Preferred Rewards members earn 25%-75% more points on every purchase. Disclaimer: NerdWallet strives to keep its information accurate and up to date. If you have bad credit or no credit history, your power company or water utility might require you to pay a deposit or get a letter of guarantee from someone who agrees to pay your bill if you can't. Using a student card to build stronger credit will help you gain easier and more affordable access to other types of loans and more rewarding credit card offers. Once you boost your credit score into the good-to-excellent range, you're more likely to be approved for regular, non-student credit cards with richer rewards and enhanced features. 0% intro APR on purchases for 6 months, then the standard variable purchase APR of 17.99% 26.99% applies. Most credit card applications require a SSN, or at least an ITIN in lieu of a SSN. Obtain relevant proof of your personal income or assets. MORE: What to do if you can't get a student credit card. The Forbes Advisor editorial team is independent and objective. While it can be an excellent stepping stone to credit, a student credit card that graduates with you can be valuable over a long term. Its important to look at a number of student credit cards to make sure you choose the one that best fits your spending habits and lifestyle. Be sure not to confuse foreign transaction fees with currency conversion fees. 25,000 online bonus points after you make at least $1,000 in purchases in the first 90 days of account opening that can be a $250 statement credit toward travel purchases. Choosing a credit card with rewards that match your spending will also prove more fruitful for your wallet. That's why you want your good payment history recorded by all of them. If you plan to travel internationally, make sure you have a backup plan. BEST COLLEGE STUDENT CREDIT CARDS. A DTI of 43% is usually the highest that lenders will allow in order to qualify for a mortgage, though . Before using your credit card for purchases, it's important to understand how interest works and how long it may take you to pay down your balances. Some student credit cards may waive annual fees and may offer reward programs that allow you to earn points and cash back on certain purchases. A student credit card is a great first step in establishing a good credit history. Know that you should always pay a bill on time, in full if you can. Pulling together the deposit can be an obstacle on a student income, so you may have to save up for it, or ask someone to help out. This option allows you to qualify for a credit card with the help of someone with more established credit. Redeem points for a statement credit to pay for travel or dining purchases, such as flights, hotel stays, car and vacation rentals, baggage fees, and also at restaurants including takeout. By staying on top of personal finances, educating yourself and not spending money you dont have, you can generally avoid the sort of horror story you may have read involving astronomical debt and ruined credit. Having to activate bonus categories every three months can be a hassle, especially when you're just getting started with credit, and some of the categories might be a poor fit for a student's spending. Chase's website and/or mobile terms, privacy and security policies don't apply to the site or app you're about to visit. Your secured credit card requires a refundable security deposit, and your credit line will equal your deposit amount, starting at $200. Between juggling courses, assignments and studying, there isnt much time left for researching the ins and outs of the offers that exist. Setting up utilities. What makes college student credit cards different from regular credit cards? 17.99% - 27.99% Variable APR on purchases and balance transfers. If you've already established credit and have independent income: Consider bypassing student cards entirely. Why We Like It: The Petal 2 Visa Credit Card is one of the best rewards credit cards without a Social Security number requirement. If youre 21 or older, you can include any income that you have access to. Choosing a credit card can be overwhelming. While its possible to achieve this goal without credit cards, its not a bad idea to learn how to use them responsibly. The Bank of America Travel Rewards credit card for Students doesnt charge an annual fee, has easy-to-earn rewards and offers a solid welcome bonus, but we also recommend it for study abroad use as it has no foreign transaction fees. There's no foreign transaction fee, but Discover isnt as widely accepted overseas something to keep in mind if you're studying abroad. It can be more affordable than coming up with a deposit for a secured credit card. A charge card functions much like a credit card, but requires full payment on a monthly basis instead of allowing for balances to carry with interest. onto a non-student credit card once you get that degree and land an entry-level job. You can usually apply for a student credit card in person at a local bank branch or online with the card issuer of your choice. Submit an application for a new card. A 3% fee applies to all balance transfers. In