Best Credit Cards For Students (Top Ten)

Pros and cons of student credit cards

Pros

• Less strict credit requirements— Student credit cards are designed for those who are just starting out, so a lack of credit history is less likely to prevent you from approval.
• Student-centric rewards—While some credit cards with lower credit requirements are lacking in the rewards department, plenty of student cards offer cash back or points in popular student spending categories.
• Specialized benefits—Student credit cards often feature perks designed to appeal to credit beginners, like lenient late fee policies, automatic review for a credit line increase, and credit education tools.
• Low cost—Many students want to avoid credit cards that cost money to carry. Luckily, many of the top student credit cards are free of annual fees.

Cons

• Less robust rewards programs—While plenty of student credit cards offer modest rewards, the highest-earning rewards cards generally require good-to-excellent credit.
• Potential for high interest rates—In general, lower credit requirements tend to mean higher interest rates.
• Lower credit limits—Students are often considered a higher-risk borrower for lenders and these lenders may offer lower credit limits until student borrowers prove creditworthiness with responsible card use.
• Borrowed funds—Remember that money on a credit card is borrowed and must be repaid, so it’s important to carefully monitor credit card spending.

Alternatives to student credit cards

A starter credit card is one of the best ways to build your credit. Starter cards geared towards students can be difficult for someone not enrolled in school to obtain.

They also typically require you to show proof of independent income or require a co-signer if you’re under 21. If you’re searching for a way to build your credit with a lower barrier to entry, secured debit cards provide a good alternative.

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The best secured credit cards have much more lenient requirements (they often don’t require people applying to have a credit score at all) than the typical student card.

This means students looking to get a credit-building card will have a much easier time, so long as they can afford to put down the security deposit.

How to apply for a student credit card

If you’ve picked out the credit card that best suits your student lifestyle, then the next step is to get it. When you’re ready, here’s how to apply for a student credit card.

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1. Check your credit score. If you’ve never had a credit card and you currently have no loans or steady income, your best option for getting your own credit card account is to become an authorized user on a pre-existing account. If you already have a credit history, it’s important to know what your score is. Determining your credit score will let you know which cards you are likely to be approved for.
2. Go to the issuer’s website and find the card’s application. Once you know what card you like, simply head to the issuer’s website and find the application for that card. You may have to create an account before you can start the application.
3. Fill out the application. Once you’ve completed your thorough research on what card works best for your needs, fill out the application with your name, address, identifying information and more. Be sure to have all of your application information ready before getting started.
4. Receive the application decision. Once you submit your application, you will receive a decision on whether you are approved or denied for your credit card. Sometimes issuers will send out an instant decision or it may take a few days. If your application is denied, the issuer is legally required to send a letter explaining the denial.
5. Have your budget and repayment plan ready. Responsible credit use starts with a stable budget and a concrete plan to repay what you spend. Make note of your payment due date and your minimum payment amount so you can always pay on time.