How to successfully apply for a student credit card

Getting a student credit card can be an exciting first step toward building credit. While paying on plastic might give you a sense of financial freedom, it’s important to also understand the responsibilities that come along that freedom.

Before applying, learn the features, benefits and drawbacks of student credit cards.

What is the purpose of a student credit card?

A student credit card can be a useful tool to purchase items. If you pay off your purchases on time and use the card responsibly, a student credit card can also help you cultivate financial discipline and build stronger credit. With better credit, you can eventually graduate to a credit card with stronger rewards.

What factors should I consider when comparing student credit cards?

When comparing student credit cards, consider these factors:

• Fees.
  As a rule of thumb, the more basic the card, the lower the annual fee. As we go up the value chain of credit cards, the annual fees start increasing.
• Interest rates.
  As a student, it’s ideal to look for low or 0% interest rate cards. Some credit cards offer low interest rates for an initial period of 3 to 12 months. After that intro period, you’ll pay the revert rate.
• Extra features.
  If you are planning on traveling in the near future, you can look at cards offering complimentary travel insurance. Also, other features such as purchase protection insurance, lost card insurance and extended warranty insurance can be quite useful.
• Rewards.
  Some card companies provide rewards points or cash back on certain purchases.
• Credit history.
  Student credit cards are typically the first introduction to a line of credit. However, if you’ve used other credit products and have less than perfect credit history, look for secured cards to rebuild your credit.
• Online account management.
  The credit card should have an easy online management system where you can quickly access the expenses, limits, interest rates and also get to know about any new offers.

What information will I need when applying?

The information required differs from bank to bank, but you’ll probably need to provide these details:

• Personal details.
  Full name, date of birth, contact details, email and more.
• Cosigner details.
  This is a person who would act as collateral or insurance, in case you are unable to pay off the debt. This can be your guardian, parent or any family member.
• Student details.
  Information about your university, course, current year and more can be asked. You would also need to provide your student ID details.
• Present financial details.
  Your current income and expense details are required during application. They might also ask about your current income or assets.

Do you have to be a student to get a student credit card?

Generally speaking, student cards are reserved for students. Most require you to input and have confirmation of your student status in order to apply. If you’re not a student but you’re looking for a way to start building credit, consider applying for a card with a cosigner.

How can I apply?

The application process is customized by banks according to their requirements. The general process for applying for a student credit card is:

• Do thorough research.
  The first step should always include thorough research. You can compare the cards on this page to get an idea of various cards’ benefits and features.
• Decide on a card.
  After comparing, you need to pick a card that’s suitable for your needs. You should check the eligibility criteria for the card and make sure you meet the conditions.
• Apply online.
  If you select a card from finder.com, you can click on Go to site on the page. This link will securely redirect you to the online application form. Filling out the form generally takes around 10 minutes. Make sure that all the information is correct and then submit the form to the bank. Most banks will respond within a couple of minutes indicating that they have successfully received the form.
• Wait for approval.
  The final verification of details and other documents can take three to five business days. Once your application is verified, the credit card company will contact you. If you’ve been approved, you should usually expect to receive your card within seven to 10 days.

Our pick for students that are new to credit

Deserve® Edu Card

• Amazon Prime Student on us for a year (Lifetime Value worth $59)
• 1% cash back on all purchases
• Cellphone protection
• Mastercard Platinum benefits
• $0 annual fee
• No international transaction fees
• 20.24% variable APR (Prime + 15.49%)

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Compare student credit cards

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Name	Product	Filter values	Minimum deposit required	Purchase APR	Annual fee	Recommended minimum credit score
Deserve® Edu Card			N/A	18.74% variable	$0	580	Designed for college students to build credit history and earn rewards.	Apply now View details	Compare	loading Fetching your data...
Petal® 1 "No Annual Fee" Visa® Credit Card			N/A	19.99% to 29.49% variable	$0	550	A high-limit no-annual-fee credit card that's ideal for rebuilding scores as low as 550. See if you prequalify with no impact to your credit.	Apply now View details	Compare	loading Fetching your data...
Petal® 2 "Cash Back, No Fees" Visa® Credit Card			N/A	12.99% to 26.99% variable	$0	New to credit	Build your credit with rewards and no fees: Apply if you're new to credit or have a fair to good score of 600 or higher. See if you prequalify with no impact to your score.	Apply now View details	Compare	loading Fetching your data...
Jasper Mastercard®			N/A	15.49% to 24.99% variable	$0	New to credit	A 1% cashback credit card for professionals relocating to America without a US credit history.	Apply now View details	Compare	loading Fetching your data...
Journey® Student Rewards from Capital One®			N/A	22.99% variable	$0	580	Earn 1% cash back on all purchases or get 1.25% cash back for months you pay on time.	View details	Compare	loading Fetching your data...
Citi Rewards+℠ Student Card			N/A	0% intro for the first 7 months (then 14.49% to 24.49% variable)	$0	670	Earn 2,500 bonus points after you spend $500 in purchases with your card within the first 3 months of account opening. All information about this card has been collected independently by Finder.	View details	Compare	loading Fetching your data...
Wells Fargo Cash Back College℠ Card			N/A	0% intro for the first 6 months (then 11.15% to 21.15% variable)	$0	620	Earn 3% back on gas and groceries for the first 6 months. Then earn 1% on those purchases and on everything else.	View details	Compare	loading Fetching your data...
Bank of America® Cash Rewards for Students			N/A	0% intro for the first 12 statement closing dates (then 13.99% to 23.99% variable)	$0	580	Earn $200 after spending $1,000 in the first 90 days from account opening.	View details	Compare	loading Fetching your data...
Discover it® Student Cash Back			N/A	0% intro for the first 6 months (then from 17.99% variable)	$0	580	Earn 5% back in rotating categories each activated quarter up to $1,500, then 1% after that and on all other purchases.	View details	Compare	loading Fetching your data...

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Bottom line

Student credit cards can be a good way for cardholders to kickstart their credit history. Generally, these cards have a lower fee structure because of the limited repayment capacity of the students. If you use the card appropriately, by only making necessary purchases and paying your bills on time, you could start building a good credit history which will benefit you later in life.

As there are many student credit cards on the market, it’s worthwhile to compare your options to find the right student card for you.

Frequently Asked Questions

• I am currently in my second year. Should I use a new student credit card or use an additional card provided on my parents' account?

  You can choose either of the student credit card options available. Having your own card will entail an extra annual fee, if there is any. Supplementary cards on your parents’ account are generally free and would also help in earning any reward points.
  However, having your own credit card will help you learn how to manage your finances independently. It would also help in building credit which can be very useful once you graduate.

• I overspent on my credit card leading to heavy balance amount. What should I do in this case?

  If you have a card where the interest rate is low or zero, you can stick with the card and try and reduce the balance in the next couple of months. If the balance is attracting heavy interest rates of 15% to 20%, you can move to another card using a balance transfer offer. This could give sufficient breathing room of 0% APR interest rate for couple of months during which time you can bring the debt to manageable level.

• What is the ideal limit for the credit card?

  You should keep the credit limit as low as possible. This would deter any unnecessary splurge on expenses and will help keep your balance to a sustainable level.