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Credit Card Applications » Questions » User Questions » Student Credit Cards » Hi Leo. My name is Alex. I am in a bit of a jam. I am trying to go to college and I am still ...

Hi Leo. My name is Alex. I am in a bit of a jam. I am trying to go to college and I am still short of money. I am also trying to enroll in the spring semester which starts in 2 days. What is the limit for the cash rewards card? And if approved how fast can I start making payments?

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Leo Zhu

The credit card limit depends on your annual income and creditworthiness. Usually banks look at an applicant’s credit history to determine the consumer’s creditworthiness. But since you have no credit history the main factor will be your annual income. No one can tell you in advance what decision the bank will make, but the higher your income, the higher your limit will be.

With a cash back rewards card you can get the usual 1% cash back on all purchases and maybe more in particular categories depending on the credit issuer. For example, Discover it credit card for students offers 1% cash back on all purchases and 5% cash back on particular purchases that change every quarter. Also, the card has low APRs and does not charge an annual fee.

If you are approved for a card, it may take a week or more to arrive. As you activate the card it is ready for use. It can take up to 30 business days to get approved and receive your card.

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