If you plan to travel internationally, make sure you have a backup plan. Whats the difference between APR, APY and my interest rate? So you could turn $50 cash back into $100. The Bank of America Travel Rewards credit card for Students charges no foreign transaction fees and would be widely accepted by most international merchants that accept credit cards but goes even farther to offer several benefits aimed toward students traveling abroad. All Rights Reserved. Since 2004, CreditCards.com has worked to break down the barriers that stand between you and your perfect credit card. No limit to the amount of cash back you can earn and cash rewards dont expire. We use data-driven methodologies to evaluate financial products and companies, so all are measured equally. If your primary concern is the convenience of paying with a card rather than cash or checks, a prepaid debit card can be a suitable alternative. 0. Getting hired: Depending on your profession, you might need good credit to pass an employment screening. 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). These cards require you to put down a cash deposit as collateral. These cards require a security deposit, which is usually equal to your credit limit. The Credit CARD Act of 2009 stipulates credit cards cannot be issued to anyone under 21 unless a parent or guardian co-signs or the student has independent income. For cards issued by Bank of America, you're allowed to include money from scholarships, grants, and financial aid that you have remaining after you cover your direct education expenses, according to a bank representative. Some of the best cards for those new to credit are, without a doubt, student credit card offers. Other Benefits and Drawbacks: With no foreign transaction fees and access to Capital One Travel, the Capital One SavorOne Student also offers extended warranty benefits, complimentary concierge service and more. 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. When you apply for a new credit card, your credit score plays a large role in whether or not the bank approves you. This information may be different than what you see when you visit a financial institution, service provider or specific products site. When youre applying for a student credit card, its difficult to know all of the questions to ask upfront. With this card, too, Discover says there is no FICO history requirement. However, there are special rules that apply to credit card applicants under age 21. Get the most out of your credit card. Many issuers allow students to graduate an account to a non-student version without losing the accounts payment history. Learn more with our comparison tool and apply online for a Bank of America credit card for students today. Application Requirements What do I need to apply for a Discover Card? Applicants with limited credit or better can get approved, and those without an SSN can use an ITIN instead. (A co-signer is someone who agrees to pay your bill if you dont.) If you cant pay your full balance, pay more than the minimum. The rewards on this card match those on the Discover it Student chrome: 2% cash back on up to $1,000 worth of spending per quarter on restaurants and gas, and 1% on all other spending. Learn how to calculate your debt-to-income ratio and why lenders use it. To get the best possible experience please use the latest version of Chrome, Firefox, Safari, or Microsoft Edge to view this website. Be sure not to confuse foreign transaction fees with currency conversion fees. Its free, activate with the mobile app. Youll generally need access to income, and if you have shaky credit or no credit history at all, you may find it hard to get approved. Your financial situation is unique and the products and services we review may not be right for your circumstances. Once you've been approved for a credit card, youre ready to get to work building credit. Our editors are committed to bringing you unbiased ratings and information. Some banks or credit card companies may confirm your enrollment in an eligible school through the National Clearing House. The card earns 1.5% cash back on all purchases, and the annual fee is $0. Use your card to book your trip how and where you want youre not limited to specific websites with blackout dates or restrictions. Automatic reviews starting at 7 months to see if we can transition you to an unsecured line of credit and return your deposit. Check Now Cash Back Credit Card Student credit cards are designed for people with little or no credit history. Note that the Credit CARD Act of 2009 stipulates credit cards cannot be issued to anyone under 21 unless a parent or guardian co-signs for them or they have independent income. Learn about credit scores. Information provided on Forbes Advisor is for educational purposes only. Read our review. Pre-qualified offers are not binding. Read our review. Do you have to be a student to get a student credit card? Do I need a job to get a student credit card? This is just one scoring method and a credit card issuer may use another method when considering your application. The CARD Act states that anyone under 21 years old must prove they have a sufficient source of income or get a co-signer. Early Spend Bonus: Earn $50 when you spend $100 in the first three months. Editorial Note: We earn a commission from partner links on Forbes Advisor. If you're under 21 and can't qualify on your own: Have a parent add you as an authorized user on one of their cards. Foreign transaction fees range between 2% and 5% depending on the card and issuer, but many travel-oriented cards forgo these fees entirely. Setting up utilities. Different credit cards will have different minimum . Student credit cards generally don't offer the same rewards and perks as regular credit cards. The Forbes Advisor editorial team is independent and objective. Obtain relevant proof of your personal income or assets. 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. These may include: Once the application has been filled out, your application may be approved immediately and youll see your physical card sent by mail or you may have to wait up to a month for a decision. Federal law limits who can get credit cards under age 21. Plus, as a Preferred Rewards member, you enjoy real benefits and rewards on your everyday Bank of America banking and Merrill investment accounts. Besides, collection agencies may be able to use court orders to take your money, but a good education is something no one can take from you. When you have little or no credit history, consider whether a student credit card has this requirement. We apologize for the inconvenience. It may be easy to ask, will the rewards or benefits of this card pay for the fee? but the question you should ask is, will the rewards and benefits of the card pay for the annual fee and bring me more value than the best no-annual-fee option for me?. If your application is approved, congratulations. Our opinions are our own. Capital One Quicksilver Student Cash Rewards Credit Card. Answer a few quick questions to see what offers are waiting for you. Age: The minimum age you must be to get a credit card is usually 18 years old since that's typically when you're able to enter a contract; although, it can be easier to qualify for a credit card after your 21st birthday. Use a simple "autopay and everyday" strategy to keep your account active with one purchase or several throughout the year. Youll get more value if you choose a card whose rewards align with your spending. The easiest way is to fill out the application online. 