The Best Credit Cards for Young Adults

March 30th, 2016

Are you looking for the right credit card to help you establish your credit history, but you're just not sure which one is best for you? Choosing the right credit card and establishing credit is a very important decision and can be a tough one. Sorting through all the different websites about credit cards can be time-consuming and confusing, so here are a few of the top recommended credit cards for young adults:

No Credit History or Low Credit Score

Capital One Secured MasterCard

The Capital One Secured MasterCard is much like a debit card; however, it builds your credit when used responsibly. When starting with this card, you must pay a minimum security deposit of $200 which acts as your credit limit. Cardholders are eligible for a credit increase after paying on time for several months in a row and establishing credit, without having to pay any additional deposits.

Credit One Rewards Card

If you are in need of establishing or rebuilding your credit, this card is perfect because it reports monthly to the three major credit bureaus. This a real credit card with no upfront fees in order to open the account. The annual percentage rate (APR) varies from 15.65 percent to 24.15 percent, and the annual fee is between zero and $99.

Fair or Average Credit

Journey Student Rewards from Capital One

Are you a college student looking to establish your credit? The Journey Student rewards card could be the card for you. This card allows you to earn one percent cash back on all of your purchases. The interest rate is 19.8 percent and the starting credit limit for most students are between $300 and $500. There is no limit to the amount of cash back points that you can receive and they never expire. Cardholders are eligible for a credit increase after paying on time for five consecutive months.

Capital One Platinum Credit Card

You only need average credit in order to be eligible for this credit card. With this card there is no annual fee, and the APR is a variable 24.99 percent. Just like with the Journey Rewards card above, after paying on time for five months in a row, you may be eligible for an increase in your credit limit. And cardholders can rest easy knowing that they are not responsible for fraudulent purchases if their card is ever lost or stolen.

Good or Excellent Credit

Barclaycard Arrival World MasterCard

Are you a frequent traveler? With the Barclaycard you earn 20,000 bonus miles after you spend $1,000 on purchases in the first three months. You can also earn two times more miles on travel and dining, (that’s two miles for every dollar you spend) and one dollar per mile on every other purchase. This card features a zero percent introductory APR for one year, after that there is a variable APR of either 16.24 percent, 20.24 percent or 24.24 percent depending on your credit.

U.S. Bank Visa Platinum Card

With this credit card, you would need to have already established excellent credit to be eligible. For the first 15 billing cycles, there's a zero percent APR. After this introductory period, the APR is variable, ranging from 10.24 to 21.24 percent depending on your credit. Not only are you protected against fraudulent activity with this card, but you are also not responsible for any unauthorized transactions is your card is ever lost or stolen.