The best student cards do away with annual fees and let you earn cash back. Examples of cards that fit the bill include the Journey Student Rewards Card from Capital One and the Deserve EDU Card.
The content on this page is accurate as of the posting date; however, some of the offers mentioned may have expired.
A first credit card can be an intimidating commitment for some and, more so, a difficult one to navigate and understand. With a long list of options, finding the student credit card that best works for your needs and spending habits can be challenging. When analyzing student credit cards, there are a few key benefits and elements to keep in mind.
Why get a student credit card?
MoneyGeek’s Take: Top 10 Credit Cards for Students
We’ve taken multiple factors into account to arrive at our list of the top student credit cards. While most of the cards we’ve selected come with no annual fees and let you earn cash back, you may look forward to added features/perks too. For instance, the Capital One Quicksilver Student Rewards does not charge foreign transaction fees, making it perfect to use outside the U.S.
Every month, we evaluate and analyze the best student credit card offers. Many credit cards offer introductory offers as an incentive to get new customers. These offers are a great way to benefit from a new credit card product in your wallet. The introductory offers can range from matched cash back to travel rewards.
The best student credit cards combine valuable introductory offers and benefits that extend throughout card membership so that students can benefit throughout college from each card.
The top credit cards for active students are based on a few factors: low fees, offers to earn cash back and incentives to pay on time. These factors are a great way to encourage responsible credit use and keep fees and interest to a minimum.
Capital One SavorOne Student Cash Rewards Credit Card
A great student credit card with high cash back on bonus categories
Limited–FairRecommended Credit
$0Annual Fee
1% – 10% cash backRewards Rate
We recommend the Capital One SavorOne Student Cash Rewards Credit Card to those who wish to build their credit and capitalize on their spending at the same time. Students with fair credit may apply for this card. It charges no annual fees and no foreign transaction fees.
The SavorOne Rewards Card for Students offers 3% cash back at grocery stores and on entertainment, dining and popular streaming services. All other purchases come with 1% cash back. You may redeem your cash back in the form of a statement credit, a check, to cover for recent purchases or to buy gift cards.
Setting up automatic payments is easy, as is adding authorized users. All cardholders get access to 24/7 travel assistance services and a concierge service. Complimentary travel accident insurance and extended warranty are also part of the parcel.
Pros
Does not require a high credit score
Offers high cash back on several categories
No annual fee
No foreign transaction fee
Cons
High interest rate
Earn $50 cash bonus once you spend $100 on purchases within the first three months
Earn 3% cash back on groceries, dining, entertainment and popular streaming services
Earn 1% cash back on all other purchases
Redeem rewards as cash, purchase payment or gift cards
No annual and foreign transaction fees
High variable APR for purchases, balance transfers and cash advances
No balance transfer fee if done at regular balance transfer APR; if transfer is done at a promotional APR, a 3% fee will apply
Rewards have no expiration date as long as your account remains active
Each cash advance has a fee of $10 or 3% of the amount, whichever is higher
Late fees up to $40
Disclaimer: Credit card offers are constantly changing. We work hard to stay updated with the latest information, but the offers listed on our site may no longer be available.
Best student cash back card for limited credit history
None–PoorRecommended Credit
$0Annual Fee
1% Cash BackRewards Rate
1xRewards Rate on Online Shopping
1xRewards Rate on Groceries
This card has no annual fee, provides cell phone protection and offers a solid cash back rate: 1% back on all purchases. Students also receive one year free of Amazon Prime Student after spending $500 in the first three billing cycles — a spending requirement many students will likely find easy to meet if they open this account at the start of a new semester.
Finally, this card doesn’t charge any foreign transaction fees, making it ideal for anyone looking to study abroad.
Pros
Earn 1% cash back on all your purchases
There is no annual fee or foreign transaction fee
You will have complimentary Amazon Prime Student for a year
Complimentary cell phone protection when you use your card to pay your cell phone bill
Do not need a Social Security Number (SSN) to apply
Access to Mastercard Platinum benefits
Cons
High APR on purchases
Students earn 1% cash back on all purchases.
