Age Requirements

• To get a credit card, all applicants must be 18 years of age or older. Legally, no one under the age of 18 can enter into a binding contract. Therefore, if applicants sign up for a credit card, there is a contract that must be agreed upon before the card may be used. If applicants enter a false birth date, just to meet age requirements, they will still be liable for the agreement, because they knowingly gave false information on the application.
  
  

Steady Income

• Most credit card companies require that an applicant have a steady income or steady employment. The employer may be verified, depending on the type of credit card an applicant is applying for. College students do not have to verify employment as often as most adults, because the credit card companies see their clean credit history and believe that the students can rely on their parents to make their payments if they are unable to do so.
  
  

Fees

• Some credit cards require a deposit or first initial payment before the card is approved. The deposit can be for membership fees that the credit card company charges all card holders. Some credit card companies charge a yearly fee to be a card member. Some applicants who have bad credit and cannot get approved for a secured credit card receive second-chance offers, which charge yearly memberships as well as monthly card maintenance fees. These fees are charged to the account and take away from the initial credit line.
  
  

Co-Signers

• Depending on the credit history of the applicant, a co-signer may be needed. Co-signers are only on the card to ensure that if an account holder cannot make the necessary monthly payments, they will. If the account holder does not make the payment, it becomes the responsibility of the co-signer as well. Having a co-signer can increase the account limit of a credit card. However if the card becomes delinquent, it can be placed in collections for the credit card holder and the co-signer.
  
  

Checking Account

• Some secured credit card companies require a valid checking account. The checking account is required so that the credit card company can automatically debit the monthly payment for the credit card out of your checking account. This payment option keeps credit card holders from being late or not paying their credit card payment. If the payment is not accepted by the card holder's bank, the credit card company can cancel the account, because this was a stipulation to get the card.