Can a 17 Year Old Get a Credit Card?

Getting your first credit card is an exciting milestone on the path to financial independence However, most major credit card companies require cardholders to be at least 18 years old So can a 17 year old get a credit card?

The short answer is no Federal law prohibits creditors from issuing credit cards to consumers under 18 unless they have an adult co-signer or can prove their independent income. However, there are a few options for ambitious teenagers who want to begin building their credit.

Why 18 Is the Magic Age for Credit Cards

The Credit Card Accountability Responsibility and Disclosure Act of 2009 (or CARD Act) set 18 as the minimum age to obtain a credit card independently This law aims to protect young consumers who may lack the experience and judgment to manage credit responsibly,

Issuers cannot grant a credit card to an applicant under 18 unless they:

• Have a cosigner over 21 who will take responsibility for the account
• Can prove their own independent income to repay credit card debt

These restrictions make it extremely difficult for 17 year olds to qualify for traditional, unsecured credit cards. Credit card companies want reassurance that the account will be paid as agreed.

Getting a Credit Card at 18

Once you turn 18, you can apply for a credit card in your own name. Look for “starter” cards aimed at first-time borrowers with limited credit history. Options include:

• Student credit cards – Offer benefits like low minimum income requirements specifically for college students.

• Secured credit cards – Require a refundable security deposit to guarantee repayment.

• Retail store cards – Can be easier to qualify for, especially if you’re already a loyal customer.

While tempting, avoid applying for multiple cards at once. Too many inquiries can hurt your fledgling credit score. Start with one card and use it responsibly to build a healthy payment history.

Alternatives for 17 Year Olds to Build Credit

Although you can’t get your own true credit card until 18, there are a couple workarounds to start establishing credit at 17.

Become an Authorized User

Ask your parents or another trustworthy adult to add you as an authorized user on their credit card account. They remain responsible for paying the bill, but an authorized user card in your name reports to the credit bureaus like a regular account.

Just be sure the card issuer reports authorized user activity. And agree on spending limits, since the primary cardholder’s credit will suffer if you overspend.

Open a Secured Loan

While you can’t get a secured credit card, some banks offer secured loans to teenagers. This requires depositing money in a savings account as collateral, then borrowing against that deposit. Making regular loan payments can build your credit history.

Wait Patiently

Building credit takes time. Rather than resorting to risky options, the smartest approach is simply waiting until you turn 18 to apply for your first real credit card. Focus for now on developing good money management habits – like budgeting, saving, and avoiding unnecessary debt.

Using Credit Wisely at a Young Age

When you do qualify for your first card, use caution. Credit seems like “free money” but irresponsible spending can damage your finances for years. Follow these tips to start strong:

• Review statements carefully and pay on time each month. Payment history is very influential in credit scores.
• Keep balances low. High utilization hurts your credit utilization ratio.
• Avoid cash advances or other expensive features until you understand the fees.
• Check your credit report regularly and dispute any errors immediately.
• Never provide your card details to shady websites or callers.
• Set up account alerts to detect potential fraud quickly.

Building credit takes patience, especially when you’re starting from zero. But with a smart strategy and responsible habits, you can establish strong credit well before most of your peers.

Can a 17 Year Old Get a Credit Card? – The Bottom Line

While major credit cards require cardholders to be at least 18 years old, there are a few workarounds for ambitious 17 year olds:

• Become an authorized user on a parent’s or guardian’s credit card account.
• Open a secured loan that reports payments to credit bureaus.
• Wait patiently and focus on money management skills until turning 18.

Once you turn 18, look for student cards and secured cards aimed at first-time borrowers. Use your credit card wisely to build a strong payment history and credit score. With patience and responsible habits, you can establish solid credit years before most adults.

While a 17-year-old can’t directly open a credit card or loan in their own name, they can still start building a credit history by being added as an authorized user on a parent or guardian’s credit card.