Who Can Apply For A Credit Card?

Under current UK law, you may apply for a plastic card once you reach the age of 16, but you cannot apply for a debit card until you reach the age of 18. As such, if you want to use a credit card before you are 18 you need to use a supplemental card of one of your parents.

Once you have reached the age of 18 you can apply for a credit card in your own name. In such a case, the regulations governing credit card use can be found, principally, in the Consumer Credit Act 1974.

Basically, provided that you have a good credit history and not seen in any way as being a credit risk, there is nothing stopping you from applying for a credit card once you are over 18. However, in order to create a good credit history you may well need to:

• borrow some money on hire purchase and make sure you repay this on time
• enrol on the local electoral roll
• reside in your own home for more than 3 years
• have a job for more than 2 years

Keep in mind that higher education students, such as university students, may be able to apply for credit cards under special rules designated especially for them, including having lower credit limits and lower rates on interest chargeable on the credit card.

To determine exactly whether o not you are entitled to apply for a credit card, first and foremost you need to read the terms and conditions of issue of the credit card.

Next Article in Guide:

• How Do I Know Which Credit Card Is Best For Me?
  With so many credit card issuers now offering you the chance to become a member of their system, how can you tell which credit card issuer you should apply for, i.e. how do you know which credit card is best for your needs?