Update: The information below was correct at the time of publishing, but one or more offers are no longer available. Please visit the issuer website for up-to-date information.
Navigating the world of credit cards can be tricky, especially for young adults. With various fees, interest rates, and rewards programs to consider, finding the right card can be overwhelming. In this blog, we’ll explore some of the best credit cards for young adults, helping you find the perfect fit for your financial needs. Read on to explore the best credit cards for young adults and find the perfect fit for your financial needs.
MoneyLion can help you explore a wide variety of credit card options tailored to different needs and preferences. Whether you’re a college student, a young professional, or someone looking to build their credit, we’ve got you covered.
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9 Best credit cards for young adults
Understanding the best credit cards for young adults can make a significant difference in your financial journey. Here are our top nine picks to get you started.
1. Best for cashback: Chase Freedom Unlimited®
Source: chase.com
The Chase Freedom Unlimited® is an option of a starter card for young adults looking to maximize their cashback rewards without an annual fee. It offers a generous 1.5% cashback on all purchases, plus 3% on dining and such services, making it a great choice for everyday spending. The long 0% intro APR period on purchases and balance transfers gives you time to pay off big purchases without incurring interest.
Credit score needed: 690-850 | Purchases intro APR: 0% for 15 months |
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Intro bonus: Earn an additional 1.5% cashback | Cash advance fee: $10 or 5%, whichever is greater |
Annual fee: $0 | Balance transfer fee: $5 or 3%, whichever is greater |
Regular APR: 20.49% – 29.24% variable | Foreign transaction fee: 3% |
Pros:
No annual fee
Generous cashback rewards
Long intro APR period
Cons:
Foreign transaction fee
High regular APR
Balance transfer fee
2. Best for travel rewards: Capital One Venture Rewards Credit Card
Source: capitalone.com
If you’re a professional who loves to travel, the Capital One Venture Rewards Credit Card is your go-to. This card offers two miles per dollar on every purchase, with no foreign transaction fees, making it perfect for frequent travelers. The miles can be redeemed for travel expenses, providing flexibility and value.
Credit score needed: Good to Excellent (700+) | Purchases intro APR: N/A |
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Intro bonus: 75,000 bonus miles after spending $4,000 in the first three months | Cash advance fee: $10 or 3%, whichever is greater |
Annual fee: $95 | Balance transfer fee: $0 at the regular APR |
Regular APR: 19.99% – 29.99% variable | Foreign transaction fee: None |
Pros:
High rewards rate
No foreign transaction fee
Valuable intro bonus
Cons:
Annual fee
High APR
Requires good to excellent credit
3. Best for building credit: Discover it® Secured
Source: discover.com
The Discover it® Secured card is a great option for just turned adults with no credit history looking to build their credit score. With no annual fee and the opportunity to earn 2% cashback at gas stations and restaurants, this card helps you build credit while earning rewards. Discover reports to all three major credit bureaus (Equifax, Experian, and TransUnion), ensuring your credit-building efforts are recognized.
Credit score needed: 300 – 670 (Poor to Fair) | Purchases intro APR: 10.99% for six months |
|---|---|
Intro bonus: Match all cashback earned at the end of the first year | Cash advance fee: $10 or 5% |
Annual fee: None | Balance transfer fee: 5% |
Regular APR: 28.24% variable | Foreign transaction fee: None |
Pros:
No annual fee
Cashback rewards
Helps build credit
Cons:
High APR
Security deposit required
Limited rewards structure
4. Best for students: Discover it® Student Cash Back
Source: discover.com
For students, the Discover it® Student Cash Back card offers great cashback rewards and no annual fee. This card matches all the cashback earned at the end of the first year, which is a fantastic boost for young adults. It also provides 5% cashback on rotating categories each quarter, such as grocery stores, gas stations, and online shopping like Amazon, making it ideal for diverse spending habits.
Credit score needed: Fair to good (580-740) | Purchases intro APR: 0% for six months |
|---|---|
Intro bonus: Unlimited Cashback Match – Discover matches all the cashback earned at the end of your first year | Cash advance fee: $10 or 5%, whichever is greater |
Annual fee: $0 | Balance transfer fee: 3% |
Regular APR: 18.24% – 27.24% variable | Foreign transaction fee: None |
Pros:
No annual fee
Cashback match for the first year
Good for building credit
Cons:
Limited acceptance outside the U.S.
Rotating categories for cashback
High balance transfer fee
5. Best for low Interest: Citi® Diamond Preferred® Card
Source: citi.com
Young adults who anticipate carrying a balance will benefit from the Citi® Diamond Preferred® Card‘s low interest rate. This card offers a lengthy 0% intro APR on balance transfers and purchases, which can help manage larger expenses without the pressure of immediate interest. It’s an excellent choice for those looking to minimize interest payments while establishing credit.
Credit score needed: 670 – 850 | Purchases intro APR: 0% for 12 months |
|---|---|
Intro bonus: N/A | Cash advance fee: $10 or 5%, whichever is greater |
Annual fee: $0 | Balance transfer fee: $5 or 5%, whichever is greater |
Regular APR: 18.24% – 28.99% variable | Foreign transaction fee: 3% |
Pros:
Long 0% intro APR period
No annual fee
Low regular APR
Cons:
No rewards program
Foreign transaction fee
High balance transfer fee
6. Best for no fees: Petal® 2“Cash Back, No Fees” Visa® Credit Card
The Petal® 2 Visa® is ideal for those who want to avoid fees and still earn cashback. With no annual, late, or foreign transaction fees, this card is perfect for fee-conscious young adults. It also offers 1% cashback on purchases, increasing to 1.5% after 12 on-time payments, making it a straightforward and rewarding choice.