There’s no annual fee, nor are there foreign transaction fees.
Cardholders receive Amazon Prime Student for one year.
Cell phone protection (up to $600) is included when you pay your phone bill with your card.
Mastercard Platinum benefits, such as rental car insurance, are included.
Easy-to-use app helps you manage your account and pause access to your card if you misplace it — all on the go.
Disclaimer: Card offers are always changing, and in some cases, the offer listed on our site may no longer be available.
Capital One Quicksilver Student Cash Rewards Credit Card
A good no annual fee student credit card that offers cash back
Limited–FairRecommended Credit
$0Annual Fee
1.5% – 10% cash backRewards Rate
We feel the Capital One Quicksilver Student Cash Rewards Credit Card might work well for you if you have fair credit and wish to build your creditworthiness. What makes this card particularly attractive is that it charges no annual fees and offers 1.5% cash back on all purchases.
You may redeem the cash back you earn as statement credit or choose to receive a check. Using your cash back to cover for recent purchases and buying gift cards is also possible.
Students who use this card outside of the U.S. don’t have to worry about paying foreign transaction fees. This card lets you set up automatic payments and add authorized users. Other benefits come in the form extended warranty, travel accident insurance, access to a concierge service and access to 24/7 travel assistance services.
Pros
Only requires fair credit score
Offers cash back for all purchases
Offers travel-related benefits
No annual fee
No foreign transaction fee
Cons
High APR
Exclusively for students
Earn a one-time $50 cash bonus once you spend $100 on purchases within the first three months
Earn 1.5% cash back for all purchases made with the card
No annual fee
Has a high variable APR for purchases, transfers and cash advances
No transfer fee for balances transferred at the regular balance transfer APR (if balance is transferred at a promotional APR, there is a 3% transfer fee)
No foreign transaction fees
Cash back can be redeemed at any time, no expiration date
3% or $10 fee for cash advances, whichever is greater
Up to $40 fee for late payment
Disclaimer: Credit card offers are constantly changing. We work hard to stay updated with the latest information, but the offers listed on our site may no longer be available.
Best student credit card with up to 1.25% cash back
Limited–FairRecommended Credit
$0Annual Fee
up to 1.25% Cash BackRewards Rate
1xRewards Rate on Online Shopping
1xRewards Rate on Groceries
This card offers 1% cash back on all your purchases, which may make paying top dollar for those textbooks slightly easier on the wallet. Paying your bill on time boosts that cash back to a total of 1.25% for the month.
This card has zero foreign transaction fees, which is an excellent feature for international students or those who anticipate studying abroad.
Pros
Earn 1% cash back on all your purchases, with a jump to 1.25% cash back when you pay your bills on time.
There is no annual fee or foreign transaction fee.
After six months, Capital One will reexamine your credit profile to see if you are eligible for a higher credit line. This can give students more purchasing power and flexibility without opening another card.
Cons
High APR on purchases
Lack of robust benefits
Cardholders receive 1% cash back on all purchases.
Pay your bill on time and receive a 0.25% cash back bonus on top of that.
$0 fraud liability policy provides peace of mind.
There are no foreign transaction fees, which is great for travelers.
You have unlimited access to CreditWise from Capital One so you can check in on your credit profile at any time.
There’s no cosigner required, although one may be helpful.
When making purchases online, you can generate virtual card numbers so that your actual card number is kept private.
Disclaimer: We work hard to stay updated with the latest information, but card offers are always changing, and in some cases, the offer listed on our site may no longer be available.
If you are a young adult not currently enrolled in school, a secured credit card could be a good option. These can equally help build your credit score while giving you purchasing flexibility.
Secured Credit Cards to Consider
Secured credit cards come with more relaxed eligibility criteria than regular credit cards, giving students the means to start building their credit histories with ease. Getting a secured card requires that you provide a security deposit, which then serves as your credit line. The best secured cards are ones that charge no annual fees and allow you to upgrade to unsecured cards if you use your credit responsibly.
