Yes, Chase does have a student credit card available to new applicants right now: the Chase Freedom® Student credit card. It has a $0 annual fee, a $50 initial bonus, an annual $20 bonus, and a below-average APR. The Freedom Student can also help responsible new cardholders build credit history, with monthly reporting to the major credit bureaus.
It’s just unclear exactly who is eligible for approval. Most student-branded credit cards are available to applicants with limited or no credit history. But it’s not unheard of for a student card to require good credit or better, and Chase has recommended that students apply for a good-credit credit card before. Prior to the new Chase student credit card hitting the market this summer, Chase.com suggested that students apply for the Chase Freedom Unlimited®.
That being said, it’s best to compare credit card offers from multiple banks and credit unions to make sure you’re getting a good deal. Chase’s student credit card is only one offer among many, and some issuers actually have more than one student card to choose from.
Yes, Chase does have a student credit card. The Chase Freedom® Student credit card has a $0 annual fee, reports monthly to the three major credit bureaus, and accepts applicants with limited credit or better.
The easiest credit cards for students to get are student credit cards for applicants with limited or no credit history and secured credit cards, which are available to people with no credit or even bad credit. Since college students tend to have higher incomes in the long term, issuers are willing to extend them better offers than most people without established credit could get. Think of it as an investment in a student’s future financial needs, which could prove quite profitable for a bank that gets in on the ground floor.… read full answer
In general, student credit cards allow young people to begin building credit before entering the real world. If you use your card responsibly and pay your bills on time, you should be able to get a better deal once you graduate. And that’s true whether you’re starting with a student credit card or a secured card.
Yes, it is a good idea for college students to have a credit card because it is the best way to begin building credit history. Simply owning a credit card account and keeping it in good standing can allow a student to go from having no credit at the start of college to fair credit or even good credit by graduation.… read full answer
In other words, responsible credit card use will give students a leg up when they enter the real world. Without a strong credit profile, students may have a difficult time renting an apartment, getting a car loan, finding cheap car insurance, and even landing a job.
At the very least, college students should have a credit card as an authorized user on a parent’s account. You can build credit as an authorized user while the primary cardholder is responsible for making payments. The primary cardholder can also monitor the account. If there’s any sign of reckless card use, they can remove the authorized user at any time.
Why Some People Think Students Should Not Have Credit Cards
Missing payments and racking up debt are the biggest reasons people say not to get a credit card as a college student. But there are easy ways to minimize the risk while still reaping all the benefits. For example, you’ll be less likely to miss any due dates if you set up automatic payments from a bank account. You could also pay any annual fee the card may have and then lock the card away somewhere safe – to resist the temptation to overspend. You’ll still build credit that way.
Furthermore, it’s just a myth that college students can’t get credit cards. To qualify, you have to be at least 18 years old and demonstrate the ability to afford monthly bill payments. More specifically, anyone between the ages of 18 and 21 must prove their ability to independently pay back debt before they can own a credit card, per the Credit CARD Act of 2009. Or, an applicant may have a co-signer who is at least 21 years old. The cosigner would be financially liable for the account. Most credit card companies don’t allow co-signers anymore, though.
No, you cannot get approved for the Chase Freedom card with no credit history. In fact, you won't be able to get approved for it at all, as the Chase Freedom card is no longer available to new applicants. Chase's newer offering, the Chase Freedom Flex℠ card, has similar rewards, but you'll also need good credit or better (a credit score of 700+) for good odds of approval. Other factors such as your income, debt and overall ability to make credit card payments will also be taken into consideration. While you won't be able to get the Chase Freedom Flex card with no credit, you can become an … read full answerauthorized user on someone else's account. That enables you to get your own card and access the primary cardholder's credit line.
How to work your way up to a Chase credit card
With the exception of the Chase Freedom® Student credit card card, which is open to students with limited credit (less than 3 years of credit history), Chase does not offer credit cards specifically designed for people with no credit history. Most Chase cards require good credit or better for approval. Your best shot to get a Chase credit card with no history is to take the long-term approach.
Consider getting a starter credit card, use it responsibly, and build a strong enough credit history so that you can qualify for a Chase credit card in the future. Becoming an authorized user will also put you on the right track, if the account is used responsibly. Feel free to also check out Wallethub's guide on how to build credit. Check your credit score regularly, and apply once it falls within the required range. And make sure your score is supported by a verifiable income and low debt.
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