Getting a student credit card can be your first step in building your credit history and cultivating good financial habits. If you’re thinking about getting a student credit card, it’s important to understand who’s eligible for the card and what information you’ll need for your application.
Let's look at what you need to apply for a student credit card, how the application process works and how to tell if you’re ready for your first credit card.
About student credit cards
Student credit cards are designed for college students who are just beginning their credit journey.
Student cards often have lower credit limits than regular credit cards, making them a more manageable option for first-time cardholders. Student cards might come with fewer perks, but are designed to be easier to qualify for, even if you don't have a long credit history.
Whether you need to be a student to qualify for a student card varies by issuer. The application may ask which school you attend, whether you’re a full- or part-time student, and to provide proof of enrollment.
What you need to apply for a student credit card
The application requirements for a student credit card can differ depending on your age. Here’s what you should know:
Applying for a student credit card if you’re 21 or older
To apply for a student credit card, you’ll typically need to provide your legal name, address, Social Security number, which school you attend, proof of enrollment, monthly housing payment, and annual income. Your income shows the card issuer that you will be able to repay your loan. If you’re over 21, you can include your household income, which can include income from anyone you live with, such as a partner or parents.
Applying for a student credit card if you’re 18-20
The process is slightly different if you’re under 21. The CARD Act of 2009 introduced regulations to ensure that younger applicants can’t sign up for credit cards and rack up debt they can't repay. If you’re under 21, you must prove that you have independent income or assets sufficient to cover your credit obligations.
This means that even if you live with your parents or a spouse, you may not include their income on your application. However, in addition to work-related income (such as from your work-study job), things like a regular allowance and certain types of financial aid (any part of scholarships or grants that you receive and can spend directly) can be considered income.
As with any student credit card application, you’ll typically need to provide your full legal name, address, Social Security number, monthly housing payment, information about where you attend school, and proof of enrollment.
What to look for in a student credit card
When choosing a student credit card, it's important to find one that suits your financial needs and habits. Here are a few key features to consider:
- Ability to earn points or miles: Some student credit cards let you earn points or miles for everyday purchases and redeem them for things like cash back, gift cards or travel.
- No or low fees: Many student credit cards have no annual fee, making them a cost-effective option. Review the card’s terms to avoid high fees or hidden charges.
- Building credit: Choose a card that reports to all three major credit bureaus. This ensures that your responsible card use is included in your credit report, helping you build credit over time.
- Introductory offers: Some student cards come with low introductory APR offers or bonuses for spending a certain amount within the first few months. These can be valuable, but be sure to understand the terms and conditions, and make sure you can pay back any amount you spend.
Deciding whether a student credit card is right for you
Before applying for a student credit card, it's important to evaluate whether it's the right financial step for you. Ask yourself if you’re ready to take on the responsibility that comes with managing credit. Consider whether you have the income to pay off your balance each month and avoid getting into debt. If you’re not confident in your ability to use a credit card responsibly, it might be better to wait until you’re ready.
However, if you feel prepared, a student credit card can help you build your credit history, develop positive financial habits and set yourself up for future financial success.
