What Is a Student Credit Card (And How to Get One)

What Is a Student Credit Card (And How to Get One)

It’s no secret that college is expensive. If you plan to attend a private university, you’ll be shelling out an average of $36,801 a year for tuition alone. You’ll save a lot by attending a public university, but you’ll still spend an average of $10,116 a year.

And these costs don’t take into account paying for room and board, textbooks, food, and other expenses.

Whether you need a way to pay some of these expenses, or you’re looking to start creating a successful financial future for yourself before graduation, you might be thinking about getting your first credit card. Unfortunately, most standard cards are out of reach for those without a credit history.

That’s where student credit cards come in. Keep reading to learn “what is a student credit card,” and how you can get one.

What is a Student Credit Card?

When you apply for most credit cards, the bank or credit union usually performs a credit check. They use that check to decide whether or not you’ve been trustworthy in the past. This helps them better determine whether you’re likely to pay back any credit you put on your card.

But when you’ve never had a credit card, you’ve also never had a credit history. This can make it very difficult for lenders to properly determine whether they can trust you or not. Without being able to determine what potential risk you may pose, they’ll be unable to offer you their credit card.

Student credit cards are designed for students with little or no credit history. Because of this, they make it possible for young adults to get a credit card and finally start building credit.

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How Do You Get a Student Credit Card?

Many of the same lenders that offer the most popular credit cards on the market also offer their own version of a student credit card.

You can easily check out your credit card options with a quick Google search. Or, if you already have a checking account and/or a debit card with a bank, ask whether or not they offer a student credit card.

You’ll still need to fill out a credit card application, just as with a traditional credit card. You’ll need to be at least 18 years old to qualify.

If you are between the ages of 18 and 21, you’ll either need to provide proof that you can pay back your credit with your own income. You’ll need a paystub to do this; check out this link for more information on how to obtain one.

If you can’t prove this, you may need to get a co-signer to get a credit card, even if it is one designed for students.

Building Good Credit and Preparing for a Strong Financial Future

Now that you know the answer to “what is a student credit card,” it’s time to start applying for your own.

But don’t just stop there. If you want to set yourself up for success and start preparing for a strong financial future, check out our blog for more financial tips and advice.