If you are a college student & planning to make your credit history and score for better opportunities in the future, you can apply for the best student credit cards. Making a good credit score is not a one-day task but it takes enough time with consistent efforts. That is why you must start it as early as possible. To begin your financial journey, you can find multiple sources in the market that will help you build your borrowing habits and credit history to get uncompromised financial services from money lenders and credit card issuers. Here, in this article, you will see the complete analysis of the companies that work in this domain and provide you with the best possible stage to perform better. So, let’s get started.
What are Student Credit Cards?
Academic qualification is not an entirety of life. One should be aware of the practical journey to gain better than others. The financial journey demands consistency and stability whether it is your job, income sources, or even the credit report. Best student credit cards help college students to build their credit scores with reasonable practices. These cards function as standard credit cards. However, the difference stands in the eligibility criteria established by the credit card issuer company. These sorts of cards are designed to mind the status of college students whether they have short-term or long-term courses.
In your college time, you need money to settle the financial crisis. You may have some sources for your education but those may be insufficient to make you invariant in your study. You have no skills & you can’t represent yourself as eligible for the other standard credit cards with harsh regulations. Now, if you are a student, you will get credit cards faster than different classes of credit limits, like personal loans and auto loans. Once you get these credit cards for no credit, you can complete your education without any hurdles and pay the expenses along with credit building.
- Build credit history
- Builds credit score
- Money management
- Emergency finance
- Rewards and cashback
- Less strict policy
- Best for beginners
- Cashback points according to a student spending category
- Specialized advantages
- Automatic credit limit increase
- Late fee leniency
- No annual fee (mostly)
What is the Minimum Age to Get the Best Student Credit Cards?
College student credit cards are usually available for 18 to 22 year old students having no credit history. Moreover, some companies may demand income proof to issue credit cards against your name. They may want to be sure whether you can repay the amount or not. They still seek a responsible or trustworthy person even if you are a student.
Can I Get Student Credit Cards with No Income?
No, you don’t have to show the job status to get the student credit cards. However, you should have proof of income so that the card issuer, bank, financial institution, company, or service provider can count you as trustworthy for repayment. The income proof will vary depending on whether you are above 21 or under 21. All in all, Annual income & other assets that generate consistent income are enough to replace your employment status or get a loan or credit card from the market.
You need to have these documents if you are below 21 years.
- Individual Income via employment.
- You must have an education fund after settling the learning fee and expenses.
- Endorser income.
Income Proof over 21 years
- Individual Income via employment
- Credit Amount
- Education Fund and other grants
- Assistance from guardians or others
- Partner and spouse earnings
- Endorser income
How Do Student Credit Cards with No Income Work?
It is a credit card for beginners. If- you are in a college or learning any new skill in any academic institution- you are probably away from any practical world financial assistance because you have no job to show. However, more or fewer companies provide student credit cards no credit and set a line of credit following the card issuance policy. In this process, you don’t have to show your individual job, but income proof from any source is crucial to reveal. The best part is whatever you do at your initial college stage with your assigned credit gets reported by the three major credit bureaus.
What you have to do is restrict the spending because that will help you build a positive impression before the monitoring authority. Moreover, you will be able to pay the bill on time if it is within a limit. Apart from that! You can show a trustworthy response before other traditional money lenders and credit card companies. You have enough time to work in this field because you are in college & you can do this in a very decent way. Once you cross this way with your career, you can afford standard quality financing options to grow in your financial lifestyle. It will help you to move independently without any endorser, guardian, or spouse income support.
Why Should I Apply for Student Credit Cards?
You should apply for college student credit cards because these types of cards help you build your credit score once the company approves your application and issues a card for you. Most students don’t take this step seriously because they understand this as an unnecessary practice because of giving specified time for their education only. Rather- they should go for this as soon as possible once they reach 18 years of age. In their college life, they start getting placement proposals, and this is how they connect with the corporate world. Along with placement, they also need to cover other factors of their financial health system.
