Credit Cards for Students with Bad Credit

Bank of America has three student credit cards: The Cash Rewards, Travel Rewards and BankAmerica cards for students. Its requirements are that you must be a student, at least 18 years old, and a U.S. citizen. A valid Social Security Number is required to verify citizenship. You must also consent to letting Bank of America obtain a copy of your credit report and your employment history.

While all three Bank of America student credit cards have the same requirements, each offers its own unique package of perks and benefits. The drawback is that you’ll start out with a high interest rate and a low credit limit. Bank of America does not charge an annual fee for its student cards.

The student Cash Rewards card offers a $200 cash bonus when you spend at least $500 in the first 90 days, and 2% cash back on grocery store and wholesale club purchases. The Travel Rewards card earns you 25,000 bonus points (worth a $250 travel credit) when you spend $1,000 in the first 90 days, and 1.5% cash back on all purchases. The BankAmericard for Students has a 0% APR for 15 months on purchases and balance transfers.

For the age requirement, If you are under 21 years old, there are additional mandates that must be met under the Credit CARD Act of 2009. The law requires that you either provide proof of income sufficient enough to make at least the minimum payment due each month, or have an adult 21 years or older co-sign the application for you. If you are a student 21 or older, you will still need to provide proof of income and provide all sources of that income.

To meet the student requirement, you should have a valid Student ID and an active college e-mail address. A physical address, not a P.O. Box, is also required. If you’re living in a dorm, you can enter the dorm’s street address on the application, but you’ll need to include a campus box number.

Student credit cards are fairly easy to get, as they are targeted to students with limited or no credit. You’ll likely qualify for a student card when you wouldn’t normally be approved for a general credit card, and you’ll be well on your way to building a positive credit profile. However, if there are negative entries on your credit card such as delinquent payments or defaults on credit accounts, you’re not likely to be approved.