If you are a teenager, it’s important to start building your credit history as early as possible. One of the best ways to do this is by getting a credit card. But with so many different options available, it can be difficult to decide which one is best for you.
That’s why we created this guide! In it, we will discuss the best credit cards for teens and explain why each one is a good choice.
So whether you are just starting out or you have had a card for a while, this guide will help you find the perfect one for you!
Best Credit Cards For Teens in 2022 Table of Contents
What Are Credit Cards For Teens?
Credit cards for teens are designed to help young adults establish credit and learn how to use credit responsibly. Many teens get their first credit card through their parents or guardians as a way to start building credit.
There are a few things to keep in mind when choosing a credit card for your teen. First, look for a card with low fees and interest rates. Second, make sure the credit limit is appropriate for your teen’s spending habits. Finally, consider whether you want your teen to have a rewards program or not.
The best credit cards for teens offer low fees, reasonable interest rates, and appropriate limits. They also provide opportunities for rewards and cash back programs.
What Are The Different Types of Credit Cards For Teens?
Student credit cards are designed for college students who may not have a lot of income.
Secured credit cards require a security deposit, which can be used as collateral if you default on your payments.
Prepaid credit cards allow you to load money onto the card in advance, and then use that money to make purchases.
Co-signed credit cards require someone else to sign the contract with you, which means they’re responsible for your debt if you cannot pay it back.
What Are The Benefits of Getting Credit Cards For Teens?
There are a few benefits to getting credit cards for teens. The first benefit is that it can help them build their credit score.
A good credit score is important because it will help them get loans in the future. The second benefit is that it can teach them how to manage money.
They will need to learn how to budget and keep track of their spending.
The third benefit is that it can give them a sense of financial responsibility.
What Are The Best Credit Cards For Teens?
As a teenager, you’re probably looking for a credit card that will help you build your credit history and earn rewards. You may also be interested in a card with no annual fee. Here are some of the best credit cards for teenagers:
Capital One Platinum Credit Card
The Capital One Platinum Credit Card offers a low interest rate and no annual fee. It’s also great for building credit history.
Discover it Secured Credit Card
The Discover it Secured Credit Card is another good option for teens. It has no annual fee and gives you the opportunity to earn cash back on your purchases.
Citi Simplicity Credit Card
The Citi Simplicity Card is a good choice if you’re looking for a card with no late fees or penalty APR. It also has a 0% intro APR on balance transfers for 18 months.
How to Decide Which Type of Credit Cards For Teens You Want?
There are a few things to think about when you’re trying to decide which type of credit cards for teens best suits your needs. Do you want a card with no annual fee? Or do you want a card that offers rewards like cash back or points for travel?
Once you’ve decided on the type of credit cards for teens that best suits your needs, it’s time to start looking at specific cards. Chase Freedom Unlimited is one of the best cash-back credit cards for teens. You can earn up to $200 in bonus cash back after spending $500 in the first three months from account opening. There’s also no annual fee and your cash back never expires.
Another great option is the Capital One VentureOne Rewards Credit Card. This card offers 20,000 miles when you spend $500 in the first three months. That’s equal to $200 in travel. You also get a 0% intro APR on purchases for the first 12 months and there’s no annual fee.
If you’re looking for a credit card with no annual fee and rewards, then the Discover it Secured is a great option. This card offers two percent cash back at gas stations and restaurants on up to $1000 in combined purchases each quarter, plus one percent cash back on all other purchases. You also get your cash back matched at the end of your first year as a new cardholder.
How Many Credit Cards For Teens Should Someone Have?
There’s no magic number when it comes to credit cards for teens. However, as a best practice, we recommend having at least two credit cards for teens. This will give you the ability to build your credit history and establish a good payment history.
What Credit Limit Do Credit Cards For Teens Have?
Most credit cards for teens have a low credit limit. This is because issuers want to minimize the risk of loss if the card is used irresponsibly. Credit limits on these cards usually range from $500 to $1000. If you have a good history of responsible credit usage, you may be able to get a higher limit.
Do Credit Cards For Teens Report to The Three Major Credit Bureaus?
The best credit cards for teens report to the three major credit bureaus. This is important because it will help your teen establish a good credit history.
A good credit history is important because it will help your teen get loans in the future.
The best credit cards for teens have low interest rates and no annual fees. Many of these cards also offer rewards programs that can help your teen save money on purchases.
Some of the best credit cards for teens that report to the three major credit bureaus (Experian, Equifax & TransUnion) are:
- Capital One Platinum Credit Card For Teens
- Discover it Chrome For Students
- Citi ThankYou Preferred Card For College Students
- Wells Fargo Cash Back College Visa Card
- Bank of America Travel Rewards Credit Card For Students
- Chase Freedom Unlimited Credit Card For College Students
If you are a parent of a teen, you should consider getting them a credit card. A credit card will help your teen build their credit history and establish financial responsibility.
It is important to choose the best credit card for your teen. You should compare interest rates, fees, and rewards programs before you choose a card.
What is The Best Way to Use Credit Cards For Teens?
The best way to use credit cards for teens is to start small and gradually increase the limit as the teen becomes more responsible. A good rule of thumb is to keep the credit card limit at around 30% of the teen’s monthly income. This will help the teen stay within their means and avoid getting into debt.
There are a few things to keep in mind when choosing a credit card for a teen. The first is to make sure the card has no annual fee. Second, look for a card with a low interest rate. And last, find a card that offers rewards such as cash back or points toward travel.
Do The Best Credit Cards For Teens Have Any Annual Fees?
The best credit cards for teens typically don’t have any annual fees. This is because most teens don’t have a lot of disposable income.
Therefore, it wouldn’t make sense to charge them an annual fee. However, there are some credit cards for teens that do have annual fees.
These tend to be rewards-based credit cards that offer cash back or points for every purchase made. Therefore, if your teen is a responsible spender, they could potentially benefit from a rewards-based credit card with an annual fee.
Do The Best Credit Cards For Teens Offer 0% APR?
Most of the best credit cards for teens will offer 0% APR on purchases and balance transfers for a certain period of time. After that, the APR will usually be around 14.99% – 24.99%. So, if you plan on carrying a balance on your credit card, make sure to find one with a 0% intro APR.
Do The Best Credit Cards For Teens Come With Sign-Up Bonuses?
Yes, the best credit cards for teens usually come with sign-up bonuses.
For example, the Discover it® for Students card offers a $20 Cashback Bonus after your first purchase within three months of account opening.
The Citi ThankYou® Preferred Card for College Students also comes with a sign-up bonus, offering new cardholders 20,000 bonus points after $500 in purchases within the first three months of account opening.
So, if you’re a teen looking for a great credit card with a sign-up bonus, be sure to check out these two cards.
Does Amex Have Credit Cards For Teens?
American Express does have credit cards for teens, but they are best used in conjunction with an adult.
The Bluebird card from American Express is a great option for parents and teens to use together as it has no fees whatsoever. It also comes with a mobile app that lets you track your spending and set limits.
Another great option is the Discover it® Card for Students which offers cash back on all purchases and has no annual fee.
Is It Easy to Qualify for Credit Cards For Teens?
The best credit cards for teens usually have lower credit limits and higher interest rates. This is because issuers perceive teenagers as high-risk borrowers. So, if you’re a teen looking for a credit card, you may have to pay more than someone who is older and has a better credit history.
Fortunately, there are some things you can do to improve your chances of getting approved for a credit card.
First, make sure you have a steady income. This could be from a part-time job, allowance, or even parental support.
Then, start building your credit by using a secured credit card or becoming an authorized user on someone else’s account. Finally, research different issuers to find one that’s willing to work with you.