Student Credit Cards with No Credit

You need to be at least 18 years old to apply for your own credit card, but you can be an authorized user on a family member’s account before that. Once you turn 18, you should be able to get approved for a starter credit card (look for one with no fees). And if you have trouble, you can simply place a refundable deposit to open a secured credit card or get a co-signer.

You can learn more about your options from this WalletHub article on credit card age requirements.

A student credit card is a credit card designed specifically for college students. That means you should be able to get approved even with only limited credit experience. You should also be able to get pretty decent terms, including rewards and no annual fee. Credit card companies offer better deals to students than their experience would ordinarily merit because students have above-average earning potential and years of banking needs ahead of them.

College students should have a credit card for two reasons: convenience and credit building. For example, the extra spending power that a credit card provides can be a big help in emergency situations. And that should reassure anxious parents. Credit cards are also the best credit building tools that we have available to us because they’re easy to get, can be free to use and don’t force you to go into debt.

Building credit during college is important because it will give you a leg up after graduation. Your credit standing could affect your ability to find a job, place to live, car to drive and more. Plus, it will either save or cost you a lot of money on credit cards, loans and insurance premiums.

Finally, college students can learn a lot from managing their own credit card account. It’s a big responsibility, which demands organization, budgeting and self-control. Getting some practice when you have free time and the stakes are relatively low will help prepare you for the pressures of the “real world.”

College students can build credit just like anyone else. You don’t need to be a certain age to build credit. You can actually do so before getting your own credit card account, which you become eligible for once you turn 18. That’s because being an authorized user can help you establish credit and even build a good score. The primary accountholder just has to pay the bills on time. So if one of your parents will add you as an authorized user on one of their credit card accounts, that’s one way for you to build credit while in college.

Your other option is to get your own account. Student credit cards are designed for applicants with limited or no credit history. So a lack of experience shouldn’t keep you from being approved. You just need enough income (or assets) to pay the minimum monthly bills. Those are usually $10-$15 for students.

If you want to take your credit-building efforts to the next level, sign up for a free WalletHub account. WalletHub is the only site with free credit scores and reports that are updated daily. And we’ll perform a personalized credit analysis, telling you what to improve, how to do it and how long it will take.

You have a few options when it comes to actually using a student credit card once you apply and are approved. They include:

• Making Everyday Purchases & Paying On Time – There’s nothing wrong with regularly making purchases with your student credit card, as long as you always pay your bill on time and in full. You don’t want to waste money on interest or get into the habit of spending more than you can afford to repay. And missed payments are the most common reason for credit score damage.

• Locking Your Card in a Drawer – A lot of people don’t realize this, but you can build credit without actually using your credit card. You just need an open account that’s in good standing.

• Carrying Your Card for Emergencies Only – This is sort of a hybrid of the first two options. Most young people don’t carry cash, and a credit card could help you avoid getting stranded somewhere.