that case, consider a secured credit card. Learn about the application requirements. This can be a roadblock since most major credit card issuers dont allow co-signers. You earn 1.5 points per dollar on spending (rising to 3 points per $1 on eligible travel booked through the issuer), and points can be redeemed for a penny apiece against travel and restaurant purchases. Some student credit cards are more generous, but 1% is a decent rate for a starter card. You can only compare up to 2 cards. Students can apply for credit cards like they may any other credit card. If denied, consider calling the credit . To help support our reporting work, and to continue our ability to provide this content for free to our readers, we receive compensation from the companies that advertise on the Forbes Advisor site. However, a different card might provide better rewards or a lower interest rate. We believe everyone should be able to make financial decisions with confidence. We strive to provide you with information about products and services you might find interesting and useful. Keep an eye on your inboxwell be sending over your first message soon. Access your FICO Score for free within Online Banking or your Mobile Banking app. Having good credit will be important down the road when you want to buy a home or get a car loan, but there are even more immediate benefits. Since 2004, CreditCards.com has worked to break down the barriers that stand between you and your perfect credit card. If you find discrepancies with your credit score or information from your credit report, please contact TransUnion directly. End Offer Details content. If you don't have enough income to qualify for a credit card on your own, you're still not shut out completely. Submit your application with all the necessary documents. Do not sell or share my personal information. If you meet those criteria, you can be approved . A secured card gives you skin in the game when it comes to repayment because you have to put down a deposit in order to secure a credit limit. No one credit card is right for everyone in a demographic, but weve chosen the Discover it Student Cash Back as the best overall credit card for students. Content published under this author byline is generated using automation technology. See the online credit card applications for details about the terms and conditions of an offer. FULL LIST OF EDITORIAL PICKS: Regardless of how the issuer classifies your account, your account is unlikely to close when you graduatethe card should still work. In addition to keeping costs low, a no-annual-fee card makes it easier to keep an account open once you build enough credit to move on to better credit cards. Unlimited 1.5 points per $1 on all spending. The Credit CARD Act distinguishes between credit card applicants who are under 21 years old. Find out how you can take advantage of all the opportunities that may be available to you as a cardholder. MORE: The study abroad student's guide to credit cards. Earn Chase Ultimate Rewards on everyday purchases and redeem for travel, cash back and more. Wholesale Club Visa Card Acceptance Credit Cards . Are you sure you want to rest your choices? Erin is a credit card and travel rewards expert at NerdWallet. Use it for small purchases you can afford to pay back on time and in full every month to keep your cards grace period in effect. ET. Note - you cannot apply for a credit card over the phone if you're under 21. Without it, some pages won't work properly. 6. Student credit cards could help young adults establish credit and build good financial habits for the future. If your credit card doesnt charge an annual fee, keep it open to maintain the length of your credit history and your credit score. Closing a credit card can end up hurting the score youve worked hard to build. (Unlike with Discover's other student card, you don't have to "activate" your bonus rewards.) Its far more convenient to exit school with good credit, especially if you plan to apply for other cards, loans or a mortgage. See NerdWallet's best prepaid debit cards. As you figure out how to maximize the amount of income you can claim on your application, consider alternative credit products and seek out a co-signer. Building credit might not seem like an urgent priority when you're still in school, but the earlier you start the clock on your credit history, the better. Use only a portion of your available credit. Follow these steps. Checking doesn't affect your score. An authorized user is essentially piggybacking on someone else's credit card account (usually a parent's). Enter the student credit card. Rewards: Earn 1.5 points per dollar on all purchases everywhere, every time with no expiration on points. What income should you report on a credit card application? Plus, the intro APR offer makes this a good card for any students who need to make a big purchase or move debt over from another card. Looking to build relationships with a desirable demographic college-educated consumers with high earning potential issuers flooded campuses with applications and would even offer incentives like a free pizza or T-shirt for opening