Student credit cards offer a unique opportunity for college students to access credit, even without an established credit history, setting them apart from regular credit cards with more stringent eligibility criteria.
If you’re not enrolled as a student but have faced challenges obtaining a credit card due to limited credit history, you may wonder if you can still qualify for a student credit card. The answer is yes, in certain scenarios. Although there’s no age limit for student cards, there are specific age requirements and other restrictions that could impact your eligibility. Here’s what you need to understand.
How Do Student Credit Cards Work?
Student credit cards were designed by credit card companies with college students in mind, particularly those without established credit histories. These cards not only offer convenience but also provide a platform for building a solid credit score for future financial endeavors.
Unlike secured credit cards, student cards do not require a security deposit, making them an attractive option for young adults seeking to enter the world of credit.
Student credit cards function similarly to traditional cards: you’re assigned a credit limit by the card issuer, enabling you to make purchases or payments up to that limit. Following each billing cycle, you must make at least the minimum payment. However, if you only pay the minimum amount and not the full balance, interest charges may apply, often exceeding 20% on student cards.
Many credit card companies, such as Bank of America and Discover, offer rewards for using their student credit cards. Rewards can range from cash back, points, to airline miles, providing added benefits for cardholders’ spending.
Who Is Eligible for Student Credit Cards?
Most student credit cards require current enrollment at a two-year or four-year college or university. This eligibility extends to college freshmen, sophomores, juniors, seniors, and graduate students, provided they meet the issuer’s specific requirements.
While eligibility criteria may vary among card issuers, common requirements include age, citizenship, and enrollment status. For instance, Discover mandates applicants to be at least 18 years old or the age of majority in their state, have a U.S. address, possess a Social Security number, and provide proof of enrollment, such as school details or acceptance documentation.
Student Credit Card Enrollment Exceptions
While most companies issuing student credit cards require active college enrollment, there are exceptions to this rule.
For instance, the Journey Student Credit Card by Capital One is targeted at college students but does not mandate ongoing enrollment or submission of college-related information. As long as applicants meet the card’s age and income prerequisites, they can qualify for the card.
Do I Have to Be a Full-Time College Student to Qualify for a Student Card?
While most student credit card issuers require current college enrollment, being a full-time student is not always a prerequisite. Part-time college students can still qualify by providing evidence of their enrollment status, such as expected graduation dates.
Student Credit Card Alternatives
In cases where eligibility for student credit cards is limited, alternative methods exist for building credit.
- Secured credit cards require a security deposit for credit access, aiding in the establishment of a credit history. Regular, non-secured cards may become attainable after successful usage.
- Credit cards tailored for individuals with poor credit offer approval opportunities but often come with high interest rates and fees.
- Retail cards, usable at specific retailers, provide relatively easier approval compared to traditional cards. Responsible use can boost credit scores over time, leading to eligibility for other card types.
