Any benefits to getting a credit card at under 18?

[gopunk]

a while back i heard a few friends talking about how they got perks because they got their credit card when they were under 18, but i never really got into it with them. does anybody know anything about this?

edit:

let me just say this, controlling my spending is not a problem. i'm not asking whether or not i should get a credit card, i'm asking whether or not their are advantages to getting a credit card at under 18.

does it give you a higher credit rating if you start building credit at under 18?

 

[isekii]

no.. unless u can control your spending.l

I suggest u not get it..

 

[ShadowHunter]

Can you even get a credit card? I would love one just to have for swiping cuz I don't carry cash. my bank won't give me an ATM cuz I'm under 18. It would be perfect if American Express could give me a card with like a $250 limit

 

[spanky]

as isekii stated...as long as u can control ur spendings, its a great way to build credit.

 

[ricerx]

you can't get your own card until you are 18. If you're under 18, someone over 18 has to be in a joint account with you.

 

[Kaervak]

capitol one has a card with a 200 dollar limit. I canceled mine about a day after I got it cause the limit was so low though. Pretty much useless to me.

 

[gopunk]

get a check card dude. and yea, you can get credit cards, atm cards, whatever with parental permission.

 

[gopunk]

yea, i was actually asking if there were any benefits that i wouldn't recieve if i signed up after i was 18.

and i don't worry about my spending, i've already bought most of the expensive stuff i want. my reasons for getting it would be:

a.) build credit
b.) the reason i made this thread
c.) those single use numbers

 

[RossMAN]

capitol one has a card with a 200 dollar limit. I canceled mine about a day after I got it cause the limit was so low though. Pretty much useless to me.

Assuming you're under or near 18, have little or no credit this isn't something I would have done. I got my first credit card when I was almost 18 attending college they had CitiBank reps all over the place handing out applications by the hundreds. Well I got approved with a small piddly $300 limit, now banks want to give me $10,000 credit cards, scary! If nothing else I would have kept the $200 credit card, used it routinely to buy food, computer stuff, clothes just to rack up a credit history. Then you'll start getting offers for $1,000 card, etc.

get a check card dude. and yea, you can get credit cards, atm cards, whatever with parental permission.

A check card is nice but all it is is a debit card linked to your checking or savings account which you can use at ATMs, Point of Sale terminals (Safeway, Walmart, Albertsons, etc.) and you can use it online like a credit card since it has the Visa or MasterCard logo. However getting a check or debit card will NOT affect your credit since it's not a credit card.

 

[ricerx]

yeah if you can control your spending it would help you in building your credit. just pay your bills on time.

 

[gopunk]

A check card is nice but all it is is a debit card linked to your checking or savings account which you can use at ATMs, Point of Sale terminals (Safeway, Walmart, Albertsons, etc.) and you can use it online like a credit card since it has the Visa or MasterCard logo. However getting a check or debit card will NOT affect your credit since it's not a credit card.

yea i know, i was just responding to:

Can you even get a credit card? I would love one just to have for swiping cuz I don't carry cash.

since it sounds like a check card would work fine for him, but then a bunch of people posted while i was typing.

 

[gopunk]

so this building credit thing, are you saying that i'll have even better credit because i got it while i was under 18, or that i should just start building it as soon as possible?

 

[WhiteWonder]

i was going to get one for gas, like one with a tiny limit just for gas, but i couldn't figure out how to get one, because i'm not 18

 

[Kaervak]

I got the card when I was 19. It was the lowest limit of all of them. Second lowest was 5k. I was putting quite a large amount on a couple cards every few months and always payed it back in full. That card was really useless to me. It's not bad if you're just starting, but at the time I already had a card with a 1k limit.

 

[Hossenfeffer]

You could consider one if you plan on:

a) paying the entire balance each month
b) paying the entire balance each month

The second it gets out of hand, take the card and put it in a cupboard somewhere. Building credit is fine, don't treat the credit as "more" money, but rather an alternate form of spending the money you already have.

 

[MrHappyMonkey]

I've got a Visa Platinum D $9000 credit limit) from my bank (Union Bank of califronia) and I am only 15. It is under my dad's name, but my name is on the card (it is a joint account; I have a card and he has a card). I don't think it will build your credit until your 18, but it beats carying cash around. I barely ever go over $150, and when I do, it is for use at work.

 

[RossMAN]

so this building credit thing, are you saying that i'll have even better credit because i got it while i was under 18, or that i should just start building it as soon as possible?

