What is the age limit for a credit card in India?

Summary: Dreaming of financial independence at 18? Confused about the age limit for a credit card? The FIRST WOW! Credit card is designed for young adults like you! Learn about the minimum age for credit cards and get started on your financial journey today!

05 Jun 2024 by Team FinFIRST

Apply Now

Meet Meera. She is a bright 18-year-old who just started college. Like many teenagers, she wants to manage her own expenses, save for future goals, and not rely solely on pocket money or her parents. The good news is that it’s achievable!

Let’s explore how 18-year-olds can achieve financial independence and the age limit for a credit card.

UPI payments with credit card: The secret for smart spending

How to apply for the FIRST Select Credit Card

Why financial independence?

Financial independence isn’t about having millions in the bank. It’s about understanding how money works, developing healthy financial habits, and building a strong credit score.

Credit cards can help you on your journey to financial independence. So, what is the best age to get a credit card? Read on!

What is the age limit for a credit card?

The minimum age for credit cards is 18. However, traditional credit cards require a good credit score, which most of you have not established.

This is where the FIRST WOW! Credit Card comes in.

Introducing FIRST WOW! Credit Card

The FIRST WOW! Credit Card is a secured credit card for young adults like Meera. Here’s why it stands out –

Secured by a fixed deposit (FD)
Unlike regular credit cards, this card is backed by an FD you make. As it reduces risk for the bank, you don’t need a credit score to apply. Moreover, IDFC FIRST Bank allows you a credit limit of minimum 100% of the FD.

No minimum income requirement
IDFC FIRST Bank understands that young adults may not have a regular income. You can apply for this card as long as you have an FD to secure it.

Build credit history responsibly
Timely payments on your FIRST WOW! Credit Card builds your positive credit history. This will be helpful when you apply for loans in the future.

Financial flexibility and convenience
This card offers the convenience of digital payments and online shopping. Plus, you get –
- 7.5% p.a. interest on FD
- Low-interest rates starting from 9% p.a. on carry-over balances
- No annual or joining fee
- Up to 4X reward points (which never expire!) on purchases
- Discounts across 300+ merchants and 1500+ restaurants
- Zero forex mark-up

All of these features add to your financial convenience and flexibility!

As long as you satisfy the age limit criteria for a credit card, you can apply for FIRST WOW! Credit Card in just three easy steps!

Steps to apply for the FIRST WOW! Credit Card

To apply for the FIRST WOW! Credit Card online, here are some simple steps that you can take –

Click on the FIRST WOW application page
Register and verify your details
Choose the FD details and make a deposit online
Complete the KYC process by entering the relevant details, and the card will be issued on meeting the Bank’s eligibility and internal policy requirements.

Financial education is key

Of course, with great power comes great responsibility. Apart from knowing the age limit for a credit card, here are some tips you should know for becoming financially independent –

Set a budget and track your spending to avoid debt traps
Set up automatic payments to ensure on-time payments
Only spend what you can afford to pay off in full
Pay more than the minimum payment to avoid interest charges

Note for parents and guardians

As a parent or guardian, your role in your children’s financial journey is undeniable. Here are some ways you can guide them –

Talk about money openly and honestly
Help them create a budget
Encourage them to save for their goals
When your child reaches the age limit for a credit card, get them a secured credit card

The takeaway

The age limit for a credit card might be 18, but responsible credit use is a lifelong journey! The FIRST WOW! Credit Card is a stepping stone for young adults like Meera to build credit responsibly.

So, what are you waiting for? Apply now and take your first step towards financial independence today!

Disclaimer

The contents of this article/infographic/picture/video are meant solely for information purposes. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject IDFC FIRST Bank or its affiliates to any licensing or registration requirements. IDFC FIRST Bank shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.

The features, benefits and offers mentioned in the article are applicable as on the day of publication of this blog and is subject to change without notice. The contents herein are also subject to other product specific terms and conditions and any third party terms and conditions, as applicable. Please refer our website www.idfcfirst.bank.in for latest updates.