Do you have any credit card tips for parents with college students?

Yes, it is a good idea for college students to have a credit card because getting a student card can be one of the best ways to build your credit. 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 or even good credit by graduation.... read full answer

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.

Notable Credit Cards for College Students

What you should know before applying for a student credit card:

• Requirements: To qualify for a student credit card, 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. Alternatively, 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.
• What to watch out for: Missing payments and racking up debt are the biggest concerns when it comes to credit cards 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.

If you wait until after college to get a credit card, it could cost you when it comes it annual fees and rewards. Credit cards for college students tend to be a lot more attractive than other credit cards for people with limited or no credit.

Yes, a full-time college student can get a credit card, assuming they are at least 18 years old and have enough income to afford minimum monthly payments. Income requirements depend on age, meaning students under 21 can only include individual income, while those 21 and over can take household income into account. Individual income can come from a part-time job, paid internship, or scholarship, among other sources. Some issuers will also take into consideration any allowance regularly deposited in a personal bank account.... read full answer

Being a full-time college student gives you access to an extensive range of credit cards designed specifically for students. Credit cards for students usually offer lower fees and interest rates, as well as higher rewards, compared to general consumer cards for people with a limited credit history.

Best Credit Cards for Full-Time College Students

Full-Time College Student Credit Card Requirements

Be of legal lending age.

The minimum age for getting a credit card in most states is 18. If you live in Alabama or Nebraska, some credit card issuers require you to be at least 19 years old.

Have enough annual income.

If you are under 21 years old, you must prove that you have enough independent income to afford minimum monthly payments. If you are at least 21 years old, you can include money earned by a spouse, parent, or partner as shared household income, as long as you have reasonable access to it.

Have a university email address.

Most credit card issuers allow you to put down a personal email address, but adding a valid .edu address to your credit card application makes it easier for the credit card issuer to validate your enrollment status.

Have additional proof of enrollment in college.

Some student credit card issuers will require proof that you are enrolled, either full-time or part-time, at a college or university. In some cases, you may be asked to provide documentation such as an acceptance letter. They might also verify your enrollment status through the National Student Clearinghouse.

Final Thoughts

Not only can you get a credit card as a full-time college student, but you’ll probably get a better deal than if you wait to get a credit card until after college. You can easily compare the best student credit card offers on WalletHub.

Yes, student credit cards are a good idea, as long as they are used responsibly, because they give students the opportunity to build credit cheaply while earning rewards on purchases. Student credit cards tend to offer lower fees and better rewards compared to general-consumer cards for applicants with limited credit. Because students will have increased earning potential after graduation, credit card issuers are often willing to extend above-average offers to college students in order to gain loyal customers for decades to come.... read full answer

Why Student Credit Cards Are a Good Idea

Emergency Spending Power and Convenience

Ideally, you should pay your credit card bill in full every month to avoid interest charges and maintain good credit, but college life can be costly. The good news is that some student credit cards come with 0% introductory APRs on purchases, which means that you could use your new card for a big-ticket item and repay it over several billing cycles without incurring any interest. Plus, having a credit card on hand can help cover unexpected expenses, such as a hospital bill or car repairs.

Rewards for Shopping

If you're spending money anyway, you might as well get some of it back. Most student credit cards offer at least 1% cash back on purchases. Some student credit cards even throw in bonus rewards for maintaining a history of on-time payments or for spending a certain amount within the first few months your account is open.

Credit-Building Opportunity

It is never too early to start building credit history. Since most student credit cards report to all three of the major credit bureaus, paying your credit card bills on time and keeping a low credit utilization level throughout your college career could add years of positive information to your credit report.

In other words, getting a student credit card as soon as possible can help you reach the kind of credit score you'll eventually need to rent an apartment, take out a mortgage, or even qualify for certain jobs.

Protection Against Fraud

All consumer credit cards, including student cards, guarantee zero liability for unauthorized purchases. This means you will not be financially responsible for charges you didn't approve.

You don't always get the same level of coverage with a debit card. Plus, credit card purchases don't come directly out of your bank account, so you'll have time to dispute fraudulent charges before even paying the bill. All in all, paying for everyday expenses with a credit card is far safer than using a debit card or cash.

Good Practice

Using a student credit card before you graduate to general-consumer cards and higher credit limits means you can learn from mistakes while the stakes are still low. Getting some practice with a student card can also help you develop good habits early, such as keeping track of your spending, meeting due dates, and regularly reviewing your transaction history.

Finally, it's worth remembering that not all student credit cards are created equal, and some might offer better benefits than others. To find the right card for you, check out WalletHub's editors' latest picks for the best student credit cards.