Can a 17 Year Old Have a Credit Card?
Before a teen can be an authorized user on a credit card, they must share a joint account with a parent. Luckily, Citizens Bank can provide the necessary paperwork and allow a 17-year-old to open a standalone account. These teen accounts enable parents to deposit their child’s paychecks directly into the account, and a linked debit card makes monthly payments of essentials.
Getting a credit card for a 17-year-old
Getting a credit card for a young person is a good idea, but a 17-year-old shouldn’t apply for one just yet. You should make sure your child meets the age requirements and has a good credit history. You may want to take a look at prepaid cards or a debit card for this age group. If your child is ready for a credit card, consult with the issuer to find out if it is an option for you.
Minimum age to be an authorized user on a credit card
The minimum age to be an authorized user on a consumer credit card is generally 17 years old, but some credit card issuers have different requirements. The Card Act of 2009, for instance, made it more difficult for people under 21 to get personal credit cards. As a result, you’ll need to provide proof of your ability to repay the debt. Most issuers have their own age requirements for authorized users, so it’s best to check the rules of the credit card before allowing someone under 21 to use your card.
Requirements to get a credit card for a 17-year-old
A credit card can be a great way to help your teen build up their credit, and a 17-year-old can qualify if he meets the requirements. In general, a credit card issuer will want a person to be at least 18 years old, have a steady income, and have a good credit history. However, some credit card issuers may allow a 17-year-old to apply for an account, as long as the person who applies for it has the same age as the cardholder.
Getting a teen credit card
Before you get a teen credit card, you should educate your tween about responsible credit card usage. Talk to your teen about establishing good credit and how to avoid overspending and late payments. Be sure to check on their finances regularly. It will help them learn from you and will keep them on track. In addition, this can be a good opportunity to discuss financial goals. Then you can give them a card that has a lower limit than yours.
Managing a teen credit card
The first step in establishing a “controlled environment” around credit card use is to monitor spending and explain the importance of maintaining a good credit score. Teenagers are the perfect age to learn responsible credit behavior. Set a limit for monthly spending and discuss the consequences of exceeding it. If your child uses the card for non-emergency purchases, ensure that they pay it off immediately. Then, talk regularly about money, banking, and credit with them.
Before a teen can be an authorized user on a credit card, they must share a joint account with a parent. Luckily, Citizens Bank can provide the necessary paperwork and allow a 17-year-old to open a standalone account. These teen accounts enable parents to deposit their child’s paychecks directly into the account, and a linked…