Christie Matherne, Credit Card Writer
@christie_matherne
A student credit card is a card designed specifically for college and graduate students with limited credit history or better. Student credit cards are easier to get than the average credit card, and they usually have $0 annual fees, rewards, and minimum credit limits of $300 or so. Some student credit cards offer low introductory APRs, but the regular APR on student credit cards tends to be above average.
Students generally have less credit history and less income than professionals and older adults. However, they come with assumed future earning potential. So, credit card companies are more willing to approve a student with no credit history than a non-student newcomer. Student credit cards work just like regular credit cards. They’re just aimed at students.
What you should know about student credit cards:
- Overview: Student credit cards can help students with fair, limited, or no credit build their credit history. The right student card can also teach responsible credit card habits to people who are new to the game. For example, some give bonus rewards for on-time bill payments and/or good grades.
- Requirements: You’ll need to be at least 18 years old to apply for a student credit card, just like with any other credit card. If you’re under 21, you’ll need an independent income that the credit card company can verify. Income from even a part-time job will help your approval odds. Plus, you’ll most likely be asked about your school information on the application. Limited or no credit history usually is not an issue with student cards, but if you already have bad credit, you may not get approved. In that case, you may want to aim for a secured credit card, like the Capital One Quicksilver Secured Cash Rewards Credit Card.
- Card perks: Student credit cards tend to offer $0 annual fees and rewards on purchases. These perks aren’t always available on credit cards for people with less-than-good credit. Some student credit cards even give initial bonus offers or intro APRs.
Notable Student Credit Cards
It’s important to remember that student credit cards are definitely real credit cards. So, make sure to use your student credit card responsibly. The high APRs can be a big extra weight if you carry a balance.
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