on purchases and balance transfers for 12 months. After that, the interest rate will be between 14.99% and 24.99%. In addition, these cards have no annual fee and offer rewards programs.
Do The Best Credit Cards for 20 Year Olds Offer Cash Back?
Yes, the best credit cards for 20 year olds offer cash back on every purchase, up to a certain percentage. For example, you may get up to $200 back every year just by using your card regularly. Check with each card issuer to see what their specific cash back program offers are.
Do The Best Credit Cards for 20 Year Olds Come With Sign-Up Bonuses?
The best credit cards for 20 year olds come with sign-up bonuses, but not all of them. You’ll have to do some research to find the best card for you. There are a few things to consider when choosing a credit card, such as the interest rate, annual fee, and rewards program.
Best Credit Cards for 20 Year Olds With Bad Credit
No matter your age, having bad credit can make it difficult to get approved for a traditional credit card. If you’re a 20-year-old with bad credit, you may feel like you have no option but to use a secured credit card or get a co-signer.
The best credit cards for 20 year olds with bad credit are:
Capital One Platinum Credit Card: This card is a great option for people with bad credit because it has no annual fee and a relatively low APR. You can also get your first year’s annual fee waived if you spend $500 in the first three months.
Discover it Secured Credit Card: This secured credit card from Discover is a great way to start building or rebuilding your credit. It requires a security deposit, but you can get that deposit back when you close your account (as long as you’ve paid off your balance in full). Plus, there’s no annual fee.
Capital One QuicksilverOne Cash Rewards Credit Card: This cash back credit card from Capital One is available to people with bad or limited credit. It offers unlimited cash back on all purchases, and there’s no annual fee.
These are just a few of the best credit cards for 20 year olds with bad credit. If you have bad credit, don’t despair–there are still plenty of great options out there for you! Just be sure to do your research and choose a card that best meets your needs. And remember, using your credit responsibly is the best way to improve your credit score over time.
Can 20 Year Olds Get An Amex Card?
Yes, 20 year olds can get an Amex card. American Express offers a variety of credit cards for people of all ages and with all kinds of credit histories. If you’re a 20 year old with good credit, you may be eligible for a traditional Amex card. However, if you have bad credit, you may want to consider getting a secured Amex card.
Is It Easy to Qualify for a Credit Card for 20 Year Olds?
The best credit cards for 20 year olds are ones that have low interest rates and don’t require a lot of income to qualify. Many young adults don’t have much in the way of savings or income, so it can be difficult to get approved for a traditional credit card.
What Is the Easiest Credit Card for 20 Year Olds?
The best credit card for 20 year olds to get approved for is the Capital One Platinum Credit Card. This card has no annual fee, and it offers a decent rewards program. It also has a very low minimum credit limit, which makes it perfect for young adults who are just starting to build their credit history.
Another great option for 20 year olds is the Discover it® Cash Back Card. This card offers cash back on all of your purchases, and it has no annual fee. It also comes with a 0% APR introductory rate on purchases and balance transfers for the first 14 months. After that, the APR will be variable, based on your creditworthiness.