Things you need to know about student credit cards

Advertising Disclosure

Credit-Land.com is an independent, advertising-supported web site. Credit-Land.com receives compensation from many credit card issuers whose offers appear on our site. Compensation from our advertising partners impacts how and where their products appear on our site, including, for example, the order in which they may appear within review lists. Credit-Land.com has not reviewed all available credit card offers in the marketplace.

Credit Card Applications » Research » Guides » Building Credit History » Things you need to know about student credit cards

Things you need to know about student credit cards


Updated: December 26, 2012

Add to Favorites:

There was a time when student credit cards were amongst the easiest to obtain. In fact for a lot of students, it was the best way of starting the process of building a credit history. Credit card companies would often promote the student credit cards within college campus. However, the new credit card reforms have brought a lot of changes to the way student credit cards can be given out. Here are things to know about student credit cards.

Age restriction

A lot of students who are looking to benefit from a shiny card in their wallet will have to think again because there are some age related restrictions on the credit cards. Prior to the CARD Act, credit card companies used to send pre-screened credit cards to students by mails. These cards could then be used almost immediately by the students thus eliminating the lengthy and tiresome credit card approval process. But the new rules have put an end to all those promotional tactics. In fact credit card companies might not directly promote their credit card within the campuses anymore. Most importantly there is age restriction on the credit cards. Those who are below 21 years of age will not be provided with a credit card unless a co-signor signs along with the student. This would be either parents of the student or guardian. But this definitely eliminates the possibility of students owning credit cards without the knowledge of their parents or guardians. Students who have an income and can prove it can still get the credit cards without the co-signor, but this is generally a rare scenario.

Co-signor’s credit history

If a co-signor helps you out to get a credit card, you need to be aware that bad history on your credit card account could reflect in your co-signor’s credit history too. The co-signor is therefore not only responsible for the debt but also for bad credit card practices. This is all the more reason why you should be careful in the way you use the student credit cards.

Using the student credit cards

Student credit cards shouldn’t really be used for unnecessary expenses that you cannot manage to repay. However, these cards are greatly helpful to build a credit history so that you have a good credit rating by the time you leave college and have your own job. You can develop good history by using card for responsible expenses and then paying the bills on time.

All rates and fees, and other terms and conditions of the products mentioned in this article/post are actual as of the last update date but are subject to change. See the current products’ Terms & Conditions on the issuing banks' websites.
Add to Favorites:
Get the latest news, articles and expert advice delivered to your inbox. It's FREE.

Related Research:

How to Subdue Wedding Expenses and Earn up to $1,000 for Honeymoon

How to Subdue Wedding Expenses and Earn up to $1,000 for Honeymoon

Posted: June 21, 2017

Whether you are married or not, we all agree that marriage is incredibly important for a person. It signifies the beginning of two people as a team, as a family, of a long commitment. It is a newly born union and the sign of your choice, ... Continue reading
How To Choose The Best Credit Card For Everyday Spending

How To Choose The Best Credit Card For Everyday Spending

Posted: June 21, 2017

When you reach for your wallet to pay for groceries, gas, dinner out, or any other everyday purchase, are you searching for cash, a debit card, or a credit card? Many people hesitate to charge this type of everyday spending to a credit ... Continue reading
How to Save Money. Best Credit Card Deals and Tips.

How to Save Money. Best Credit Card Deals and Tips.

Posted: June 20, 2017

We all've been through or may find ourselves in such an emergency when money is needed immediately. Lucky you are if you have savings for unexpected expenses. If not, it's never too late to start saving money. There are different ways to ... Continue reading