Chime Credit Builder Secured Visa® Credit Card
A good secured credit card with no annual fees and interest
None–PoorRecommended Credit
UnspecifiedAPR
$0Annual Fee
$200Min. Security Deposit
We recommend the Chime Credit Builder Secured Visa® Credit Card for people who wish to build their credit histories without paying any annual fees. However, you need to open a Chime checking account and ensure that it has at least one qualifying direct deposit of at least $200 in order to apply for this card.
Any amount you transfer from your Chime checking account into your Credit Builder account becomes your card’s credit limit. While you pay no annual fees or interest, you need to pay off your balances in full each month. Using this card outside of the U.S. is perfect because it charges no foreign transaction fees.
This card reports your payments to Experian, Equifax and TransUnion. As a result, making payments on time might help build your credit score. Besides, since this card does not come with a predetermined credit limit, it does not factor in the calculation of your credit utilization ratio.
Pros
No credit needed
No annual fees
No international fees
No maintenance fees
No interest
Cons
Checking account needed
Credit limit is based on money you move to the account
No rewards and introductory offers
$0 annual fee
No APR
0% foreign transaction fee
Mobile app
Disclaimer: Credit card offers are constantly changing. We work hard to stay updated with the latest information, but the offers listed on our site may no longer be available.
Merrick Bank Double Your Line® Secured Credit Card
Best credit card for training good financial habits
PoorRecommended Credit
$36*Annual Fee
$200Min. Security Deposit
3# of Reporting Bureaus
21.70% VariableAPR
The Merrick Bank Double Your Line® Secured Credit Card is an accessible and rewarding secured credit card. It requires an initial deposit of at least $200. But once you make that deposit, you have the potential to double your line of credit without having to make another deposit at all.
Just make your monthly payments on time for seven months in a row without a hiccup. After the seventh billing cycle is complete, Merrick will automatically double your line of credit to $400.
Furthermore, those on-time payments will be reported directly to the three big credit bureaus, allowing you to build your credit over time. You can check your credit score regularly thanks to free FICO access, which is included with your account.
Other benefits include fraud liability protection and a host of online budgeting tools. All in all, this secured credit card is a perfect pick for folks looking to rebuild their credit and who want to build good financial discipline – there’s an attractive reward waiting at the end of seven months!
Pros
Reports to all three credit bureaus each month
Free FICO score access
$0 fraud liability protection
Lets you quickly double your credit limit
Cons
APR can be high
Foreign transaction fees
Deposit $200 initially. Following on-time payments for 7 months, credit line is doubled to $400 w/o requiring another deposit
$36 annual fee for the first year., billed at $3 dollars per month thereafter.
Disclaimer: Credit card offers are constantly changing. We work hard to stay updated with the latest information, but the offers listed on our site may no longer be available.
Navy Federal Credit Union® nRewards® Secured Credit Card
A good secured card for building credit and earning rewards
None–PoorRecommended Credit
$0Annual Fee
18% VariableAPR
$200Min. Security Deposit
1 Point per $1Rewards Rate
We like the Navy Federal Credit Union® nRewards® Secured Credit Card because it comes with no annual fees and lets you earn rewards. You earn 1 reward point per dollar spent on purchases. You may redeem your points for cash or statement credit, or to purchase merchandise or gift cards. You reward points remain valid for four years.
Applying for this card requires that you deposit a minimum of $200 in your Navy Federal savings account. If Navy Federal approves your application, it holds the deposited amount in your account to serve as your card’s credit limit. You might qualify for a credit limit increase without needing to pay an additional deposit after the first three months. Navy Federal considers your account for an upgrade to the cashRewards unsecured card after six months from account opening.
Using this card outside of the U.S. does not come with foreign transaction fees. This card also does away with cash advance and balance transfer fees. Additional benefits include free access to your credit score, the ability to freeze/unfreeze your card and rental car coverage.