an account. Contactless Cards - The security of a chip card, with the convenience of a tap. That's as good a combo as you'd find on even a lot of .css-oacp7q{margin:0;font-family:var(--font-gotham),Gotham,sans-serif;font-weight:400;font-size:1rem;line-height:1.5;font-weight:inherit;font-style:italic;line-height:inherit;font-size:inherit;}non-student cards. Our opinions are our own. approved for a credit card as an international student, Best Credit Cards For Students With No Credit, Discover it Student Cash Back Credit Card Review, Bank Of America Unlimited Cash Rewards Student Credit Card Review, What To Put For Income On A Student Credit Card Application, 5% cashback on rotating bonus categories after enrollment, 5% bonus cashback rate is limited to $1,500 per quarter in spending, Bonus categories must be activated quarterly. Earn unlimited 1.5 points per $1 spent on all purchases, with no annual fee and no foreign transaction fees and your points don't expire. Our editorial content is not influenced by advertisers. Enjoy 24/7 access to your account via Chases credit card login. By following a few simple steps, you can help ensure youre headed in the right direction when it comes to managing your credit card debt. 2023 Bank of America Corporation. They may also come with a free credit score and tools to help you learn to manage credit responsibly. Can you buy a money order with a credit card? In most cases, you can hold onto your student card even after you graduate. MORE: Do you have to be a student to get a student credit card? Gather co-signer information (co-signer is responsible for making missed or defaulted payments on the account) and proof of income. Students studying abroad will pay no foreign transaction fees (and no annual fee) while earning flat-rate rewards points with flexible travel redemption options. Unlimited 1.5 points per $1 spent on all other purchases. If youre about to apply for your first credit card, we recommend you read our guide to applying for your first credit card. Applicants with limited credit or better can get approved, and those without an SSN can use an ITIN instead. But what really makes it stand out from the competition is its upgrade possibilities. There's no minimum spending or maximum rewards. It might take a few weeks because you'll need to wait for the card issuer to receive your application and for its response back in the mail. This lack of a security deposit can be a huge help to students without the capital to collateralize a credit account for the sake of building credit or earning rewards. Cash back rewards can take the form of dollars or points. Its worth taking that extra step because youll eventually qualify for better financial opportunities, assuming you maintain a good payment history and work your way up to good credit. Before applying and using a student credit card, it's important to understand how the application process works (you may need a co-signer) and how you plan on keeping up with payments to avoid debt. Whether as a graduation gift, birthday gift, or even a gift to yourselfrequesting a gift card for a certain amount can help students budget spending in a more organized way without having to dip into savings regularly or withdraw money too often. The process for applying for a student credit card may vary depending on your age and current financial standing. You get your deposit back when you close your account in good standing or upgrade to a regular credit card with the same issuer. Factors in our evaluation include annual fees, rewards programs (both earning rates and redemption options), promotional and ongoing APRs, bonus offers for new cardholders, incentives for responsible behavior, free credit scores and other credit education, availability to applicants with thin or no credit history, and other noteworthy features such as a path to upgrade to a different product later on. Here are some questions to ask: Are you trying to maximize earnings or do you value simplicity? The issuer has a process in place for automatically reviewing accounts for possible transition to an unsecured card. Some student credit cards require a credit history, which can be an obstacle since students are typically new to credit. Obtain relevant proof that you are enrolled in school. Cash back rewards are bonuses provided to customers when they use their cards to make purchases. You'll just need to provide information such as: Full name; Email address; Annual income; Applying for a student credit card is a smart start to your financial future. Early Spend Bonus: Earn $50 when you spend $100 in the first three months. This card shines for this use, but overall the star ratings may differ when compared to other cards. 0. If youre under 21, youll need to show that you have independent income (such as from a job, allowance or scholarships and grants), or youll need to get a co-signer for your application. Or turn $100 into $200. With smaller credit limits and rewards tailored to those in college, student credit cards can provide a bridge to more valuable credit offers in the future. Many lenders rely on these scores to determine how likely you are to pay them back. Best Student Credit Cards of June 2023. 