How old do you have to be to get a credit card?

[CFster]

Originally posted by: AgaBoogaBoo

Originally posted by: CFster
Credit cards = bad.

Credit cards can be bad

For me, I use it just the same way as I would if I was paying with cash

That's fine and dandy for the few of us that are financially responsible.

Unfortunately that isn't the case for the majority.

In 1990 the average balance per household was $2550. At the end of 2003 it was $7520. Almost a 200% increase.

In 1990 people charged 338 billion on credit cards, in 2003 - 1.5 trillion. That's a 350 percent increase. To put it in perspective, a person that made 35,000 in 1990 would have to make $122,500 in 2003 to keep up - I don't think so.

And that's just the average. I know people that have over 20K on credit cards - you know if they had to charge that much then they're just barely making the minimum monthly payment and will never get out of debt. This is why there's too many people filing for bankruptcy.

I don't see a point for them (unless it's a debit card) - I put mine away a long time ago.

 

[PrinceofWands]

Originally posted by: EyeMWing

Originally posted by: PrinceofWands
You don't even have to be human to get a credit card...hell you don't even have to be alive. There are plenty of stories about dogs and cats getting credit cards. And while I was in the navy we received a credit card offer for the command...not like a corporate or government card, but a pesonal credit card for someone named COMNAVSURFLANT. Funniest thing I'd ever seen at the time.

"Hello Mr. SURFLANT, I'm Jen from Discover. I'm calling to verify that an order recently placed on your credit card for two Aegis cruisers is not an attempt at fraud..."

What made it even funnier was that it was a $1000 limit card...the navy can't buy a toilet seat for $1000, I have no idea what they could do with it.

 

[imthebadguy]

mi padre got me one at 15 i thinks

 

[thomsbrain]

i had one at 15 or 16, co-signed by my mom.

 

[thegimp03]

I had one at 16 to pay for gas..parents helped me out though at that point.

 

[dullard]

Originally posted by: CFster
That's fine and dandy for the few of us that are financially responsible.

Unfortunately that isn't the case for the majority.

I think you are mistaken.

Roughly 65% of people in 2000 paid off in full almost every month. And roughly 93% paid off well over the minimum balance due. Those numbers you quoted are the 35% and 7% minority. Most people use credit cards well and get tons of benefits from them - benefits you can't get any other way.

Back to the original topic. I always thought it was 18 for a full credit card in your name only and no age limit if someone else is willing to sign for you. Remember under the age of 18 you cannot legally sign a contract (in most if not all states). Thus your credit card purchases aren't legally binding (and thus you could screw companies over). To prevent that problem, credit card companies make someone sign the contract who is over 18. The credit card company can sue the adult if you abuse it and get their money back.

 

[amdskip]

I got my own credit card when I was 16.

 

[DougK62]

Originally posted by: CFster
Credit cards = bad.

If you're old enough to have a credit card and you don't have one then you're a fool.

 

[CFster]

Originally posted by: DougK62

Originally posted by: CFster
Credit cards = bad.

If you're old enough to have a credit card and you don't have one then you're a fool.

Why is that?

My credit is first rate, and I have no need for one.

 

[seanws]

Originally posted by: Amol

Originally posted by: dethman
are you 13?

no im older, but i've seen middle schoolers with credit cards, thats why im asking

if mom and dad will get a card made in the childs name on their account, i dont think age makes a difference

 

[layoutd05]

Remember its never too early to start building your credit card debt!!!!