Pros
Charges no annual fee
Low minimum security deposit
Earn 1 point per dollar on purchases
Redeem reward points in different ways
No foreign transaction fees
Review of account for upgrade to unsecured card after six months
Cons
Cash advance fee at non-Navy Federal branch or ATM
Late/returned payment fee
No annual fees
Earn 1 reward point per dollar
Credit limit increase possible after three months
Possibility of graduating to a secured card after six months
Rental car coverage
Disclaimer: Credit card offers are constantly changing. We work hard to stay updated with the latest information, but the offers listed on our site may no longer be available.
Best credit card for building credit with no or limited credit history
None–PoorRecommended Credit
$0Annual Fee
$200Min. Security Deposit
3# of Reporting Bureaus
26.74% VariableAPR
If you’re looking to build up credit for the first time but are having trouble getting approved for other cards, Citi® Secured Mastercard® could be your ticket to building a worthwhile credit score fast.
It features no annual or other incessant fees, and it allows you to access up to $2,500 of credit. Your credit limit is based on your initial deposit. As a secured credit card, this requires a $200 minimum deposit within 14 days of creating your account.
Once you open your account and make your deposit, you’ll benefit from a plethora of tools to help you build a quality credit score in no time. These include an auto-pay function and other financial planning tools, as well as free access to your FICO score.
Most importantly, this card reports to all three major credit bureaus. So with several months of responsible use, you’ll start to see improvements to your credit score across the board. You can also use the card anywhere Mastercard is accepted, so it’s not difficult to make purchases throughout the month and see that score improve when you pay on time.
Pros
No annual fee
Can use the card anywhere Mastercard® is accepted — worldwide
Multiple management options
Additional financial tools, auto-pay, etc.
Monthly reports to all three credit bureaus and free FICO score access
Cons
No rewards
High APR
Requires $200 security deposit minimum. Must pay the deposit within 14 days of opening account
$2,500 maximum deposit
Credit limit is equal to deposit
Disclaimer: Credit card offers are constantly changing. We work hard to stay updated with the latest information, but the offers listed on our site may no longer be available.
There’s a lot to like about the Capital One Platinum Secured Credit Card, starting with the budget-friendly lack of annual, monthly or foreign transaction fees and a 25-day grace period if you forget to pay your bill.
While the Capital One Platinum Secured Credit Card does require a refundable security deposit, Capital One generously allows you to get a $200 line of credit with as little as a $49 deposit if you qualify. If you make more than that minimum deposit, you could instantly get a credit limit of up to $1,000.
Perhaps most importantly of all, the Capital One Platinum Secured Credit Card allows you to access a higher credit limit in just six months if you make your payments on time. Do that, and this card will serve as a great way to boost your credit score by reducing credit utilization.
Pros
Great if you have limited or bad credit
No annual fee
25-day grace period
Good for building credit
Easy to get a higher credit limit
Online access for easy managing/monitoring
Millions of acceptable card locations worldwide
Cons
APR is a bit high
No extra rewards
Credit check required
Requires an initial security deposit of at least $49
Regular credit reports to all three bureaus
Initial credit lines start at $200
Cash advance of $3 or 3% of the amount, whichever is greater
Up to $40 late payment fee
Disclaimer: Credit card offers are constantly changing. We work hard to stay updated with the latest information, but the offers listed on our site may no longer be available.
The links in the table below and the following component will take you to one of our partner's sites where you can compare and apply for a selected credit card.
MoneyGeek collects 57 data points from credit card issuer websites, the Consumer Finance Protection Bureau and our partners to give our readers the most accurate information possible. Our experts put all students' cards that are part of our extensive database through our unique ranking methodology to select the best available options. Our ranking methodology assigns specific percentages to different parameters.
Average APR: 10%
Cash Back/Rewards Rate: 10%
Annual Fee: 5%
Foreign Transaction Fee: 5%
Duration of APR Offer: 5%
Duration of Balance Transfer Offer: 5%
Quick Tips for Comparing Student Credit Card Offers
Comparing credit cards can be a daunting task, but it is important to keep these questions in mind when examining credit card products:
Questions to Ask Yourself
How likely is it that you will be approved for the card based on your credit score?
