Credit cards for college students

Credit can play a major role in your financial future. And using a credit card responsibly is one way to help build good credit. But as a college student, you may not have the credit history required for some credit cards.

That’s where credit cards for college students come in. They’re designed for students with little to no credit history. And some, like the Capital One Savor Student and Quicksilver Student cards, even offer rewards. Here’s what to look for in a student credit card and how to choose the one that’s right for you.

What you’ll learn:

• Student cards are often easier to get approved for than traditional cards and may include rewards with no annual fee.

• Capital One has two student rewards credit cards: Savor Student and Quicksilver Student.

• Comparing card features, interest rates and terms may help you determine whether a student credit card is right for you.

• To apply for a student credit card, you might have to show you’re enrolled in a college or university.

The benefits offered by student credit cards can vary. But generally speaking, credit cards for college students may come with advantages like:

• More flexible approval requirements: Student credit cards are designed to accommodate applicants with little or no credit history. But there may also be age and income requirements. Issuers can’t open accounts for people younger than 21 unless they can show proof of income.

• Credit-building opportunity: One of the biggest advantages of a student credit card is that you can build good credit. But that’s only possible if you’re using the card responsibly by doing things like making on-time payments and not overspending.

• No annual fees: Many student credit cards don’t have an annual fee.

• Lower credit limits: Student cards tend to have lower credit limits than standard credit cards. This can be helpful for college students, as it enables them to start practicing good financial habits while avoiding overspending.

• Rewards: Some student cards offer cash back rewards, sometimes with no limit on how much can be earned.

Capital One offers two student credit cards: the Savor Student credit card and the Quicksilver Student credit card.

Here’s a look at how their other benefits compare:

A student credit card may be your first credit card. So here are some important card features to know about and compare:

• Annual percentage rate (APR): APR represents the annual cost of borrowing money—including interest rates and fees. When comparing student cards, look at the APRs offered and how long they last. By paying off your balance each month in full, you could avoid being charged interest.

• Fees: Check whether there are any fees, such as annual fees or late fees, associated with the card. Some cards don’t charge foreign transaction fees, which is helpful if you’re heading abroad for a semester or the summer.

• Rewards: Some student cards offer rewards. Understanding how they work and what purchases qualify can help you decide which card is right for you.

• Credit limits: It’s important to know your card’s credit limit and make sure your balance doesn’t exceed it. By using the card responsibly over time, you may eventually qualify for a credit limit increase. 

• Unauthorized charge coverage: Some card issuers have policies like $0 liability for unauthorized charges if your card is lost or stolen.

Applying for a credit card generally works the same whether you’re a student or not. Here are some steps you might take:

You may not think you have a credit history, but the Consumer Financial Protection Bureau (CFPB) says it’s worth checking anyway. That way, you can be more informed about what’s in your credit reports. And knowing where your credit stands may give you a better idea of which card options you may have the best chances of being approved for.

CreditWise from Capital One gives you free access to your credit report and score anytime. Using it won’t hurt your credit scores, and you don’t need to be a customer to use it. You can also get free copies of your credit reports from all three major credit bureaus by visiting AnnualCreditReport.com.

Application requirements might vary. But you typically need to provide information like: 

• Address
• Date of birth 
• Employment or income details
• Proof of enrollment at a college or university
• Social Security number (SSN) or individual taxpayer identification number (ITIN)

The pre-approval process can tell you whether you’ve met the initial criteria required to become a cardholder. It can also help you avoid unnecessary hard inquiries, which can hurt your credit scores.

You can typically apply for a credit card in person, by mail, by phone or online. The online process is often the quickest and most convenient.

After submitting an application, you could get a decision from the card issuer within seconds. You might also receive a pending decision, which means the issuer may need additional information before approval. Once approved, you can typically expect your new card within one to two weeks.

If you don’t meet the requirements to get a college student credit card, there are alternatives you can consider, like:

You can access credit by becoming an authorized user on a parent’s or close friend’s credit card account. As an authorized user, you could get your own card, but the primary cardholder is responsible for handling payments. 

The authorized user may see positive effects on their credit if both they and the primary cardholder use the card responsibly. That means doing things like making monthly payments on time and keeping balances low.

A secured credit card may be another option if you aren’t eligible for a student card. Secured cards require a security deposit, which could make them easier to qualify for.

With responsible use, a secured card can help you build credit. Once you’ve demonstrated positive financial habits, you may be ready to apply for an unsecured credit card.

Building good credit takes time and responsible use. So for many students, it makes sense to start early. Choosing a card and learning how to be a responsible cardholder can serve you well after you graduate and set out into the world. 

Ready to get started?

• See whether you’re pre-approved for a student credit card without harming your credit scores.

• Explore student rewards credit cards you can use to build credit with responsible use.

• Earn cash back on food and fun with the Savor Student card. 

• Earn unlimited 1.5% cash back on every purchase, every day, with the Quicksilver Student card.