ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Consumers can apply for credit cards starting at age 18, but the law requires them to have an independent income or a co-signer. However, most major issuers don’t allow co-signers anymore. So, a person aged 18, 19 or 20 usually has to earn and prove their own income before being approved for a credit card.

Detailed explanation-2: -Technically, you can apply for a credit card as young as age 18. However, the CARD Act requires card issuers to use discretion when approving younger applicants. To get a credit card in your name under the age of 21, you need to have one of the following: A co-signer who’s willing to share responsibility for the card.

Detailed explanation-3: -Age – You will need to be minimum 18 years of age to apply for a Credit Card. Even if you are an add-on Credit Card holder, the age limit needs to be met. Anyone meeting this criteria becomes eligible for a Credit Card. Income – Each bank has a specified minimum income set by them as an eligibility criteria.

Detailed explanation-4: -Now it’s much more difficult to get a credit card if you’re under 21. One way to make it easier is by lining up a co-signer-someone who agrees to pay the debt on the card if you don’t. You aren’t necessarily required to get a co-signer under 21, but unless you have substantial income of your own, you may need one.

Detailed explanation-5: -Applying for a credit card with a co-signer-that is, another person who agrees to share responsibility for charges made on the card-is a good way to build a positive credit history. In the past, applying for a credit card with a co-signer was a common way to increase your approval odds.