What benefits does each card offer (i.e., cash back, travel rewards, etc.)?
Do the card(s) you are looking at offer features that are important to you, such as cell phone insurance or travel coverage?
What fees does each card have (i.e., annual fee, foreign transaction fee, APR)?
Once you have a list of each card’s features and fees, find out what information is needed to apply for each card. It will likely include the applicant’s name, address, phone number, email, Social Security number, proof of income and college/university information.
When comparing offers, the best rule of thumb is to always keep in mind your needs and wants and then select the card that best matches those needs.
Before applying for a student credit card, it’s important to analyze your level of financial responsibility. If you understand the principles behind credit cards and know the risks and rewards of utilizing credit, then an unsecured student credit card may be a good fit for you. If you struggle to control your spending, a prepaid debit card or secured credit card may be a better solution.
What Parents & Students Should Know When Applying for a Credit Card
When first applying for a credit card, there are several factors to take into consideration. A credit card, despite what many financial pundits say, is a financial tool. However, that tool can be used properly or abused.
Pros & Cons of Student Credit Cards
So the first thing parents and students should understand is the pros and cons of using a credit card.
Pros
Earn rewards on purchases
Build credit history
Learn financial responsibility
Spending flexibility
Access to credit card benefits, such as travel insurance
Cons
Some can lose control of spending
High interest rates for consumers who have revolving balances
Improper use could lead to mounting credit card debt
Has the potential to harm your credit score significantly
Once you fully understand the pros and cons of having a credit card in college, you can begin the next steps of analyzing your spending habits and researching the different card options to find the best student credit card for you.
1
Analyze Spending Habits & Responsibility
While in college, your income may be limited, and having a student credit card may tempt you to spend beyond your means. Before applying for a student credit card, it’s important to analyze your level of financial responsibility. If you understand the principles behind credit cards and know the risks and rewards of utilizing credit, then a student credit card may be a good fit for you. If you struggle to control your spending, a prepaid debit card or secured credit card may be a better solution.
2
Gather Personal Information
After that, the next step is to gather basic personal information. A student will need their address, Social Security number, income, employer information (if applicable), and school information to apply for a credit card. Depending on the credit card issuer, you may only need some of this info.
3
Compare Different Offers & Card Options
Then begin analyzing the different student credit cards available. It is important to not simply apply for the first one you find as each card will offer different benefits, rewards, features, APR and bonuses (if applicable). So take the time to read through a few cards to find one that best fits your spending habits and offers the best benefits for your needs.
4
Find the Right Card & Apply
Once you have selected a card that fits your needs, go ahead and start the application process. A student credit card application process should take no longer than 10 minutes. Once you hit apply, the credit card issuer will review your application, check your credit score using your Social Security number, and will likely give you a decision within 30 seconds of applying.
What to Do if You’re Declined for A Student Card
If you have been approved, congratulations! Your card will be sent to you in the mail, and you should receive it within a few days. If you were declined, don’t fret. There are a few steps you can take from here.
Call or Submit Reconsideration Request
In some cases, if this is your very first credit application and you have no credit history at all, the card issuer may need to verify your identity and other information before they can approve you.
To do this, search for “______ (insert card issuers name) reconsideration line.” You will likely find a phone number you can call to speak with customer service about your application.
Apply for a Different Card or Get a Secured Card
If this method still does not work, you can always try applying to a different credit card issuer or start building your credit through a secured credit card.
Become an Authorized User
Another option is simply to have a parent add you as an authorized user on their credit card. However, they are ultimately responsible for your purchases, so if they are open to the idea, be sure to speak with them about a payment plan to repay them for your purchases.
Focusing on school and your academic performance is incredibly important, but considering your life post-college is just as important. And while a student credit card may seem like a small task, starting with baby steps such as this can open up financial doors in the future. Keep in mind that there are also immediate benefits to having a student credit card.
