Accordingly, they tend to tightly restrict how much their student customers can spend on their cards. What’s the Spending Limit on a Student Credit Card?Ĭredit card issuers know that, on average, college students have less money than older people with full-time jobs. Then, you need to keep up your end of the bargain by making in-full, on-time payments. If you’re keen on building credit quickly, you need to look for cards that report timely payments to one or more (ideally all three) consumer credit reporting bureaus. Therefore, the single most important reason for students to apply for credit cards is to build a positive credit history. Accordingly, their credit histories are often thin or nonexistent. Most college students have limited experience with credit cards and other forms of credit. That way, the credit card issuer can fall back on their financial firepower if you stop making payments. As long as you’re a U.S.-based student on track to earn your degree, you can probably find a card that’ll accept you.Īnd if not, consider asking a parent or older sibling to cosign your application. Many student credit cards don’t even require you to have a credit score. While you’re hopefully not actually going without regular meals as you work and study your way through school, you probably don’t have as much disposable income as you’d like.īut don’t worry - you don’t need much income to qualify for a student credit card. You’ve heard all the clichés about starving students. How Do You Qualify for a Student Credit Card? These are some of the most common questions that come up during the process. Where possible, we look for cards that cut students breaks on other fees - particularly foreign transaction fees, which put students studying abroad at a disadvantage.Ĭhoosing a student credit card isn’t as simple as it might seem. Most of the cards on this list don’t charge annual fees, which is good news for frugal students. We just urge students to understand what they’re getting into. That said, we do include a couple of secured cards on this list because they excel in other ways and because they’re easier to qualify for than some pickier unsecured cards. That ensures student users don’t have to tie up cash for months or years at a time. Most of the student credit cards on this list are unsecured, meaning they don’t require a security deposit as a condition of approval. Those are the ones we like - though not offering a return on spending is not necessarily a dealbreaker for us. Those are for grown-up credit cards, they say.īut some do reward users for everyday purchases. Many student credit cards don’t have rewards programs. Because let’s face it, school is expensive.
We prefer cards that let you charge up to $5,000 (or more) without going overlimit. That said, some next-generation cards have impressively high spending limits, at least by the category’s standards.
Accordingly, most student credit cards have low spending limits - students just aren’t a wealthy, well-qualified bunch. Your credit card’s spending limit is a function of your income, your credit score, and your perceived ability to repay. But we do our best to uncover products that aren’t overly strict. Most of the cards on this list fit that bill. They’re more like traditional credit cards in the sense that you need a good credit score and decent income to pass underwriting.Īnd some fall in the middle. Some student credit cards are very easy to qualify for. Most relate in some way to these cards’ overall value - how well they reward cardholders while helping them build credit and make the leap to post-college life. We use several key factors to assess student credit cards and build this list. Read the Review Methodology: How We Choose the Best Student Credit Cards
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