- Get the Funds Easily
You are studying and don’t have a direct and high income to meet your college time expenses. Like the non-college goers, you may also feel a financial crisis. If- you have these particular cards, you can make purchases and repay the amount once you feel settled with that issue. However, you should be responsible for using these cards. Like other standard credit card holders- you also make sure to pay the debt on or before the due date because that will increase the chances of more appropriate benefits for you from the company.
- Credit History
It is clear from the title itself. History needs time for its recognition among the people and authority. The thing is similar to credit history also. It takes years and years to impress both credit providers and credit bureaus. If- you start it today at 18-21 years of age time you may easily convince the money lenders for a considerable amount with the lowest interest rate. Moreover, your college student identity will be a plus point for the analysis and publication of your credit report. Additionally, you can save enough money in the future with this record.
- Students Loan Qualification
With this student credit card, you can qualify for a student loan when you need it for higher education in the country and abroad. Again, you can negotiate with the money lender, financial institution, or bank to impose a reasonable interest rate and repayment duration for the loan amount. This student loan again will help you build your credit history and credit report to get desired responses from the other service providers.
- Borrowing Habits
Good financial practices help you grow faster than others. If you spend the money responsibly, you may develop borrowing habits and stable financial soundness. The credit utilization rate is crucial to understand. You have to spend less and less from your line of credit to leave a heavy and creditworthy impact in the mind of service providers. Apart from that, you can enhance your “Financial Literacy Skill” under the various initiatives of different best student credit cards.
- Rented Apartment
In the USA, most landlords like to check or verify your credit score and history before giving you an apartment on rent. They do this to be sure about your on-time rent payment capability. Nobody wants to take a risk on you. So, it is your responsibility to build trust among the people you deal with to keep your credit score as high as possible. As you go step by step further, you can grow for the better, and everything is possible with your debt repayment habits.
- Job Application
A job application is not out of this good to excellent credit score chain. Maybe you deal with exceptions. You are safe. However, nowadays, most employers do credit inquiries before hiring you for any position in their entity. They go through financial data, bankruptcy records, delinquent accounts, default tags, pending debt, and more. If these points are on your credit report revised version, you may get rejected instantly.
- Other General Loans
If you haven’t paid attention to your credit score in college time; you may have to deal with a poor credit score for a long non-academic lifestyle. Furthermore, you have to pay more via interest rates, insurance costs, annual fees, and other costs. All will be before you when you apply for a home, auto, and personal loan. Your good and excellent credit score only can help you win this game.
Best College Student Credit Cards with No Income and No Credit
Let’s see some credit cards to help you finalize the best for you.
Discover it Student Cash Back
There are multiple types of student credit cards. You can apply for anything. After approval from the credit card company, one can use the same following the prescribed restrictions. Discover it student cashback card is among them. The students who want a fantastic option (rewards, cashback, and other promotional offers) can apply by going to the company’s official web address.
The card assigns you 0% APR benefits on purchases for the first 6 months. In addition, Discover will then automatically correspond to all entire cashback earned by you at the first year’s end. That means a “dollar-for-dollar” cashback, No minimum spending, and maximum rewards. With $50 cashback, you can earn $100, and $100 can give you $200.
Furthermore, after the expiration of these first-year benefits, you can get 5% cash back on different shopping centers like grocery stores, Amazon.com, gas stations, food corners, and restaurants. It is when you activate and use quarterly maximum. On the other hand, you can earn 1% cashback from other purchases (automatically). Everything is surely in your hand with a $0 annual fee. Yes, you don’t require a credit score. Instead, it will assist you with credit building. After 6 months, the cardholder needs to pay 16.74%-25.74% APR (variable).
- No annual fee
- Cashback and rewards
- No intro APR for 6 months
- Unlimited cashback for the first 1 year
- A credit card for bad credit scorers
- Bonus categories
- Credit building with three credit bureaus
Capital One Platinum Secured Credit Card
You can see the approved application within a few seconds. When you don’t have a credit history and score, things are complicated to handle. Capital one platinum secured credit card helps you get an instantly approved credit card with no annual fee, the lowest security deposit and a credit limit increase chances after a time. The security deposit is $49-$200 to get the line of credit. Contrary- it will be refundable after your recognition as a creditworthy person before Capital One. That is possible when you make payments on time.