Immediate Benefits of Having a Student Card
Spending flexibility
Unlike a debit card that immediately pulls money out of your checking account, a credit card statement is not due for several weeks after the purchase, thus giving you spending flexibility when needed.
Everyone must start somewhere, and building your credit is a financial milestone that will help open doors for students after graduation.
Long-term Benefits of a Student Credit Card
Better buying or leveraging power
Paying bills on time and managing your student credit card responsibly can eventually set you up for success post-college because it is the core component that financial institutions refer to when you are applying for things such as a mortgage, car loan, leasing an apartment and refinancing your student loans.
Better employment opportunities
This does not mean a great credit score will land you a great job, but a bad credit score can impact employment opportunities for some companies. Depending on the job, an employer may check your credit score during the application process.
Tips From the Pros: Finding & Using the Right Student Card
To help you make wise decisions about student credit cards, MoneyGeek consulted with professionals and subject matter experts with a wide range of backgrounds. All views expressed are those of the contributor.
Many students are not educated on credit card use, managing spending and debt. What tips do you have for new credit card holders or parents looking to teach their students how to properly use a credit card?
International or immigrant students and DACA recipients may face barriers when applying for a credit card in the U.S. What should they expect when applying for a student credit card and what can they do to increase their chances of approval?
What are the most important factors a student should consider when comparing credit cards?
Amit Sinha
Professor of Finance and Quantitative Methods at Bradley University
Joseph Farizo
Assistant Professor of Finance at the Robins School of Business at the University of Richmond
David Sacco
Practitioner in Residence at the University of New Haven
Dr. Christopher Newman
Associate Professor of Marketing at The University of Mississippi
Chad Nehring
Certified Financial Planner
Dr. Joseph G. Eisenhauer
Dean of the College of Business Administration at the University of Detroit Mercy
Lora Reinholz
Instructor of Practice, Finance at Marquette University, College of Business Administration
Dr. Karyl B. Leggio
Professor of Finance, Sellinger School of Business at Loyola University Maryland
Dr. Aniruddha Pangarkar
Assistant Professor of Marketing at the University of Wisconsin-Green Bay
Matt Elliott
CFP®, CSLP®, Founder of Pulse Financial Planning
J. Franklin Potts
Associate Professor - Finance, Insurance & Real Estate at Baylor University
John Longo
Professor of Finance at Rutgers Business School; Author of Buffett's Tips: A Guide to Financial Literacy and Life
Dr. Brandon Di Paolo Harrison
Assistant Professor of Accounting at Austin Peay State University
Catherine Valega
Certified Financial Planning Prof (CFP), and CAIA (Chartered Alternative Investment Analyst)
Scott W. Hegerty
Associate Professor of Economics at Northeastern Illinois University
Carrie Friedberg
SF Money Coach, Certified Financial Coach and Financial Behavior Specialist®
May Jiang
CPA, CFP®, Founder of Beyond Profit and Wealth Consulting
Sandra D. Adams, CFP®
Lead Financial Planner/Partner at The Center for Financial Planning, Inc.
