Question 1

What is a student credit card?

Accepted Answer

Student credit cards are like traditional credit cards with features and eligibility requirements designed specifically for college students (or students in other types of secondary education). Like a traditional credit card, a student credit card provides a line of credit that you can borrow from up to a set credit limit.

Question 2

How do student credit cards differ from other types of cards?

Accepted Answer

Student credit cards look and function like traditional credit cards, but have a few distinctive features that make them well-suited for students. Student cards may also offer rewards geared toward college students' spending habits. For example, you may earn cash back stocking up on snacks at convenience stores or grabbing lunch off-campus.

Question 3

What's needed to get a student credit card?

Accepted Answer

This information at your fingertips will make it easier to fill out your application when the time comes. Age requirements: Legally, you need to be at least 18 years old to apply for your own credit card. If you're 18, 19, or 20, you have to show that you have adequate independent income to pay back credit card debt. You'll have to provide your birthdate and Social Security number to confirm your age. School enrollment: Credit card issuers generally require you to be a student to qualify for a student credit card. You may have to provide documentation that proves you're enrolled full-time or part-time at a university, college, trade school, or another academic institute, depending on the credit card company. You'll also have to provide your anticipated graduation date. Income: Student credit cards may have less stringent income requirements than standard credit cards. However, you'll still need to show that you have the financial resources necessary to repay your balance. If you're under age 21 when you apply, you have to demonstrate independent, consistent income. That income could come from a full-time or part-time job, freelance work, grants or scholarships (but only any amount left after tuition), or regular allowance from a family member, as long as it's deposited directly into your bank account on a consistent basis. So, if your parents deposit $500 into your account on the 15th of every month, for example, that can count it toward your income. But a one-time $500 birthday gift can't. If you're over age 21, income from your spouse or partner may count toward your overall income and help you qualify for a credit card. Credit history: Generally, a strong credit history can help you qualify for the best credit cards available. But a student credit card is designed specifically for people who are just starting out. Many student cards don't require a credit score or credit history. There's no credit score required to apply for Discover Student credit cards, for example.

Question 4

How to choose the best student credit card for you?

Accepted Answer

If a student credit card seems like a good fit for the current phase in your financial life, you should carefully research your options. Student credit cards may offer a wide range of features and benefits, consider your priorities and your needs. As you compare cards, you may want to keep fees in mind. A card with an annual fee may not be worthwhile if you won't be able to earn enough rewards to offset the cost. You may also look for card features that support responsible credit management, like online banking or mobile banking apps with spend tracking tools. Finally, if you value rewards, you should look for a credit card that offers rewards on your most common purchases. For instance, Discover offers two student credit cards that provide different rewards in various spending categories, allowing you to choose the card that fits your lifestyle best. The Discover It® Student Cash Back card allows you to earn 5% cash back on everyday purchases at different places you shop each quarter, up to the quarterly maximum when you activate. As another option, the Discover It® Student Chrome card allows you to earn 2% Cashback Bonus® at gas stations and restaurants on up to $1,000 in combined purchases each quarter, automatically. Plus earn unlimited 1% cash back on all other purchases.

Question 5

How to use a student credit card responsibly?

Accepted Answer

Once you receive your student credit card, it may be tempting to go on a shopping spree. But it's important to use your card responsibly so you can establish a strong credit score and avoid accruing too much debt. Always pay at least the monthly minimum payment by the due date each month. Late and missed payments may appear on your credit report. You should also try to avoid using too much credit at one time. Spending a big portion of your available credit can hurt your score.

Question 6

What happens to your student card when you graduate?

Accepted Answer

What happens to your student card when your years of hard work pay off and it's time to graduate? The answer depends on your card issuer. Your student card may become a regular credit card with a different set of terms. Or nothing may change at all. You might be able to keep using your card the same way. You may keep your Discover student credit card account open after graduation. But, as with all credit cards, terms are subject to change. If you begin working right after college or have a significant increase in income, be sure to update your information with your card issuer, in case you qualify for a credit line increase.

How to Get a Student Credit Card

Key Takeaways

Did you know?

Should You Get a Secured Card or Student Credit Card?

How Do Student Credit Cards Work?

Credit Cards for Students with No Credit History

Understanding Discover® Student Credit Card Limits