Credit score needed: None | Purchases intro APR: None |
|---|---|
Intro bonus: None | Cash advance fee: None |
Annual fee: None | Balance transfer fee: None |
Regular APR: 18.24% – 32.24% variable | Foreign transaction fee: None |
Pros:
No fees
Cashback rewards
No credit history required
Cons:
High APR range
No intro APR offer
No sign-up bonus
7. Best for rewards: American Express® Gold Card
Source: americanexpress.com
Young professionals with good credit will benefit from the rewards offered by the American Express® Gold Card. This card provides 4x points on dining and grocery purchases, 3x points on flights, and a valuable introductory bonus, making it excellent for maximizing rewards on everyday spending. Despite the high annual fee, the rewards and perks can outweigh the cost for frequent spenders.
Credit score needed: Good to Excellent (700+) | Purchases intro APR: N/A |
|---|---|
Intro bonus: 60,000 points after spending $6,000 in the first six months | Cash advance fee: $10 or 5% |
Annual fee: $250 | Balance transfer fee: N/A |
Regular APR: 21.24% to 29.24% variable | Foreign transaction fee: None |
Pros:
High rewards rate
No foreign transaction fees
Valuable intro bonus
Cons:
High annual fee
Requires excellent credit
No intro APR period
8. Best for travel: Bank of America® Travel Rewards Credit Card
Source: bankofamerica.com
The Bank of America® Travel Rewards Credit Card offers great travel rewards without the hassle of foreign transaction fees for young adults who travel frequently. It provides 1.5 points for every dollar spent on all purchases, which can be redeemed for travel expenses. With no annual fee and a competitive rewards rate, it’s an ideal choice for budget-conscious travelers looking to earn points on everyday spending.
Credit score needed: Good to Excellent (700+) | Intro balance transfer APR: 0% Introductory for 15 months |
|---|---|
Intro bonus: 25,000 online bonus points and a $250 travel or dining statement credit value after making at least $1,000 in purchases in the first 90 days | Balance transfer fee: Introductory Fee of 3% of the amount of each transaction, 4% after that |
Annual fee: None | Cash advance fee: 4% |
Regular APR: 19.24% – 29.24% variable | Foreign transaction fee: None |
Pros:
No annual fee
No foreign transaction fees
Competitive rewards rate
Cons:
Requires good credit
No cashback option
Limited to Bank of America customers
9. Best for limited credit: Capital One Platinum Credit Card
Source: capitalone.com
The Capital One Platinum Credit Card is designed for those with limited or fair credit who want to build or rebuild their credit. It offers the chance for a higher credit line after making on-time payments for the first five months. With no annual and foreign transaction fees, it’s a great choice for young adults looking to improve their credit scores.
Credit score needed: Fair (580-740) | Purchases intro APR: None |
|---|---|
Intro bonus: None | Cash advance fee: $10 or 3%, whichever is greater |
Annual fee: $0 | Balance transfer fee: None |
Regular APR: 29.99% variable | Foreign transaction fee: None |
Pros:
No annual fee
No foreign transaction fees
Opportunity for credit line increase
Cons:
High APR
No rewards program
No intro APR
Pros and cons of credit cards for young adults
While credit cards offer many benefits, they also come with potential downsides. Here’s a quick look at the pros and cons.
Pros• Build credit: Establish a credit history and improve your credit score.• Convenience: Easy to carry and use for online and in-person purchases.• Rewards and perks: Earn cashback, travel rewards, and other benefits. | Cons• Debt risk: Can lead to high-interest debt if not managed responsibly.• Fees and interest: Potential for various fees and high-interest rates.• Impact on credit score: Late payments and high balances can negatively affect your credit score. |
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How to compare credit cards for young adults
When choosing a credit card, consider the following factors to find the best fit for your needs.
Annual fee: Look for cards without an annual fee if you’re just starting.
APR: Consider the interest rate, especially if you plan to carry a balance.
Rewards: Choose a card with rewards suited to your spending habits.
Credit score requirements: Make sure you qualify for the card based on your credit score.
Credit-building features: Look for cards that help you build credit, such as secured cards.
Sign-up bonuses: Consider the value of introductory bonuses.
Issuer reputation: Choose a reputable issuer known for good customer service.
Choose the Best Credit Card for Your Needs
Finding the best credit card as a young adult is a step towards a secure financial future. By understanding the different types of cards available and what they offer, you can make an informed decision that aligns with your financial goals.
FAQs
How old do you have to be to get a credit card?
You must be at least 18 years old to apply for a credit card, but if you’re under 21, you must show proof of income or have a cosigner.
What credit card should I get at 18?
Consider a secured credit card or a student credit card, like the Discover it® Student Cash Back, to start building your credit history.
What are the best credit cards for young adults?
Depending on what benefits you are looking for, some of the best credit cards for young adults include the Chase Freedom Unlimited®, Capital One VentureOne Rewards Credit Card, and Discover it® Secured.
How many credit cards should young adults have?
It depends on your financial situation, but starting with one or two cards can help you build credit without overwhelming your finances.
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