The best part is it will automatically increase your credit limit after 6 months, verifying your eligibility without any additional security deposit. If you receive the refund, the card will convert into an unsecured credit card. This best student credit card lets you enjoy credit-free time with “$0 fraud liability” for unauthorized transactions. You can monitor your credit score free of cost on Capital one with CreditWise. Moreover, you can manage your account on a website or app.
- $0 annual fee
- 300-669 credit score
- Bad credit approval
- Build credit score and history
- No foreign transaction fee
- No Penalty APR
- Cash advance available
- Balance transfer available
- Higher approval chances
- Credit limit increase for eligible cardholders (after 6 months)
Bank of America Travel Rewards Credit Card for Students
This credit card doesn’t charge an annual or foreign transaction fee. So it is best for those planning to study abroad. It provides higher travel rewards for frequent flyers. Apart from the $0 annual fee, you can earn a 25,000 online bonus for the purchase of $1000 within 90 days as a welcome bonus on a new account. This travel rewards card lets you earn 1.5 points (unlimited) for every $1 spent. You can redeem these points on flights, vacation packages, hotels, rental cars, cruises, baggage fees, and restaurants.
There is no partner company limitation to redeem your travel rewards; you can use your points anywhere in the world with no expiration on points. It is not a secured credit card so you need to have a good credit score (580-739) to apply for the card. Moreover, on every spending- you need to pay 16.99%–26.99% with variability to build your credit score. However, you can enjoy 0% intro APR for at least 18 months. You can add this card to your Apple Pay, Samsung Pay, or Google pay wallet to shop and pay at your convenience.
Security Benefits are available with $0 fraudulent transaction liability. In addition to this, it gives overdraft protection and fraud monitoring with a secured paperless statement feature.
- No membership fee
- No annual fee
- Higher APR
- 0% APR as intro offer
- Higher travel rewards
- Best to study abroad
- 0% intro APR for balance transfers
- No restriction for points redemption
- Best for flights, hotels, rental cars, and traveling
Deserve EDU Mastercard
The Deserve EDU Mastercard is among the best student credit cards as it gives its services to international or non-US citizens or students. You can explore a risk-free financial journey to build your credit history, pay your bills and settle your expenses. Yes, US citizens can also apply. One can earn 1% cashback on all qualified purchases. Apart from that! You can refer your friend and upon approval-get $30 in your account and let your friend benefit with the same. To apply for this unsecured credit card, one doesn’t require to advance a security deposit or SSN.
However, you should have a good credit score. As a welcome offer, you can gain 1-year Amazon Prime Student while spending $500 with the first “Three billing Cycles.”
Instead of SSN, it accepts a variety of proof of United States bank account, passport, and other basic documents. Deserve EDU MasterCard platinum offers identity theft protection, fraudulent transaction liability protection, and global-level MasterCard services. In addition to these security features, you have up to $600 cell phone protection during the hectic period.
- No need for Social security number
- An unsecured card and no security deposit are required
- No fee on international or foreign transactions
- Up to $600 cell phone protection
- Welcome offer with online bonus points (25000)
- No expiration of points
- No credit history
- Credit limit up to $5000
Chase Freedom Student
It is best for beginners who want to earn rewards with credit building. Those who have a good credit score (580–739) can apply and qualify for the Chase Freedom Student credit card. Furthermore, you can earn a $50 bonus on your first purchase within 3 months of opening the new account. For up to 5 years, one can earn $20 “Good Standing Rewards” as an account anniversary. On the other hand, you can access free credit reports and monitor and mend the mistake to increase the credit limit after 5 months.
Those who want to seriously invest their time in credit history and score building can choose the Chase Freedom Student credit card. To redeem the cashback, no minimum amount is set for the cardholder. They can redeem their cashback until the closure of the account. With a limited credit score- you can relish purchase protection, warranty protection extension, trip cancellation, interruption insurance, and more. However, you should not avoid the terms and conditions of the card before any purchase because you have to repay the amount on or before the due date so spend smartly at least under a credit utilization rate. Moreover, you should have a stable income to get at least a credit limit of $500.
