Generally 18 age! or more than eighteen. maximum bank policy is eighteen age to provide a credit card. when you are legally adult it easier to get a credit card. a little explanation is helpful for you. without a good credit report, it about impossible to get issued your first card.
Get Issued Your First Credit Card
Many credit card issuer is not eager to provide you cards for the first time. I must say put application to several companies to see who is going to approve you. There are only a few common companies who provide a credit card for first-timers. search for some and apply day by day. before you submit your application read their guideline and requirements. if you see require the credit score of the previous history leaves them to apply.
United State federal law requires at least 21 years old with a verifiable income source in order to be approved for the credit card. if you are in USA area I would suggest open a joint account. find a trusted cosigner who willing to open a credit card account with you.
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Credit Issuing Charges & Fees
When we are discussing the first-time card! you seem to be a student. so probably you are looking for a student card. maximum companies offer annual fees and monthly charges. They also charge a higher amount debit interest. following charges could be applied to your card.
- Annual Fee
- Supplementary Card Annual Fee
- Card Replacement Fee
- Late Payment Charge
- Over Limit Charge
- Monthly Interest Rate (Purchase & Cash Advance)
- EMI Interest Rate (Monthly)
- Statement Retrieval Fee Per Statement
- Minimum Due for Monthly Repayment
- International Lounge Access Fee
Make sure you know the fees for submitting an application. the above charges different by the company to company and bank to bank. I cannot determine the exact amount of my idea. you should ask your bank or card company for the charges and fees.
Source of income
Every bank and card issuer check income source. they want to make sure you have the capability to repay credit card balance. the best idea is getting a job to fix all of your problems. generally, a self employed person has good chances to get their credit card. I have tested in my locals where maximum bank approve credit card if we agree to keep a security deposit. To become a self-employed person I can say try the freelance job.
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Don’t be discouraged by denials
This is a common matter all card company will not approve your application! so don’t be surprised if you receive denied letter from the card issuer. keep in mind, many credit score holder application also rejects. it’s helpful if you read denial reason from the letter. you will get it helpful to plan your next step. apply different credit card company in order to get experienced.
What else if you never approved?
It’s bad luck! if you still not approved after many attempts find a debit card company. a debit card is not far different things. you will have the option to make payment, ATM withdrawal etc at all. nowadays, payoneer.com is famous one debit card provider however, you are looking for a credit card.