Student Credit Cards: Are They Only for Students

Yes, in most situations, although there are certain exceptions.

Student credit cards, unlike most normal credit cards, are available to college students. They often have less rigorous qualifying standards, so you may be able to apply even if you don’t have a long credit history.

If you are not a student but have a low credit history and have had difficulty being accepted for a credit card, you may be wondering if you can acquire a student credit card. In certain situations, the answer is yes. While there are no age limitations on student credit cards, there are age minimums and other restrictions that may prevent you from applying for one. Here’s what you should know.

Key Points

  • Student credit cards provide you credit while you’re in college.
  • You may begin to improve your credit score for the future with a student card.
  • To be eligible for a student credit card, you must be presently enrolled in college.
  • Part-time college students may be eligible for student cards.
  • Student credit cards do not have an upper age limit, however, they do have a minimum age requirement.

What Is the Process of Getting a Student Credit Card?

Credit card companies created student cards specifically for college students and other young individuals with little or no credit history. Student credit cards are not only handy, but they also have the potential to help you develop a strong credit score in the future.

They’re particularly tempting since, unlike secured credit cards, you don’t have to put up a security deposit.

Student cards function in the same way as regular cards. You will be given a credit limit by the card issuer, and you will be able to charge up to that amount to purchase things or pay for services. You must make at least the minimum payment due at the conclusion of your statement billing period. If you just pay the minimum and do not pay your whole bill balance in full each month, you will be required to pay interest on your outstanding debt. Student credit cards can have relatively high-interest rates, frequently surpassing 20%.

Many credit card issuers, like Bank of America and Discover, reward students who use their credit cards. When you use your card to buy textbooks, a new computer, petrol for your car, or anything else, you may get cashback, points, or airline miles.

Who Can Get a Student Credit Card?

You must be enrolled in a two-year or four-year college or university to qualify for most student credit cards. Student credit cards are available to college freshmen, sophomores, juniors, seniors, and graduate students who fulfill the card issuer’s other conditions.

While the regulations of individual card issuers differ, applicants must typically fulfill specific requirements including age, citizenship, and enrollment. Discover, for example, employs the following criteria:

  • You must be at least 18 years old or have attained your state’s legal age of majority.
  • A permanent address in the United States is required.
  • A Social Security number is required.
  • You must provide proof of enrollment, such as your school’s name, projected graduation date, or college acceptance letter.

Exceptions for Student Credit Card Enrollment

There are few exceptions to the rule that most firms that provide student credit cards require applicants to be current college students.

For example, the Capital One Journey Student Credit Card is promoted to college students, but there is no need that you to be enrolled in school or submit any information about your education. You may be eligible if you fulfill the card’s age and income requirements.

Is it necessary for me to be a full-time college student to be eligible for a student card?

While most student credit card companies need you to be actively enrolled in college, they do not require you to be enrolled full-time. Provided you are a part-time college student, you may still be eligible for a card if you can produce proof of attendance or estimated graduation date.

Alternatives to Student Credit Cards

There are alternate methods to establish credit if you are not qualified for a student credit card because you are no longer in college or for other reasons.

Secured credit cards

Credit cards that are secured. A secured credit card requires you to pay a security deposit, which serves as your credit limit. Your account activity will be reported to the main credit agencies by the card issuer, so as long as you make your payments on time and use your card responsibly, you’ll be creating a solid credit history. After some time, you should be able to apply for a standard, non-secured card.

Cards for bad credit

Cards for those with poor credit Some credit cards are intended for those with bad or no credit. While you can get accepted with low credit, keep in mind that these cards sometimes impose exorbitant interest rates and fees.

Retail cards

Cards for shopping. Retail credit cards, often known as store cards since they may only be used at a certain merchant, are typically easier to get than traditional credit cards. While the interest rates might be high, you can use them for required purchases and pay off the debt in full each month to avoid incurring interest. Using a retail card can help you improve your credit over time, allowing you to qualify for other sorts of cards.