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What Is The Best Age To Get A Credit Card?

 | Jul 15,2007


It used to be when a student went off to college certain stuff was required, like stereo equipment and a lava lamp. Today's freshmen more likely will have a cell phone and credit card in tow. Is 18 the right age for a credit card? What is the best age for your first credit card?

No doubt, 18 is a magic number in our world. Besides being able to vote, the big difference from age 17 is now you are legally capable of entering into a contract. And that's what having a credit card amounts to - an agreement to pay back the money you borrow, plus interest in some cases.

The World Is Your Oyster (Just Mind The APR)

In these electronic digital times, a credit card is like having a magic key. It lets you make reservations. It cuts the stress of managing cash. Not to mention the proverbial broken down, late-night scenario in which the credit card rescues all and restores the status quo. Okay, having a credit card is a great thing. So why not get one as soon as possible?

The big reason might be that you have to be able to keep your side of the agreement. Remember that you were spared as a child, but won't be as a legal adult. Not repaying your credit card company can result in fees, penalties, repossessions and, at the very least, a negative credit report.

Your Credit Report - Friend or Enemy?

A credit report is what businesses like car companies, banks and even some employers look at to see how trustworthy you have been in the past when it comes to repaying your debts . A bad credit report can result in companies charging you a higher rate of interest, but it could even make them unwilling to deal with you completely.

So What Is The Right Age Then - 18? 19? 40?

The right age is not really dependent on how old you are physically, but how mature you are emotionally. Ask yourself these questions to see if you're ready for a credit card:
1. True or false. I have a job.

2. True or false. If I fall behind with money I owe, someone (like Mom or Dad) will help me out.

3. True or false. When I see something I really want, I will do anything I can think of to get it.

4. True or false. Having good credit is important and someday I'd like to own a new car and a house.

If you answered true for number one, congratulations. If you said false, then maybe you're not quite ready for credit.

If also you answered true for numbers two and three, then you might not be ready for a credit card.

If you answered the fourth one as true, way to go - you get it.

And if you're not ready for your own credit card, perhaps a prepaid debit card might be the answer. It can give you some of benefits you are looking for from a credit card because they work the same way from the merchant's point of view.

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