What is a Student Credit Card—And How to Apply for One

It’s no secret that your college years can be financially challenging. But it’s also a period in many students’ lives when they have relatively few day-to-day expenses, which can make it a great time to start building credit responsibly with a student credit card.

A student credit card is just what it sounds like—a credit card that offers specific benefits and features that make it especially useful for students. Used wisely, a student credit card can help you build credit, establish good lifelong financial habits, and maybe even earn some cash back.

Student credit cards vs regular credit cards

The biggest difference between student credit cards and regular credit cards is the application criteria. Banks and credit card companies know that younger people, like college students, probably haven’t had as much time to build their own credit. In other words, they haven’t had as many opportunities to show that they can borrow money and pay it back, on time, with interest. That’s why student credit cards have different credit requirements, which make them a good option for students with limited or no credit history.

How to choose a student credit card

Wondering how to choose a student credit card? There are quite a few options out there, so be sure to compare them all and see which one works best for you. Here are a few things to consider:

Look for $0 annual fee

Some credit cards have an annual fee—a price you pay once a year to enjoy all the benefits that credit card has to offer. If you’re new to building credit and looking for a student credit card, make sure you choose a card with a $0 annual fee. There’s no reason for students to pay any more than they have to.

Annual Percentage Rate (APR)

An annual percentage rate (APR) is the annual rate charged for borrowed money (which is basically what a credit card is). Credit card companies are legally required to disclose a credit card’s APR before you become a cardholder. APR is usually expressed as a range of two rates, from the lowest end to the highest end. Where you land in that range will depend on your credit history and other factors. In this case, the lower the APR, the better.

Some student credit cards even come with special offers, like 0% introductory APR on purchases for 6 months, for example. That means you’ll have six months before any interest is added on to any purchases you’ve made.

Tip: Even with a 0% introductory offer, the best thing you can do is to get in the habit of paying your credit card bill in full every single month. There’s a persistent myth about credit—some people think you need to carry a balance month to month to build your credit. That is FALSE! Leaving a balance doesn’t help you build credit; it just costs you more in interest.

Rewards and cash back

Just because you’re using a student credit card doesn’t mean you need to miss out on cash back or other rewards. Look for rewards that promote good financial habits, rather than just frequent credit card use.

Security features

Make sure you know what your credit card offers in terms of security. You want to find a credit card that does not hold you responsible for unauthorized charges. In other words, you won’t be responsible if your card gets stolen and the thief goes on a spending spree. Many cards also allow you to freeze your account any time, online or from a mobile app.

Tip: Another reason to consider a student credit card is that they’re more secure than debit cards. With a credit card, you’re generally not responsible for unauthorized charges. With a debit card, someone has direct access to your bank account, and there’s no way to retrieve any funds that go missing.

How to get a student credit card

Once you think you’ve found the right student credit card for you, you have to apply through a bank or credit card company’s website.

You’ll be asked to provide some basic information about yourself, like your address and Social Security number, as well as basic financial information about any income or debt you have. Some credit cards allow you to apply with a cosigner. A cosigner is someone with good credit who agrees to be equally responsible for repaying credit card debt, if you (the cardholder) don’t.

Think about it from the point of view of the bank or credit card company. Most students haven’t had enough time to prove they can use credit responsibly, so a cosigner is a little bit like a safety net. Cosigners are often parents, but they don’t have to be. Guardians, aunts and uncles, friends, and even spouses can be cosigners—as long they meet the credit and income requirements. If someone agrees to be a cosigner for you, they’re proving that they have faith in your ability to use a credit card wisely and always pay your bill on time.

Note: Being a cosigner means more than just adding your name to an application—it’s a legal agreement. If the cardholder is behind on payments, it will affect the cosigner’s credit score too.

At what age can you get a credit card

Generally, most credit card companies require cardholders to be at least 18 years old. Even if you’re 18 years old, you still might not meet the income and credit requirements for a student credit card. That’s when you would need to apply with a cosigner.

