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Can people under 21 get a credit card?

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Is it true that people under the age of 21 are not permitted to get their own credit card?

No. There are special Reg Z credit card rules “young consumers” less than 21 years of age, but they do not make an outright prohibition on granting them credit card lines. Instead, the rule requires they submit a written application, and the creditor must evaluate their financial information to determine that they have the independent ability to make the required minimum payments; or have a cosigner / guarantor / joint applicant (21 or older) with the ability to make the minimum payments. Also, there are strict advertising requirements for marketing credit cards to college students.

Learn more about Rebekah Leonard’s Credit Card Compliance: Lots of Rules! webinar.

First published on 05/12/2024

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