I'm not sure why you're so fixated on the age of 18, how many more years and months until you turn 18?

Do you have any immediate need for credit? If not then forget about a credit card until you are 18 because it will be easier to be approved. But if you are really interested and think you have a chance at being approved. Then listen to Hossenfeffer's wise advice, only get a credit card if you can pay it off in full every month. Starting to build your credit before you turn 18 can be a good thing if you control your spending, then do it. If you do not need a credit card or aren't sure that you can control your spending then wait.

Credit is needed these days to get a cell phone, rent a house/apartment, buy a car, get house utilities, etc. Eventually you WILL need it, I just hope that you use it responsibly.

 

[gopunk]

I'm not sure why you're so fixated on the age of 18, how many more years and months until you turn 18?

'bout 9 months.... i just want to make sure i don't miss out on anything.

i don't NEED a credit card per se, since i have a visa check card, but those single use numbers are so damned appealing... i buy a fair amount of stuff online.

are there ways you can set it up so that your bills get paid automatically? like just have them automatically take it from your checking / savings account?

 

[RossMAN]

'bout 9 months.... i just want to make sure i don't miss out on anything.

Enjoy your youth while you can and always wear an umbrella.

i don't NEED a credit card per se, since i have a visa check card, but those single use numbers are so damned appealing... i buy a fair amount of stuff online.

Yes I have to admit that I am envious of those ABB's (Amex Blue Bastards) when it comes to those single use credit card numbers esp since my cc got jacked from Egghead.com by some Russian hackers. Since you spend a fair amount online you might want to get a cc, just make sure to get one which has perks and rewards so they reward you to charge money. Like 1% cash back or free air miles or free Sony points, anything. Also some credit cards offer free extended warranties after the manufacturer's warranty expires, so double the warranty for free.

are there ways you can set it up so that your bills get paid automatically? like just have them automatically take it from your checking / savings account?

Yes and Yes.

The tough part is getting approved and finding the right card for you.

 

[gooseman]

Like everyone else has said, there is no benefit in getting one just because you are under 18 but the benefit of getting one at all is that if you control your spending and pay more than the minimum payment each month ON TIME, it will help build a healthy credit report for you that will benefit you in the future.

 

[gopunk]

well it doesn't look like i can get any good ones right now (like blue), so if i apply for an easy to get one, and i don't use it at all, will they be pissed and charge me for inactivity or something? or will that safely build credit?

 

[Emulex]

have ur dad put you on his..

 

[gopunk]

if he puts me on his, then my purchases show up on his bill though right? or do they have separate bills...?

 

[RossMAN]

well it doesn't look like i can get any good ones right now (like blue), so if i apply for an easy to get one, and i don't use it at all, will they be pissed and charge me for inactivity or something? or will that safely build credit?

I'd say either 1) Wait until you turn or 2) Get your father to co-sign with you to ensure that you are approved for whatever credit card you want. If you get a cc and don't use it, they won't be pissed at you but it won't really help your credit either since it will show no activity. I'm confused why you'd want to get a cc then not use it? That makes absolutely no sense. Just charge it up, save your money, when the bill comes pay it off in full and you are charged $0.00 interest - and you're building your credit at the same time. If you do NOT plan on using your cc then don't apply it's as simple as that.

if he puts me on his, then my purchases show up on his bill though right? or do they have separate bills...?

If you're added to your father's current cc account all that means is you get your own cc with your name but his cc number and expiration date. This will show NOTHING on the credit bureau for you since you did not originally apply for the credit card, he did. You need to apply as the primary and have your father co-sign then they'll base the approval on his credit and his income.

 

[fr]

I got my first CC from CapitalOne when I was 16. I used it all the time and payed it off fully every single month. The week I turned 18, I got approved for 3 CCs (I know, I'm crazy) including AMEX Blue. I'm still paying it off fully every month.

Always keep in mind how much you can pay. Sometimes you can charge something big at the beginning of a billing cycle so you have almost two months to raise funds and still be able to pay it all off on time. I did that once during an emergency.

A CC does come in handy. They were pretty strict about selling tickets to R-rated movies to kids under 17. Well I just stepped up to the CC teller and bought tickets from there. No one to card you.

Once I bought 22 tickets for my friends. If you do something like that, MAKE SURE you get your $$ back. Your friends will rob you if you're not careful. Having a CC while you're young might also make you a bit more generous (i.e. charging big gifts, meals, etc.).