How do college students get a credit card?
The minimum age to get your own credit card is 18. But you have to show that you have enough money to make the payments without relying on a parent or friend. If you don't have solo income, you'll likely need a co-signer who has a solid credit history of their own. And not all credit cards accept co-signers.
The Petal® 2 “Cash Back, No Fees” Visa® Credit Card is ideal for college students because it's easy to get approved for and you won't have to worry about fees. Instead of requiring a credit score, Petal analyzes your banking activity and other financial data to determine your eligibility for the card.
The BankAmericard for Students offers a balance transfer card designed for students — meaning those with little to no credit history who qualify as a student may be eligible. The card offers a handful of convenience benefits, but its ultra-lengthy introductory APR offer is the main draw.
It is technically possible to get a credit card on your own, but issuers will require you to have an independent income, which most college students do not have. If you're under 21 and don't have your own income, you will need a parent or another trusted adult to co-sign for you on a credit card application.
Student credit cards usually don't require a credit score so you don't need to have one to apply. Nearly all student credit cards are available to people with limited or no credit history, so you'll be able to get approved as long as you don't have a bad credit score.
Obtaining a credit card while attending college full-time is a great way to start building credit. Even if students don't have an income-earning job, they can use other forms of income in their credit card application like bank deposits from their family or leftover financial aid.
Most student credit cards will have a limit of less than $1,000, with some issuers providing an initial limit of just $500. However, a credit card with a low limit for students is actually a benefit because it prevents building up too much credit card debt.
Being denied for a credit card doesn't hurt your credit score. But the hard inquiry from submitting an application can cause your score to decrease.
Capital One student cards are designed for students with little or no credit history. Getting pre-approved could help you see which cards you may qualify for before you apply.
However, you won't have a FICO credit score — which is used by 90 percent of top lenders, according to FICO — until an account is at least six months old. This means that no credit history can be a prolonged problem, even after you open your first account.
How hard is it to get a credit card for college students?
It can be difficult to get approved for a first card
If you lack income and/or a credit history, it can be challenging to be approved for a student credit card.
Student credit cards are designed specifically for students, who typically lack the kind of established credit history that other traditional credit cards require. Because of this, the underwriting on student cards tends to be more lax, meaning in some cases you may be able to qualify with no credit.
On our list, the card with the highest reported limit is the Chase Sapphire Preferred® Card, which some say offers a $100,000 limit. We've also seen an advertised maximum credit limit of $100,000 on the First Tech Odyssey Rewards™ World Elite Mastercard®, a credit union rewards card.
One of the biggest differences between student and regular credit cards is how to qualify. Student cards are more limited in their rewards offerings and in the size of the credit line you'll receive, but they may have less stringent credit score requirements than regular cards.
They tend to be easier to qualify for, since you don't need to have a good credit history for approval. This also means issuers typically set lower credit limits on these cards to better protect themselves from default. If used irresponsibly, student credit cards can harm your credit score.
Student credit cards generally have higher interest rates versus other types of cards because it's considered riskier for banks to lend to college students. If you do carry a balance, then you can face substantial interest fees. Lower credit limits.
A good annual income for a credit card is more than $39,000 for a single individual or $63,000 for a household. Anything lower than that is below the median yearly earnings for Americans. However, there's no official minimum income amount required for credit card approval in general.
Chase credit cards for students
Chase does not offer student credit cards. However, Chase Freedom Rise℠ is likely a card for people new to credit cards, including students, that offers 1.5% cash back on all purchases.
Key Takeaways. Student credit cards can be easier to get than other cards, but approval isn't guaranteed. Card issuers review the information on your application and check your credit history and income. You can be denied for a wide range of reasons, including poor credit or a lack of income.
How Many College Students Have Credit Cards? 85% of students have a credit card, according to WalletHub data for Q4 2023.
Does paying for college build credit?
Student loans allow you to make positive payments
So when you make regular payments on your student loans, your credit score could improve. Payment history is one of the important components of your credit score under both the VantageScore® and FICO® score models.
If you're just starting out, a good credit limit for your first card might be around $1,000. If you have built up a solid credit history, a steady income and a good credit score, your credit limit may increase to $5,000 or $10,000 or more — plenty of credit to ensure you can purchase big ticket items.
- OpenSky® Plus Secured Visa® Credit Card.
- Chime Secured Credit Builder Visa® Credit Card.
- Petal® 2 "Cash Back, No Fees" Visa® Credit Card.
- Mission Lane Visa® Credit Card.
- Discover it® Student Chrome.
- Self Secured Visa® Credit Card.
- Grow Credit Mastercard.
- Secured credit cards.
The 5/24 rule is an unofficial policy that dictates that Chase won't approve you for its cards if you've opened five or more personal credit card accounts from any issuer in the last 24 months. Put simply, the number of cards you've opened in the previous two years will affect your approval odds with Chase.
Wait to reapply
If you were rejected because of too many hard inquires, Harzog recommends you wait at least four to six months before applying, or possibly longer. If you don't have stellar credit, you may want to wait longer to reapply than someone who has excellent credit.
