How to get a credit card for a college student

Getting a credit card as a college student can help you establish a credit history and learn how to use credit responsibly. Perhaps now is the right time to explore how to start your journey towards financial well-being.

Prior to the passage of the Credit Card Act in 2009, card issuers descended on college campuses, handing out free food and souvenirs in exchange for completed credit card applications—and you didn’t need a significant income or even a job to qualify. Not surprisingly, this has left many college students with unmanageable credit card debt. As such, the federal government has created several consumer protection provisions that will protect students from getting a credit card before they are financially ready.

As a result, while there are many student credit cards on the market, it can be difficult for students to get one—at least not without knowing what to look for.

“Credit scores are used to make decisions about just about everything, from mobile phones to apartments to loans,” says Lax Vasudevan, senior vice president of consumer card management at Huntington National Bank.

“So it’s important for college students to start building a solid credit history as early as possible,” she says.

While it’s possible to achieve this goal without credit cards, it’s a good idea to learn how to use them responsibly. Below are steps you can take to improve your chances of getting one.

1. Find out if you’re a good fit

Before you apply for a credit card, make sure you meet the general requirements of the issuer, which usually include:

2. Review your credit report

The information on your credit report is what the three credit bureaus use to calculate your score, so it’s important that it’s accurate.

3. Compare cards

It’s important to review several student credit cards to make sure you choose the one that best suits your spending habits and lifestyle. Here are some things to consider when comparing credit cards:

• Credit card type: What type of credit card best suits your lifestyle and shopping habits? Cashback reward, points or miles? Once you decide, find a card that rewards you for the things you spend the most on, such as groceries or gas.
• Average per annum: Consider the interest rate in case you have to bear the balance. While we recommend that you pay the balance in full every month, life happens and you may end up paying interest on purchases that you can’t afford to pay off right away, so the lower the interest rate, the better.
• additional fee: To find out what additional fees you may be charged, please read the Schumer box, which includes a typical table listing all rates and fees. Many cards come with an annual fee, a foreign transaction fee, and a setup or monthly service fee. Choose the card with the fewest fees to save money.
• Opening proposalA: Some student credit cards offer an introductory offer for new cardholders. The introductory offer includes a refund of cash or money, such as $100, credited to your account. Keep track of the spending requirements to qualify for an offer and its duration. If you do not qualify, you will lose your introductory offer. Spending requirements may vary by card, but you may find a card that only requires a first purchase, such as the Chase Freedom® Student credit card.
• Credit history recommendedA: To qualify for a student credit card, there are issuers that require you to be in a certain range of FICO or VantageScore scores, such as “good” or “excellent.” Find out which one is required and whether your credit history meets these requirements. If you have poor or no credit history, you can still find credit cards that do not require a credit history, such as Chrome Discover it® Student and the Capital One SavorOne Student Cash Rewards credit card.

4. Apply for a card

Once you have decided on the card you want, you can apply for it. The easiest way is to fill out an application online. You may be approved immediately, or you may have to wait for a decision to be mailed. Before applying, make sure you have everything you need:

• Your social security number
• Your monthly housing payment
• Your Contact Details
• All income (including deposits in the general account)

bottom line

The CARD law is an important law that helps protect college students from getting over their heads too easily.

But while student credit cards are now designed specifically for college students, just being in school isn’t enough to get approved.

Once you figure out how to maximize the amount of income you can claim on your application, consider alternative loan products and find a guarantor. You will be more likely to get the right card for you to start building your credit history.

Ben Luthi is a freelance writer specializing in credit cards and personal finance. He is passionate about helping people find clarity about their finances and take actionable steps to improve their lives.