Associate Professor, Management & Marketing at The University of Massachusetts Dartmouth
Deanne Butchey
Teaching Professor, Department of Finance at the College of Business, Florida International University
Steven Shagrin
JD, Certified Money Coach/Master Money Coach & Trainer, Certified Professional Retirement Coach, Chartered Retirement Planning Counselor, Registered Life Planner, Former CFP®
Dr. Jennifer Logan
Professor of Economics at Southern Arkansas University
Robyn M. Young
Certified Daily Money Manager®, Owner of Money Care, LLC
Ramiro J. Atristain-Carrion
Executive In Residence and Adjunct Professor of Finance at Dominican University
Dr. Christopher Calvin
Assistant Professor, Department of Accounting at the University of Dayton
Autumn Lax
Financial Advisor, CFP® at Drucker Wealth Management
Rick Vazza
President of Driven Wealth Management
Yutong Xie
Assistant Professor of Finance at The College of New Jersey
Vicki Baker
Professor at Albion College
Dr. Andrew Burnstine
Associate Professor of Marketing at Lynn University
Amanda Schmidt
Advisor at Moneta
Dr. Yibing Du
Clinical Assistant Professor at The University of Texas at Arlington
Mark T. Schenkel
Associate Editor at Journal of Small Business Management and Professor of Entrepreneurship at Jack C. Massey College of Business
Dee Pridgen
Emeritus Professor of Law at the University of Wyoming
Todd Zywicki
Senior Fellow at the Cato Institute and Law Professor at George Mason University Antonin Scalia Law School
Dr. Michael Shipman, CPA
Assistant Professor of Accounting at Mount Aloysius College
Roc Starks
Associate Teaching Professor at Bowling Green State University, CIC, CRM, ARM, MBA
Callie Renner
Wealth Advisor at Beacon Pointe Advisors
Kenneth Romanowski, CFP®, CTFA, MBA
Adjunct Faculty, Rosemont College and Semi-Retired Senior Financial Advisor
Nick Cantrell
Founder, Wealth Advisor at Green Future Wealth Management
David Corsun, Ph.D.
Associate Professor and Director of the Daniels College of Business’ Fritz Knoebel School of Hospitality Management
James A. Roberts
Ben H. Williams Professor of Marketing at Baylor University
Don Uy-Barreta
Professor
Dr. Michael Provitera
Professor of Organizational Behavior at Barry University
Brian Walkup, Ph.D.
Associate Professor of Finance, Crummer Graduate School of Business at Rollins College
Dr. Aleksandar (Sasha) Tomic
Economist and Program Director of Boston College's MS in Applied Economics Program, Associate Dean, Strategy, Innovation, & Technology, Woods College of Advancing Studies, Boston College
Pamela Drake
Professor Emeritus at James Madison University
Karen Ford
Master Financial Coach and Author
Riley Adams, CPA
Licensed CPA and Owner at Young and the Invested
Steve Tippins
Owner at Beyond PhD Coaching
Kat Delgado Kirkwood
Senior Vice President of Programs at Junior Achievement
Arthur Guarino
Associate Professor of Professional Practice
Dr. David L Tuyo II
President and CEO of University Credit Union
Anthony Rondinelli
Professor of Business
Marguerita Cheng
Certified Financial Planner
Stephen Calkins
Professor of Law at Wayne State University
Common Questions Students Have About Credit Cards
Starting the journey down the line of credit cards can be intimidating and tricky, but it can be done. Here are some of the most frequently asked questions about student credit cards to hopefully help answer any remaining questions you may have about student credit cards.
No, you do not. However, you may have difficulty getting your first credit card with little or no credit history and limited income. The Credit Card Act of 2009 is a great reference guide to help you understand your rights as a credit card customer. One of the rules listed is credit card companies cannot issue a card to anyone under 21 unless they have a cosigner or show proof that they can repay their debt. It also explains how credit card fees work, your rights if your credit card is lost or stolen and what to do if there are sudden changes in the card’s terms.
Unless your parent has access to the credit card online login, they will not see the purchases you make on your credit card. However, because they are a cosigner, they can call customer service to inquire about recent purchases.
Regardless of your acceptance status to your preferred college, you must be 18 years old to apply and receive a student credit card. However, it is advantageous to get a student credit card as early as possible so you can begin building your credit history.
Each circumstance and credit card issuer is different, so be sure to speak with your issuer to see what your options are with your student credit card. With regular use and on-time payments, your issuer will look at your profile more favorably and will likely be more inclined to increase your credit limit or move you into a different credit card product.
Each student credit card has different upgrading possibilities. In some cases, it may not be possible to upgrade your card. Instead, you may have to close the one card and open up a new card with either the same issuer or a different one. But some card issuers do offer the option to transition to a traditional consumer credit card after college. If you desire to upgrade your card after college, it is best to contact the card issuer before applying to explore your options.
Credit limits can vary widely depending on your credit profile. They can be as low as $100 or as high as $10,000.
