Best credit cards for student
CardRatings editors break down the top student cards in multiple categories.
See best cardsFrequently Asked Questions
Do you need a proof of income for student credit cards?
Yes, when applying for a student credit card, most issuers will require some form of proof of income or financial ability to repay any credit extended. However, the income requirements for student credit cards are typically lower compared to other types of credit cards.
Students may not have a regular income from employment, but credit card issuers understand this and often consider various sources of income when evaluating applications. Common sources of income for students may include:
- Part-time employment
- Scholarships or grants
- Allowances or financial support
- Savings or investments
It's important to note that having a source of income is not only a requirement but also a responsible practice, as it ensures that you can manage your credit responsibly and make timely payments. When applying for a student credit card, be prepared to provide information about your income, and the credit card issuer will assess your application based on various factors, including your ability to handle credit responsibly.
Do student loans count as income for student credit cards?
No, student loans are generally not considered income when applying for a student credit card. When credit card issuers evaluate your application, they typically look for regular and stable sources of income that demonstrate your ability to repay any credit extended.
Student loans are a form of borrowed funds, and they are expected to be used for educational expenses, not as a source of income. Issuers are more interested in sources of income that reflect your ability to make regular payments on the credit card.
When applying for a student credit card, you may need to provide information about any part-time employment, scholarships, grants, allowances, or financial support from parents or guardians as your sources of income. It's essential to be honest and accurate about your financial situation when applying for a credit card, and relying on student loans as income is generally not advisable.
Do student credit cards expire after graduation?
No, student credit cards typically do not automatically expire after graduation. However, there are some considerations to keep in mind:
- Student status. Student credit cards are designed for individuals who are currently students, and issuers often extend these cards to individuals with limited credit histories. After graduation, you may no longer meet the criteria for a student credit card.
- Credit limit and terms. The terms and conditions of your student credit card may change after graduation. Your credit limit, interest rates, and other terms could be adjusted based on your financial situation and credit history at that time.
- Upgrading or transitioning. Some credit card issuers may offer the option to transition from a student credit card to a standard credit card with different features and rewards. This could involve a change in your card's terms and conditions.
- Application for a new card. After graduation, you may be eligible for other credit cards that cater to individuals with more established credit histories. You might choose to apply for a new credit card that better suits your post-graduation needs.
It's essential to stay informed about the terms of your credit card and to contact your credit card issuer to discuss any changes or potential transitions after graduation. Additionally, practicing responsible credit behavior, such as making timely payments and managing credit responsibly, can contribute to a positive credit history, potentially opening up opportunities for different credit cards as your financial situation evolves.
What credit score is needed for a student credit card?
Student credit cards are designed for individuals with limited or no credit history, and they often have more relaxed eligibility requirements compared to other credit cards. Generally, a good credit score is not required to qualify for a student credit card. Many issuers understand that students are building their credit for the first time, so they may consider factors beyond just the credit score.