What age does one have to be to get a credit card?
In the United States, as of February 22, 2010, you have to be 21 to get a credit card unless you have a secure job or a cosigner due to the 2009 Credit Card Accountability Responsibility Disclosure Act.
The question remains, does a 21 year old really know how to manage credit better than an 18, 19 or 20 year old? Just because someone is "old" enough does not necessarily mean that they are more knowledgeable about credit.
However, in this case, if your parent cosigns for you, by the CARD Act, it is legal for under 21 year olds to have a credit card. This is not necessarily good either because if the parent has bad credit and runs up a bill, the credit suffers and vice versa. The credit of both the parent and the child is dependent on each other.
Does the CARD Act prevent debt, or just prolong it?
