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The Verdict: The Young Adult Visa from Ent is the perfect way to teach high school students and young people how to responsibly manage their money and use credit. This standard credit card requires a co-signer but has a reasonable interest rate and no hidden fees. This Visa gives young people the convenience of their own credit card but the consequences of bad money management and planning.
Overview: Ent Credit Union, in Colorado, offers its members four separate credit card options among their many financial services. The Ent Young Adult Visa card was designed for young people at least 16 years old who want to learn how to use credit responsibly and carry their own credit card. This card teaches money management and helps young adults build credit history by using a co-signer.
How These Cards Work: This Visa card is accepted worldwide and works like any credit card. The due date is calculated between 24 and 30 days after the closing of each billing cycle and the cardholder may avoid all interest charges by paying their balance in full by the due date. This credit card is meant to give young adults the opportunity to learn how to use credit effectively and can also help them build a good credit history at an early age. The requirements to apply for this credit card include: applicant must be at least 16, have a social security number and apply with a qualifying co-signer that makes at least $12,000 annually.
Travel & Shopping Benefits: The Ent Young Adult Visa comes with standard travel and shopping benefits. Auto rental insurance is included, along with extended warranties for purchases made with the card. Emergency travel assistance in case of lost tickets is included, along with free credit card checks. 24 hour cardholder services and zero liability for fraud are also standard.
Fees: This card has no annual fee and is free to carry. The APR for balance transfers, cash advances and purchases is between 9.99% and 17.99%, depending on the credit worthiness of the applicant and co-signer. If charged interest, the minimum fee is $2.00. Balance transfers, cash advances, overdraft protection and convenience check cash advances are all subject to a high 4% transaction fee, with a minimum charge of $10. Foreign transactions have a 2% fee if in U.S. currency and 3% if the transaction is in foreign currency. Penalty fees for late payments, returned payments and going over the limit are all up to $35.
- No annual fee
- For young adults at least 16 years old
- Teaches credit use and responsibility
- Reasonable rates
- No hidden fees
- Must be a member of the Ent Credit Union to apply
- Very high transaction fee of 4% for transfers and cash advances
- Fees up to $35 for late payments and going over the credit limit