If you are in college and getting ready to start your life, getting a good credit score and discipline in using a credit card are both important for the future financial you. So, finding few best credit cards for young adults is the next logical step.
What to we look for in a credit card for young adults?
- it should accept people with low or no credit score. As you are just starting out to build credit, you’ll need a credit card with low acceptance requirements.
- no (excessive) fees. Ideally your credit card shouldn’t cost you a thing, so steer away from credit cards that charge annual fees.
One might argue that having zero introductory APR would be great, but it’s not easy to find credit cards for students that offer this perk. Use the high APR you’ll most likely get to use your credit responsibly and build your credit score.
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5 Best Credit Cards for Young Adults
Capital One® Secured Mastercard®
This is the secured credit card I used to improve my credit score. It doesn’t have the best offers and, for someone with a high credit score it can be one of the worst options, but, as you are now building credit history, it will do a fine job.
Getting accepted for the Capital One Secured credit card is a breeze, since you are actually funding it with a deposit. I chose to deposit 500 dollars so that my credit limit is higher and the credit score increase faster.
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Why is the Capital One® Secured Mastercard® a good option?
- easy approval
- no annual fees
- no credit / bad credit / fair credit accepted
So, as long as you are careful with the almost 27% APR, you should be safe.
Discover it® Secured
As most students and young adults are just building credit history, our recommendation is to stay with secured credit cards for a while. This is why another good credit card option would be the Discover it® Secured credit card.
It has a better APR than the Capital One secured option (24.49%), still no annual fee and great for someone who has bad credit or is in the process of building it.
Citi® Secured Mastercard®
Another option for no credit history is to get a secured credit card from Mastercard. A minimum deposit of $200 is required to get approved. The APR is one of the best in the Secured credit cards category: 22.49% (Variable).
Discover it® Student Cash Back
If you have no credit history this is not an option for you, but young adults who have already proven to be responsible credit card users can opt for this Discover credit card. The APR is 14.49% – 23.49% variable, there are no annual fees and you also get cash back on selected categories.
The only caveat is that the minimum credit score accepted is Fair (580).
Capital One® Quicksilver® Cash Rewards Credit Card
If you already have an excellent credit score, you can go and get a better credit card option:
- Unlimited Rewards: Earn unlimited 1.5% cash back on every purchase, every day
- New Card Member Offer: Earn a one-time $150 cash bonus once you spend $500 on purchases within 3 months from account.
- Purchase Rate: 0% intro APR for 15 months; 15.74% – 25.74% variable APR after that.
- Transfer Info: 0% intro APR for 15 months; 15.74% – 25.74% variable APR after that; 3% fee on the amounts transferred within the first 15 months.
- No Foreign Transaction Fees: You won’t pay a transaction fee when making purchases outside of the United States.
Capital One QuickSilver Cash Rewards Credit Card works wonders for young adults who have established an excellent credit score.
