Best Credit Cards For Young Adults

There are many reasons why a young adult would want to get a credit card. Perhaps you need one to help cover a considerable expense, or you want to build your credit. Whatever the reason, you have many options, even if your credit history is limited or could use some work. 

According to Money Under 30, the best credit cards for young adults are ones with higher approval chances for those with limited credit, offer rewards programs, and have minimal monthly or annual fees.  

It can be overwhelming and perhaps even aggravating to find a credit card for someone in your shoes — especially if your lender rejects you. Hopefully, this list of the best credit cards for young adults from Money Under 30 can make the process less frustrating and help you find the perfect card.

Best For Young Adults With No Credit

Jasper Mastercard

Credit Score Requirements: None

Intro APR Purchases: N/A

Intro Term Purchases: N/A

Intro APR Balance Transfers: N/A

Regular APR: 15.49% – 24.99% Variable

Annual Fee: $0

 

The Jasper Mastercard is specifically made for those who are new to credit. Your payment activity will be sent to Equifax and TransUnion, making it easier to build your history. Even if you don’t have any credit, you can qualify for a $5,000 credit limit.

 

With this credit card, you can earn 1% cash back on everything, which you can redeem as automatic statement credits toward your Jasper account. Plus, you can enjoy extra bonuses when you refer your friends, and they get approved for their own Jasper Mastercard.

 

Best For Young Adults With Good Credit

Discover it Cash Back

Intro APR Purchases: 0% for 14 months, then 11.99% to 22.99% variable

Intro APR Balance Transfers: 0% for 14 months 

Balance Transfer fee: 3% until February 10, 2021, then 5%

Regular APR: N/A

Annual Fee: $0

 

If your credit is in good shape, you may want to consider the Discover it Cash Back credit card. With it, you can enjoy one of the most competitive benefits available, including cash back, interest rates, customer service, mobile apps, late payment forgiveness, and more. 

 

When you use the Discover it Cash Back at the grocery store, gas station, Amazon, or your favorite restaurants, you can earn 5% back on the first $1,500 you spend each quarter, with no limits to 1% cash back on everything else. 

 

Discover matches your total cash back you collect throughout the year, so you could easily double your rewards, including that $200 sign-up bonus.

 

Best For Young Adults With Average Or Limited Credit

Capital One QuicksilverOne Cash Rewards

Credit score requirements: Fair (600-699)

Intro APR Purchases: N/A

Intro Term Purchases: N/A

Intro APR Balance Transfers: N/A

Intro Term Balance Transfers: N/A

Regular APR: 26.99% (Variable)

Annual Fee: $39

 

Capital One credit cards have some of the best rewards programs on the market, but most require excellent credit. But with the Capital One QuicksilverOne Cash Rewards card, you can qualify even if you have average credit.

 

This credit card offers 1.5% cash back on every purchase, which should offset the $39 annual fee. Although it has an above-average APR compared to other credit cards for young adults, it won’t be an issue if you pay your balance off every month. 

 

Best For First-Time Cardholders

Secured Mastercard from Capital One

Credit Score Requirements: Poor (500-599)

Intro APR Purchases: N/A

Intro Term Purchases: N/A

Intro APR Balance Transfers: N/A

Intro Term Balance Transfers: N/A

Regular APR: 26.99% (Variable)

Annual Fee: $0

 

Unlike prepaid cards or debit cards, most secured credit cards report your payment activity to the three major credit bureaus. You also have to make a deposit to open an account. With the Secured Mastercard from Capital One, you can qualify for a $200 credit limit after paying a $49, $99, or $200 deposit. 

 

Secured credit cards are a useful way to build your credit if you use them responsibly, and the Secured Mastercard from Capital One is one of the best ones you can find. That’s because it comes with no annual fee and the chance to raise your credit limit within six months after opening your account.

 

Source
  • Weliver, David. “Best Credit Cards For Young Adults & First Timers (November 2020).” Money Under 30, 17 Nov. 2020, www.moneyunder30.com/best-credit-card-young-adults.
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