Do you have friends who seem like they’ve been using a credit card for years? They might be authorized users on a family member’s account—meaning the student has their own physical card and they can make purchases, but they are not the primary account holder and they’re not legally responsible for paying the balances they incur.

Usually, with authorized user programs, the bank which issues the credit card reports the account to the credit bureau reporting agencies, which helps the authorized user establish credit. Being an authorized user can be useful in building credit as long as the primary cardholder makes payments on time and is responsible for the account.

Generally, age restrictions for authorized users tend be a little lower.

How to manage your first credit card

Credit is a fact of life. After college, you’ll need good credit for all the big things ahead, like a car loan or your first apartment. Using a student credit card responsibly is a great way to start building credit and learn some important lessons about credit cards. Here are three tips for how to manage your first credit card.

Spend below your limit (way below)

Spending below your credit limit is an important part of building credit. Start by using your credit card for relatively small and predictable purchases, like a streaming subscription. That way you can get used to seeing when those charges post to your account and paying your bill in full each month.

Know what not to use your card for

There are some things financial experts don’t recommend using credit cards for—like anything that will take a long time to repay. One example is college tuition. A credit card can be great for day-to-day expenses while you’re in college, but not for tuition itself. If you need help paying for college, a student loan is a better option because student loan interest rates are generally much lower than credit card interest rates.

Check in often

Mobile banking apps are helpful when it comes to using your credit card responsibly and staying on track. Apps make it super easy to keep track of your purchases, pay your credit card bill, check your FICO® Score, and more. Once you have a student credit card, download the app that goes with it.

Build credit with confidence

Credit is a powerful tool and an important part of your financial future—it’s not something to fear. Like any other aspect of your life, your credit will require a little attention now and then to stay in tip-top shape. But it’s perfectly fine to start small, learn, and build your credit over time.

How Parents And College Students Can Use Secured Credit Cards

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How to Get a Student Credit Card in 5 Steps

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Even if you have little-to-no credit history, you could still qualify for a student credit card.

As a college student, you likely don’t have a lot of money or an established credit history. That can make it difficult to qualify for a traditional credit card.

Fortunately, student credit cards can be an excellent solution. Designed for college students — who usually have low incomes and little-to-no credit history — they can be great tools you can use to build your credit and establish good credit habits.

Here’s how to get a credit card as a student, and what to do if you’re denied.

How to get a credit card as a student in 5 steps

When you’re juggling a full-time class schedule, homework, and maybe even a part-time job, the last thing you want to worry about is a lengthy process to get a credit card. Luckily, you can find the perfect student credit card and apply in just a few easy steps.

1. Check your eligibility

To qualify for a student credit card, you typically need to meet the following criteria:

You must be a current college or university student; some credit card issuers will ask you to enter your school’s information or your college email address on the application.

You must be at least 18 years old to apply for a card. If you’re under the age of 21, you’ll have to show that you have a steady source of income (a part-time job is usually fine), or you’ll need a cosigner on the card.

You must be a U.S. citizen or permanent resident with a Social Security number.

2. Research student credit cards

When you’re looking for one of the best credit cards for students, you should compare several different cards to ensure you’re getting the best one for your needs. Some factors to consider include:

APR: The APR, or annual percentage rate, is essentially the interest rate you’ll pay on purchases. The higher the number, the more you’ll pay in interest charges. You can avoid paying interest altogether by paying off your balance in full each month.

Rewards: Some student credit cards offer rewards programs, allowing you to earn perks like cash back on your purchases. For example, the Discover it Student Cash Back card allows you to earn 5% cash back on select purchases each quarter in rotating categories, like grocery stores, gas stations, and even Amazon. Plus, you’ll earn 1% cash back on all other purchases.

Sign-up bonuses: You can often get a sign-up bonus for making routine purchases, putting money in your wallet. For example, Discover will match all the cash back you earn at the end of your first year. That means if you earned $500 in cashback rewards, Discover would give you an additional $500.

