What is the best card for an 18 yr old with NO credit, just starting out to apply for? They probably aren't even in the system yet.
It depends where he or she lives. For a lot of people, a store card is an easy to get first card. I know Macy's is the first card for a lot of folks. My wife got hers before she was working with only an Visa check card (ATM debit card) as a credit reference. At first, it only had a $100 credit limit, but it enabled her to start building a good credit history. Also, a secured Visa or MasterCard -- especially from a credit union -- is another good first card.
If this is a college student, Associates and Discover both give out first cards. I believe MBNA, FUSA, and Citibank are harder to get as first student cards, and AMEX won't be the first card. Capital One is also not too picky.
if non-college student, get a cap 1 secured, and a macy's card. In about 6-9months of goodness, you'll have enough credit for a citibank AA
I got my first credit card through my college over 10yrs ago. It is from MBNA but has the university name on it. It had a credit limit of $500 on it until I got through college and then they have increased it as time goes by due to good history of repaying. Check around....your bank, colleges, etc and see what is available in your area. Have your 18 yr old apply for a small loan and pay it back. Fixed loans are a great way to gain credit history without the high price of having a credit card.
