Young adults may have many advantages and disadvantages when choosing the right credit card. For example, the Capital One Venture Rewards credit card does not offer an introductory APR rate, which is useful for paying off debt quicker. This card also doesn't come with a signup reward, which can help you improve your credit score. You cannot withdraw money from ATMs with this card.
Discover it Secured
A Discover It secured credit card for young adults is a good option to help manage your finances. This card is flexible and offers fixed installments over two year. This makes it easy for you to manage your finances. You can also use this card like any other credit card and earn cashback when you purchase. However, it doesn't offer any other rewards or benefits, such as points that can be saved for a later date. When you spend a certain sum, your cashback is automatically applied to your next monthly account.
A second benefit to the Discover it Secured card is its low fees. This is an important advantage for those who want to build credit profiles. The APR on this card is based upon the prime rate. This is unlike other secured credit cards which have high fees.
Chase Freedom Unlimited
Chase Freedom Unlimited credit cards are a good option for young adults without credit history who are interested in getting a credit card. The card doesn't offer any signup bonuses or rewards. However you will still be able receive electronic statements and your free credit score report. This makes it an excellent choice especially for young adults.
Chase Freedom Unlimited Credit Card has no annual fee. It earns 1.5% cash back for every purchase. The cash back amount, while it isn't the highest in the industry, is still quite high. This credit card works well for young adults just starting to manage their finances. No matter if you travel often or not, this card will help to achieve your financial goals.
Capital One QuicksilverOne cash rewards credit card
If you're a young adult looking for a credit card, you may want to consider a Capital One QuicksilverOne Cash Rewards credit card. This card offers no annual fee and rewards up to 1% cash back on all purchases. Sign-up bonuses can be equivalent to the cash earned during your first year. As an added bonus, you can avoid a foreign transaction fee.
This credit card is ideal for young adults with fair credit scores as it has low credit requirements. However, you do have to have good credit to qualify for the card, so you'll need to maintain your score well. If your credit score improves, you will be able to upgrade to get the full card benefits.
Milestone Mastercard
Milestone Mastercard could be a good choice for young adults with poor credit. You get MasterCard perks such as extended warranties for large purchases, theft protection and $0 liability for fraud. This credit card also has 24-hour global services and airport concierges.
Milestone MasterCards can be used online, at retail locations and through the mobile app. To avoid paying high interest, keep your credit utilization down. It is also important to keep an eye on your account balance and payment history, since you can't control human error or bank processing times.