What Are Student Credit Cards?

Student credit cards are starter cards meant specifically for those enrolled in accredited four-year colleges or universities. Compared with other cards designed for first-time card members, student cards generally offer lower fees and interest rates. Also, rewards are often available where very few general starter cards offer those. Card issuers offer these breaks to users who are newbies to managing money, in short, because they want them as potentially valuable long-term customers.

What Do You Need to Apply for a Student Credit Card?

Applicants must be at least 21 years of age or be able to prove they have sufficient independent income to service the account. If someone is under 21 and lacks sufficient income, they must obtain a co-signer who is over the age of 21 (usually a parent or guardian). They also must be enrolled in college.

How Do You Get a Student Credit Card?

Before applying for a student credit card, check your credit. You'll want to make sure you meet eligibility requirements. Next, compare cards to make sure you get the best rates and take advantage of rewards and perks. Once you've found the card that's right for you, check the eligibility requirements to make sure you qualify. If you're under 21, you'll need to ask a parent or guardian to co-sign for you. And then you're ready to submit your application.

How Do You Improve Your Chances of Being Approved for a Student Credit Card?

If you want to improve your odds of being approved for a student credit card, get a part-time job. Having an income source will show that you can take on responsibility for your debt and repay your balances. Also, make sure you pay all of your bills on time. This will help your credit score and make you more appealing to lenders. Finally, ask a relative to co-sign for you. This will add a layer of security to your application.

Can Tuition Be Paid With a Student Credit Card?

Some colleges and universities accept credit cards for tuition payments, but the institution will impose a charge for the merchant interchange (also known as the card-swipe fee) in the form of a “convenience fee.” This is usually an expense of 2%-3% of the tuition charge. Another disadvantage of putting tuition on a card is that the hefty charges would likely max out your credit line. That could leave you with little leeway for other purchases and might even impair your credit score by increasing your credit utilization. Plus you might not be able to pay off a massive tuition charge in time to avoid paying interest, which even for a month could be substantial.

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Frequently Asked Questions

What Are Student Credit Cards?

Student credit cards are starter cards meant specifically for those enrolled in accredited four-year colleges or universities. Compared with other cards designed for first-time card members, student cards generally offer lower fees and interest rates. Also, rewards are often available where very few general starter cards offer those. Card issuers offer these breaks to users who are newbies to managing money, in short, because they want them as potentially valuable long-term customers.
What Do You Need to Apply for a Student Credit Card?

Applicants must be at least 21 years of age or be able to prove they have sufficient independent income to service the account. If someone is under 21 and lacks sufficient income, they must obtain a co-signer who is over the age of 21 (usually a parent or guardian). They also must be enrolled in college.

Learn More: How to Get a Student Credit Card
How Do You Get a Student Credit Card?

Before applying for a student credit card, check your credit. You'll want to make sure you meet eligibility requirements. Next, compare cards to make sure you get the best rates and take advantage of rewards and perks. Once you've found the card that's right for you, check the eligibility requirements to make sure you qualify. If you're under 21, you'll need to ask a parent or guardian to co-sign for you. And then you're ready to submit your application.

Learn More: How to Get a Student Credit Card
How Do You Improve Your Chances of Being Approved for a Student Credit Card?

If you want to improve your odds of being approved for a student credit card, get a part-time job. Having an income source will show that you can take on responsibility for your debt and repay your balances. Also, make sure you pay all of your bills on time. This will help your credit score and make you more appealing to lenders. Finally, ask a relative to co-sign for you. This will add a layer of security to your application.

Learn More: How to Get a Student Credit Card
Can Tuition Be Paid With a Student Credit Card?

Some colleges and universities accept credit cards for tuition payments, but the institution will impose a charge for the merchant interchange (also known as the card-swipe fee) in the form of a “convenience fee.” This is usually an expense of 2%-3% of the tuition charge. Another disadvantage of putting tuition on a card is that the hefty charges would likely max out your credit line. That could leave you with little leeway for other purchases and might even impair your credit score by increasing your credit utilization. Plus you might not be able to pay off a
massive tuition charge in time to avoid paying interest, which even for a month could be substantial.

Key Terms

Student Credit Card

A student credit card is a credit card targeted toward students at accredited four-year colleges and universities. They typically have lower fees and interest rates to help younger people build their credit.

How to Get a Student Credit Card
Co-Applicant

A co-applicant is an additional person considered in the underwriting and approval of a loan or other type of application. Applying for a loan with a co-applicant can help to improve the chances of loan approval and also provide for more favorable loan terms.

Co-Applicant
Annual Percentage Rate (APR)

Annual percentage rate (APR) refers to the yearly interest generated by a sum that's charged to borrowers or paid to investors. APR is expressed as a percentage that represents the actual yearly cost of funds over the term of a loan or income earned on an investment. This includes any fees or additional costs associated with the transaction but does not take compounding into account. The APR provides consumers with a bottom-line number they can compare among lenders, credit cards, or investment products.

Annual Percentage Rate (APR)
Credit Score

A credit score is a number between 300 and 850 that depicts a consumer's creditworthiness. The higher the score, the better a borrower looks to potential lenders. A credit score is based on credit history: number of open accounts, total levels of debt, and repayment history, and other factors. Lenders use credit scores to evaluate the probability that an individual will repay loans in a timely manner.

Credit Score
Credit History

Your credit history is a measure of your ability to repay debts and demonstrated responsibility in repaying them. It is recorded in your credit report, which details the number and types of your credit accounts, how long each account has been open, amounts owed, the amount of available credit used, whether bills are paid on time, and the number of recent credit inquiries.

Credit History
Credit Report

A credit report is a detailed breakdown of your credit history prepared by a credit bureau. Credit bureaus collect financial information about you and create credit reports based on that information, and lenders use the reports along with other details to determine your creditworthiness.

Credit Report
Creditworthiness

Creditworthiness is how a lender determines that you will default on your debt obligations, or how worthy you are to receive new credit. Your creditworthiness is what creditors look at before they approve any new credit to you.

Creditworthiness
Debt

Debt is something, usually money, borrowed by one party from another. Debt is used by many corporations and individuals to make large purchases they could not afford under normal circumstances. A debt arrangement gives the borrowing party permission to borrow money under the condition that it is to be paid back at a later date, usually with interest.

Debt