There is no income requirement for a student credit card. However, credit card issuers will ask for your income to determine if they can approve you for a line of credit, as well as how much credit line to allot. Also, you will need to show proof that you’ll be able to pay the debt back.
Yes. However, you will need a cosigner to back up the line of credit. Without a cosigner, the credit card issuer will not approve your application.
Yes. Because you use your Social Security number when you apply, it is tied to your credit score. And as long as you use your student credit card responsibly and pay your bill on time each month, your credit history will build.
Yes. However, it may not be easy to get one without a cosigner. If you can’t get a student credit card because of your bad credit, consider an alternative payment method such as a prepaid debit card or secured credit card.
The difference between a student credit card and a regular consumer credit card is that student credit cards have features geared towards students and may be easier to be approved for. A regular credit card may have higher standards to be approved and will likely offer either cash back or travel rewards in exchange for spending.
If you cannot get a student credit card, you can look at other options such as a regular consumer credit card, prepaid debit card or secured credit card.
Your GPA does not affect your credit card eligibility or score. However, some student credit cards offer incentives for students who maintain a certain GPA.
No, you do not. However, you must be actively enrolled in school, such as a vocational school.
Yes, international students can get credit cards. If you can obtain a Social Security number through your student visa, or an individual taxpayer identification number (ITIN), you will be able to apply for a credit card.
Common Questions Parents Have About Student Credit Cards
While we have provided extensive information about student credit cards, it’s natural to have many questions. Here are some of the most common.
Yes, they can. All they will need is their Social Security number. However, per the Credit Card Act of 2009, card issuers will ask for anyone between the ages of 18 to 21 to either have a cosigner or prove they have the income to pay their debts back. Learn more about student credit card qualifications.
Yes, they can. All they need to get a credit card on their own is their Social Security number. Per the Credit Card Act of 2009, a cosigner is no longer an across-the-board requirement. But card issuers may still recommend a cosigner for cardholders looking for a lower APR or higher credit limit. And regardless, the applicant will still be asked for proof of income.
Cosigning on a credit card means the credit card company will also check your credit to approve the person you are cosigning for. In addition, cosigning on a credit card makes you responsible for paying back the balance if the primary cardholder does not fulfill their obligation.
Potentially, yes. Anytime you allow your name to be attached to applying for credit, your credit score will be checked. When you have an additional inquiry added to your credit report, you may see a small decrease in your score.
No. It can be anyone over the age of 18 who is willing to assume financial responsibility for repaying the card’s balance.
To have your own credit card, you must be at least 18 years of age. However, minors can be added as authorized users onto someone else’s credit card account.
A credit card is a large responsibility as no one will restrict you from spending as you please. However, a credit card is a great financial tool to earn credit card rewards for your spending, as well as building your credit history. If you or someone you know is a college student interested in a credit card, it is important to analyze their spending habits to see if they can spend responsibly.
If a student credit card isn't the right solution for you, consider other payment options such as prepaid debit cards, personal loans or a secured credit card.
TIP FOR PARENTS OR GUARDIANS
Keep in mind as the parent or guardian, if you decide to become a cosigner, that there are risks.
The largest risk is that if the person who is the primary cardholder is unable to pay their statement, the cosigner is equally responsible for paying the balance.
And if the primary cardholder were to default, debt collection agencies can contact you and place an unfavorable mark on your credit report.
Next Steps
Student credit cards are great tools for your everyday spending while you are enrolled in school. It allows you payment flexibility, the ability to earn cash back rewards and build your credit score early into adulthood. However, make sure not to spend more than you can afford, as the interest penalties can quickly grow.
But if you can manage your spending responsibly and avoid interest charges, the benefits of using a student credit card can be outstanding.
Brett Holzhauer is a personal finance reporter. He has written for several leading publications and is mentioned in many others, including Forbes Advisor, Lending Tree, CNBC and ValuePenguin. An alum of the Walter Cronkite School of Journalism at Arizona State, when he is not reporting, Brett is likely scuba diving, golfing or watching college football. He tweets regularly at @brett_holzhauer.
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