25,000 online bonus points after you make at least $1,000 in purchases in the first 90 days of account opening - that can be a $250 statement credit toward travel purchases. Just a dollar-for-dollar match. Discover offers two fine cards for college students. The CARD Act has made it harder for students to get approved. See our best secured credit cards. Do not lie or exaggerate if your current income amount is lower than the requirement. At 18 he ran away and saw the world with a backpack and a credit card, discovering that the true value of any point or mile is the experience it facilitates. In that case, look to a card specifically designed for people with bad credit. Please remove a card before adding another. A 3% fee applies to all balance transfers. Its been more challenging for college students to be approved for their very own credit card since the Credit CARD Act was passed into law 10 years ago. Learn More. Use a simple "autopay and everyday" strategy to keep your account active with one purchase or several throughout the year. Be aware that simply being a college student may not be enough to qualify you for a student card. By Tara Siegel Bernard. The Discover it Student Cash Back gives students the same excellent rewards as the regular Discover it Cash Back notably, bonus cash back in rotating categories that you must activate. Read our review. By providing my email address, I agree to CreditCards.coms Commissions do not affect our editors' opinions or evaluations. Here are some things to evaluate when youre comparing credit cards: Once you zero in on the card you want, you can apply for it. , which can be an obstacle since students are typically new to credit. Chase, JPMorgan, JPMorgan Chase, the JPMorgan Chase logo and the Octagon Symbol are trademarks of JPMorgan Chase Bank, N.A. Carefully consider a few important items when selecting the right card for you. You get a card with your name on it, but the primary cardholder is legally responsible for paying the bill. The basic building block of a solid financial futurecreditcan be hard to place. Yes, international students usually can apply for many credit cards. Access your FICO Score for free within Online Banking or your Mobile Banking app. Student cards rarely require security deposits and often offer an unsecured alternative to other credit-building products such as secured credit cards. Your credit cards journey is officially underway. Don't apply for a student-only credit card if you're not in school, because it can result in a wasted, Not in school but looking for a first credit card? Here's how to consolidate your credit card debt. So you could turn $50 cash back into $100. MORE: What to do if you cant get a student credit card. Card networks play an important role in international acceptance: Visa and Mastercard are widely accepted by international merchants, but Discover isnt always accepted in foreign countries. Another card for those planning to travel abroad but who prefer cash rewards over points or miles is the Capital One Quicksilver Student Cash Rewards Credit Card, which charges no foreign transaction fees and includes travel accident insurance benefits. Either of these oversights will negatively impact your . If youre looking to improve your credit, check out some of our helpful tips. Student Credit Cards (1) Opens Student Credit Cards category page in the same window. Maria Breaux. If your credit score has taken a serious hit from mistakes youve made or from simple bad fortune, look to a card designed for rebuilding credit, such as a secured card, rather than a card for establishing credit, like a student card. Credit cards can help consumers enjoy useful benefits when used responsibly. Many credit cards charge annual fees. If you dont feel you have the knowledge or experience with credit or credit cards yet, try checking out some of our educational resources on subjects important to understand about credit cards. Forbes Advisor created additional star ratings so that you can see the best card for specific needs. The CARD Act of 2009 changed the game by limiting who could be approved for a credit card, essentially as a way to protect young people from falling into deep credit card debt. Welcome Offer: $50 when after spending $100 in the first three months. Do I have to be a student when applying for a student credit card? That's OK the main purpose of student cards is to build credit with the goal of qualifying for better cards down the line. Discover will automatically match all the cash back youve earned at the end of your first year! The last thing you want is to get a card and miss your monthly payments or overspend and get charged interest (when you can't pay off the full balance). Discover it Secured Credit Card: Best for Secured cards: Rewards and upgrading. Heres how to use your card to your advantage: Buy only what you can afford. You should consider several factors when deciding if you want an annual fee, but first among them is whether or not youll receive enough additional benefit from the annual fee. By paying your bill in full and on time every