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. Low Intro APR Balance Transfer Credit Cards, Interstitial Link: language-change | Placeholder - hidden, Credit Cards with No Foreign TransactionFees. Earn unlimited 3% cash back on dining, entertainment, popular streaming services and at grocery stores (excluding superstores like Walmart and Target), with 1% on all other purchases, Early Spend Bonus: Earn $50 when you spend $100 in the first three months, Earn 10% cash back on purchases made through Uber & Uber Eats, plus complimentary Uber One membership statement credits through 11/14/2024, Enjoy peace of mind with $0 Fraud Liability so that you won't be responsible for unauthorized charges, Enjoy no annual fee, foreign transaction fees, or hidden fees, Lock your card in the Capital One Mobile app if it's misplaced, lost or stolen, Earn up to $500 a year by referring friends and family when they're approved for a Capital One credit card, Earn 8% cash back on entertainment purchases when you book through the Capital One Entertainment portal, Build your credit with responsible card use, Whether you're at a 4-year university, community college or other higher education institution, this card might be an option for you. 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. You should never miss a minimum payment and dont spend more than you can afford to pay off at the end of the month. The credit card application process breaks down into a few basic steps: 1. A hammer can pound a nail if used properly, but can also smash your thumb if you mishandle it. However, they can list any income to which they have reasonable expectation of access.. Student credit cards are known for offering little to no rewards and low credit limits. You get a card with your name on it, but the primary cardholder is legally responsible for paying the bill. 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. 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. Disclaimer: NerdWallet strives to keep its information accurate and up to date. Click through to Discovers website to see terms and conditions. If you dream of starting a business or want to keep the door open to this possibility, a good credit score can keep interest rates affordable. Read our review. A dedicated team of CreditCards.com editors oversees the automated content production process from ideation to publication. Note - you cannot apply for a credit card over the phone if you're under 21. If for some reason your application for a student card is denied or you feel you are not yet ready to open a student credit card account, there are a few other options that may provide similar benefits and financial freedom. But while student credit cards today are designed specifically with college students in mind, being in school isnt enough to get approved. The quarterly bonus categories may or may not fit how you spend, meaning you might not maximize your earning potential every single quarter. With solid-for-a-student-card rewards rate and a great low introductory APR on purchases and balance transfers, the Bank of America Unlimited Cash Rewards credit card for Students makes for a strong offering. Privacy Policy. Earn 10% cash back on purchases made through Uber & Uber Eats through 11/14/2024, unlimited 3% cash back on dining,Read More. They are meant to ease new borrowers into responsibly using and managing small amounts of credit. Apply Now 5% cash back at places you love to shop Students earn 5% cash back on everyday purchases during the school year (and all year long) at different places each quarter, such as Amazon.com 7 Grocery stores Restaurants Gas stations up to the quarterly maximum when you activate. 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. It requires good credit, however, which can be a significant barrier to those just starting out with credit. When researching a student credit card, the best student credit cards may have some of the following features and benefits: A student credit card could help college students make convenient purchases and establish credit. It can be more affordable than coming up with a deposit for a secured credit card. Submit your application with all the necessary documents. Simplicity makes the Discover it Student chrome a standout for students searching for their first credit card. When handled responsibly, a credit card can help you build your credit history, which could be helpful when looking for an apartment, a car loan, and even a job. Weve compiled some important considerations to help you pick the best credit card for you. How do I actually apply for a credit card? Without an annual fee, you can keep your original credit card open to keep the length of your credit history and benefit your credit score. Student credit cards are not the only option for building credit and expanding financial freedom while enrolled, but often provide a more financially rewarding and beneficial option over alternatives. The Capital One Quicksilver Student Cash Rewards Credit Card gets high marks for cards in its class, thanks to its $0 annual fee and its no-fuss rewards rate: 1.5% cash back on all purchases. 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. Here is a list of our partners. We strive to provide you with information about products and services you might find interesting and useful. As a beginner to credit, its important to practice healthy habits in order to avoid debt. Offer subject to change. Depending on the issuer, applying for a credit card online may be the quickest and easiest option. Check the card's terms and conditions on the issuer's website for application eligibility. See more These issuers use alternative methods to evaluate applications looking at income, employment status and assets rather than credit history, for example. Some credit card issuers may even verify that you're enrolled at a college or university. Some of our selections for the best college student credit cards can be applied for through NerdWallet, and some cannot. If approved, wait 5-7 business days to receive your new card in the mail. Student status might (or might not) matter. However, a different card might provide better rewards or a lower interest rate. Most credit card applications require a SSN, or at least an ITIN in lieu of a SSN. Preferred Rewards members earn 25%-75% more points on every purchase. Travel benefits may be another consideration. Follow these steps. Before applying, carefully consider your options. Its easy to fill out a credit card application.
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