- No annual fee
- $50 welcome bonus
- Average regular APR
- $20 for good standing anniversary bonus
- 1% cashback
- Cash advance available
- Free credit score via Chase Credit
- Credit limit increase after 5 months
- VISA card
Capital One SavorOne Student Cash Rewards Credit Card
It is always worth applying for this card to save money on an annual fee, dining, and entertainment. You can earn 3% easy cash back on restaurants, groceries, streaming services, & other entertainment expenses. You can count this as student credit cards. If you have decided to apply for this card, you can save your money on a $0 annual fee and low- interest rate and even pay a thorough amount to generate good spending habits. 3% cashback excludes superstore categories like Walmart & Target. An additional 1% cashback is available on remaining other purchases.
Apart from that, the cardholder can earn 10% cashback on Uber & Uber Eats and friends referrals. On the approved referral to friends and family members, one can earn up to $500 from Capital One SavorOne student’s cash rewards credit card. Enjoy 8% cash back for entertainment purchases and pay up to 17.99% to 27.99% APR for regular purchases. Be relaxed about 0$ foreign transaction fees while traveling and shopping from another country.
Apart from these preliminary purchases, you have secondary benefits on recent purchase price drops, insurance features for cell phone damage, and theft protection. Using this card with a credit utilization rate, you can figure out the accurate credit history to get higher credit limits from other money lenders shortly. You can lock your card via the Capital one cell phone app in case of theft, misplacement, or damage.
- No annual fee
- No foreign transaction fee
- No hidden charges
- 0$ fraudulent transaction liability
- Lock the stolen, lost, or misplaced card via the mobile app
- Credit score/history builder
- Best for University, college, and higher-education students
- Cash advance available
- No over-limit fee
Frequently Asked Questions
Q.1 How many credit cards should a college student have?
There is no fixed number to answer this question. Starting from one card, a student can keep as many credit cards as he can with the timely payment of interest and credit amount.
Q.2 What happens to student credit cards when you graduate?
The credit card issuer will convert your student credit card into a standard or traditional card so that you can classify your card like others. You have to inform your card issuer to make these changes when you graduate.
Q.3 What do student loans and credit cards have in common?
- Both are Unsecured credits with no collaterals
- Higher interest rates
- Affects credit score
- Demand timely repayment
- Credit bureau monitoring
Q.4 Why do I keep getting denied for student credit cards?
- Bad credit history
- No income proof
- Multiple credit inquiries
- Lack of student enrollment documents
Q.5 How to pay off student loans with credit cards?
- Log in with the student loan account with the app or official website.
- Go to the Payment section.
- Check the credit card option.
- Read the instructions carefully.
- Initiate the payment and download the paid loan statement on your device.
- Don’t use a credit card that has a higher interest rate for the repayment on the due date.
Student credit cards are the best tools to handle your credit score. Whether you are in college or a working professional, the best credit history or credit score always helps you gain more than others from the financial market. It is a great weapon to deal with an imbalanced economic lifestyle if you use it systematically keeping in mind the struggles and strategies of the people who already dealt with it. Being a college student, you also should apply for such types of cards to keep yourself ready for future borrowing difficulties.
- Elizabeth Jones is one of our editorial team’s leading authors on credit card offers, services & more. With over two decades of experience in the consumer credit industry and as a nationally recognized credit expert, Elizabeth provides in-depth analysis of both traditional & alternative forms of credit. Elizabeth regularly appears on many major media outlets including NBC Nightly News, Fox Business Network, CNBC & Yahoo! Finance. She is also a frequent contributor to Forbes Magazine. As a highly appreciated author for our exclusive Editorial Team, Elizabeth strives to provide readers with a trustworthy advice on how to manage their credit accounts while staying informed on the latest offers in the marketplace.
- BlogSeptember 26, 2023How to Block Payments on Cash App: A Comprehensive Guide
- BlogSeptember 21, 2023How to Add Money to Apple Pay: A Comprehensive Guide
- BlogSeptember 20, 2023PayPal Gift Cards: Everything You Need to Know
- BlogSeptember 20, 2023How to Add an Apple Gift Card to Wallet: A Step-by-Step Guide