time, you can build a credit profile that will make getting other types of loans, like another credit card, a car loan or a mortgage much easier and less expensive when you need it. While the application process can differ slightly with each issuer, here's a general guide through an application: Visit the card's landing page on the issuer's website and click on "Apply Now." Many issuers allow students to graduate an account to a non-student version without losing the accounts payment history. There's no annual fee and no late fee on your first late payment. Some credit card issuers may even verify that you're enrolled at a college or university. Address Have a Social Security number Show proof of enrollment in a college or university Provide all the required information requested on your Discover Application Here are three options: 1. The Discover it Student Cash Back offers a unique combination of strong earning rates and a welcome bonus not typically seen in student cardsin fact, we give it the title of best cash-back card for students and the best welcome bonus for students, too. CreditCards.com does not include the entire universe of available financial or credit offers.CCDC has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover. The payment pause on federal loans has been extended eight times . The best student credit cards were chosen based on the following: We paid special attention to APRs and other factors that could negatively affect students (who are more likely to have minimal knowledge and experience with credit cards). Five important questions can help you get the information you need to determine whether an option is a good fit. Do you have to be a student to get a student credit card? Learn more about which income you can include on a credit card application. Power its potential with one of our business credit cards, like Ink Business Preferred, Ink Business Unlimited or Ink Business Cash. If you're having a hard time qualifying for a student credit card, consider a secured card. NerdWallet gives you free access to your credit score. Know if you qualify Before you apply for a credit card, make sure you meet the issuer's general requirements, which typically include: You must be currently enrolled in college (one exception is the Journey Student Rewards from Capital One ). Get an alert if we find your Social Security number on any of thousands of Dark Web sites. If the information isnt clear on the cards website, a phone call to the issuer may get you answers. Pay your credit card on time and in full to avoid interest charges and maintain a good payment history. Using a prepaid debit card. Federal law limits who can get credit cards under age 21. The Journey Student Rewards from Capital One*, for instance, requires applicants only meet a specified credit and income requirement, though we dont generally recommend the card. There are several ways to get approved for a personal loan with no proof of income, including applying with a co-signer and falling back on an excellent credit score. Our team is made up of diverse individuals with a wide range of expertise and complementary backgrounds. Before you apply for a credit card, make sure you meet the issuers general requirements, which typically include: The information in your credit report is what the three credit bureaus use to calculate your score, so its important that its accurate. You'll get a card with your name on it that you can use for purchases, but your parent is legally responsible for the debt. Getting hired: Depending on your profession, you might need good credit to pass an employment screening. However, all credit card information is presented without warranty. It will only take a minute and wont impact your credit score. NerdWallet Compare, Inc. NMLS ID# 1617539, NMLS Consumer Access|Licenses and Disclosures, California: California Finance Lender loans arranged pursuant to Department of Financial Protection and Innovation Finance Lenders License #60DBO-74812, Property and Casualty insurance services offered through NerdWallet Insurance Services, Inc. (CA resident license no. credit card issuers dont allow co-signers. As you get used to how credit works, you may wish to expand to several cards over time, depending on your financial goals, what rewards programs you qualify for, where you spend your money and what your credit report qualifies you for. Another consideration when studying abroad is how easily you can use your credit card. You might be using an unsupported or outdated browser. The Capital One Quicksilver Student Cash Rewards Credit Card is straightforward and rewarding, with no hoops to jump through. Earn unlimited 1.5 points per $1 spent on all purchases everywhere, every time and no expiration on points. If you find discrepancies with your credit score or information from your credit report, please contact TransUnion directly. Your card might have a credit limit of, say, $1,000, but it's not wise to use the full $1,000. Earn elevated cash back on groceries, dining, entertainment and select streaming at the same time you're building credit history.
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