The Bank of America Cash Rewards Credit Card for Students offers $200 in online cash rewards when you spend at least $1,000 within the first 90 days of opening your account. Use your card to pay for your textbooks or other necessities and you could quickly earn the bonus.

Credit limit: As a student, you’ll likely qualify for a card with a low credit limit. However, some cards will give you a higher credit limit after you’ve proven that you can handle the payments. For example, the Chase Freedom Student Credit Card will increase your credit limit after you make five monthly payments on time within 10 months from the account opening.

Annual fee: Some credit cards have an annual fee, which you have to pay each year even if you don’t use the card. If you’re on a tight budget, consider a credit card that doesn’t have an annual fee. The Discover it Student Cash Back Card, the Chase Freedom Student Credit Card, and the Bank of America Cash Rewards Credit Card for Students all have no annual fee.

Other benefits: Student credit cards usually don’t offer robust benefits, but you may be able to score some added perks like extended warranty protection or purchase protection, which can give you coverage against loss or theft of new items. Some cards even offers special bonuses or promotions for good grades. With the Discover it Student Cash Back, you’ll get a $20 statement credit for each school year that your GPA is 3.0 or higher, for up to five years.

3. Submit your application

Most credit card companies will allow you to apply for a student card online. However, some companies — such as Chase — require students to go to a branch in person to apply.

Either way, the application process is usually quick and easy. The company will typically prompt you to enter your name, address, phone number, and Social Security number. It may ask you to enter your school’s name, what year you’re in, whether you’re a full-time or part-time student, and what you currently pay each month for housing. If you’re currently employed even part time, you’ll have to enter your income information.

Once you submit your application, the credit card company will do a hard credit pull, meaning it will review your credit report to determine whether or not to approve you for a card.

If you’re approved, you’ll usually get a notification right away. In some cases, the company may need additional information, such as proof that you’re a student. If that happens, it will send you a notice asking you to submit documents; each company should give you a list of acceptable forms of proof.

If the company denies your application, you should receive a letter in the mail detailing the reason. For example, your credit score may be too low, or you may not have enough income.

4. Use your student credit card wisely

If you’re approved for a student credit card, you’re on your way to building a solid credit history.

However, it’s important to follow some best practices to ensure you establish and maintain good credit:

Create a budget: A credit card gives you more spending power, but it’s easy to go overboard. To prevent that from happening, create a budget that lists all of your regular expenses and income each month.

Only use your card for the essentials: While it may be tempting to use your card to pay for extras like clothes or vacations, that approach can be a costly mistake. Instead, only use your card for necessary expenses, such as textbooks, groceries, and gas.

Pay off your statement balance each month: You can avoid costly interest charges by paying off your statement balance in full each month.

Make all of your payments on time: Making all of your payments on time is the single biggest factor affecting your credit score. Set up automatic payments so you never have to worry about missing a payment.

There are also some things you should never do with a credit card, so make sure you understand the drawbacks before applying.

5. Can’t get approved? Consider these alternatives

Unfortunately, not everyone will qualify for a student credit card. If you’re no longer a student, don’t have enough income, or have too low of a credit score, you may not be eligible.

But don’t give up! There are other ways to get access to a credit card and build your credit history:

Become an authorized user: If you have a parent or relative with good credit, they could add you as an authorized user to their account. You’ll be able to use the card like a traditional credit card, but your parent or relative will be responsible for the bill.

Get a secured card: With a secured credit card, you put down a deposit that acts like your credit limit. As you make payments, your activity is reported to the credit bureaus, boosting your credit and helping you qualify for traditional credit cards.

Bottom line

If you’re a college student, you have a unique opportunity to build your credit history before you even graduate from school. Student credit cards are often more accessible than traditional cards, giving you an easy way to pay for purchases while improving your credit score.