Hi, I’m only 18 years old and I wanted to start building up my credit. I want suggestions for a low interest rate card for a student who will only be able to make a $20 payment.
Answered on Friday, October 16th, 2015 by
Amy Miller

If you have a stable income that exceeds your expenses and have a valid social security number, you can qualify for a student credit card. Student cards are created to help students start building their credit history. They often come without application and annual fees. As for the monthly fees, they will depend on your card balance and the interest rates. You can avoid interest payments, though, by paying off your credit card balance in full each month. All your credit card payment activity will be reported to the major credit bureaus, which is important when you build credit. Try to make at least minimum monthly payments on time and keep your debt low to build good credit.

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If you’re getting your first-ever credit card, you’ll want to look for a card that’s designed for folks with limited credit, or no credit.

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You should be at least 18 years old, have Social Security number, be a U.S. resident, and have a source of income to qualify for a credit card. Also, you may need a bank account to apply for a loan or for a credit card. If you qualify based on the above, you can apply […]

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