Things you must know about student credit cards

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

Things you must know about student credit cards


Updated: December 26, 2012

The content is accurate at the time of publication and is subject to change.

When you are a student, the main problem is that you will not have a credit history. In order to get a loan or credit card you need a credit record or credit history. Only when you have such a record can you get anything from a bank. Even getting a student loan requires that you have a credit record and for this it is always better to have someone co-signed for you.

You will also find that it is problematic to rent an apartment or get a cell phone. This is the reason why you need to build a credit record. You can build a good credit history by making regular payments diligently.

In order to build a credit history, you need to get a credit card. In order to get a credit card, you will first have to have a bank account. You will also require a social security number or SSN. Once you open a bank account, you need to let it stay open for quite some time in order to be able to qualify for a credit card. When you apply for a credit card, make sure you do so with a bank that is sure to give you one. The more credit cards you apply for, and the more rejections you get, your credit history will be affected negatively.

Start out by comparing various offers that are on the market. Many cards are available that do not require a minimum balance. The thing with these cards is that you need to deposit a certain amount in the bank and you will get a withdrawal limit equal to that amount. Obviously there will be a minimum deposit requirement. And once you start purchasing items with the card and making regular payments, your credit history will start getting recorded. The longer your credit record is the better your financial future will be.

Apply for cards that have a lot of reward programs associated with it. You can also use the card to pay your tuition and when the time comes to pay it off, you can use the money from your loan. This way, you can build your reward points and also the credit record.

Disclaimer: This editorial content is not provided or commissioned by the credit card issuer(s). Opinions expressed here are the author's alone, not those of the credit card issuer(s), and have not been reviewed, approved or otherwise endorsed by the credit card issuer(s). Reasonable efforts are made to present accurate information, however all information is presented without warranty. Consult a card's issuing bank for the terms & conditions.
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.
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