A student credit card is the first step into the world of personal finance. If you are a freshman in college, you probably have many questions on how to apply for a credit card and whether it is the right decision. Well, you have come to the right place! This piece takes a look at student credit cards, including the minimum requirements to get approved.
Benefits of a Student Credit Card
If used responsibly, a student credit card can help build an impressive credit history that will benefit you later in life. When it comes to building excellent credit, starting young and early is the secret to success. Typically, it may take up to seven years to develop a credit score that is considered ideal. Other benefits to owning a student credit card include rewards, protection, and cashback on purchases.
What is the Difference Between a Student Credit Card and Other Credit Cards?
Student credit cards are specifically designed to offer financial solutions that meet students’ needs. Although the card works the same way as other credit cards, it carries lower credit limits that allow for higher approval rates.
What Are the Student Credit Card Requirements?
Although student credit cards receive higher approval rates, you still have to meet the following conditions before you get your approval:
- You must be a student aged 18 years or older.
- You must be a US citizen or resident with a social security number.
- You should provide proof of a documentable income or a part-time job.
- You should not have existing bad credit.
- If you made some bad credit mistakes in the past, don’t expect approval.
Can I Upgrade to a Credit Card When I Graduate?
Yes. However, you must have used your student credit card responsibly and paid the loan on time every month in order to upgrade. Many banks will give you a chance to increase your credit limit after three to 12 months if you use it responsibly.
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