Making financial decisions as a college student requires you to be confident in knowing what you want and what is best for whichever financial situation you may find your self. In this article, we will help you grow that confidence in making the decision on the credit card type that suits you as a college student and elaborates on several credit cards to help you be aware of your best options.
A credit card for a college student otherwise called a student credit card is a great foundation for establishing and maintaining a good credit history. Although the need to build a good credit may not seem pressing while you still are in college, it becomes very vital down the line especially in terms of financing the buying of a house, a car or even qualify for best credit cards offer. You should also note that your credit can go as far as affecting your job prospects or renting an apartment so it is best to have a good foundation on your credit history early enough moving forward.
Furthermore, you should be aware that simply being a college student may not be sufficient to qualify you to get a student credit card because generally you will need a means of income and if you have no credit history at all or have a shaky credit history you may find it pretty difficult to get approved for a student credit card in which case it is better to consider a secured credit card. These cards usually require a down payment of cash deposit as collateral that protects the issuer of the Credit card in a case where you fail to pay your bills. This, in turn, reduces the risk of you getting credit card approval.
Below are some credit cards to consider as a college student;
- Deserve Edu Student credit card
- The petal cash back Visa card
- Journey student reward from Capital one
- Citi Reward+ Student Card
These are some of the top picks of credit cards a college student should consider because of the benefits and rewards it comes with as this would help you easily build great credit. As earlier mentioned, applying for a credit card as a college student requires more than just simply being a college student is not enough to qualify you for a Credit card.
Your student status may or may not matter so you have to check the terms and conditions of the card on the issuer’s website for application eligibility. Federal law plays a role in this as well because it states that the limits of who can get a credit card is under age 21, therefore, issues are prohibited from giving card to people who are under 21 unless they have proof of access to income or have someone that can sign on behalf of the primary holder who will cover the bill in their stead if unable to pay. However, most major credit cards don’t allow cosigner and this could be a hindrance to getting a card.