Teenagers are now more aware and cautious than ever in their finances and want to establish credit as soon as possible. This is essential to making a name for themselves and attempting to avoid the embarrassment of not being able to afford what they want. Top Credit Card Brand For Teenagers offer an easier way for teens who may not have the funds saved up for an expensive purchase, or feel like having debt is embarrassing, especially with all of this new information that is available about high interest rates on credit cards.
- Visa
Visa has recently changed its interest rates, now reaching as high as 36.99 percent. However, the card has a limit of $300,000 on purchases and payment must be made within six months. This is one of the best cards for teens to get credit with because it is easy to apply for and most common among teenagers.
- MasterCard
This credit card also offers a card that is easy to apply for with a limit of $300,000 (though the interest rate is much higher at around 29.14 percent). The annual fee is around $95 which may not be worth it if you don’t use the card very often.
- American Express
American Express has a credit card that is easy to apply for and offers a low interest rate at 18.24 percent with no annual fee. This is the perfect option for someone who doesn’t have the funds to pay off the entire bill immediately, because it allows you to pay over time with the minimum payment of $12.50 per month (or $37.50 if you only use it once or twice a year). The limit is $2,000 on purchases and payments must be made within six months.
- Discover
This card also offers a low interest rate and no annual fee, at 8.99 percent for six months and then increasing to a maximum of 20.24 percent for one year if you don’t pay the minimum amount. The limit is $500 on purchases and payment must be made within six months.
- American Express Blue Card
This card also has a high interest rate at 26.24 percent with no annual fee, but at least it isn’t the highest rate available (though it is high).
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