Applying for your first credit card can be daunting. There are so many different types of cards to choose from with different benefits and features. It’s important to take your time and find one that can get you on the path to building credit. Your first credit card can be a student card, so let’s analyze that option below.
How to qualify for a student credit card
Many student credit cards can be obtained without any credit history. Being a university or community college-enrolled student will be an important part of your application that gets considered by the card issuer in these cases. Opening or having an open checking account with the card issuer is another factor that may improve your chances of being approved.
Some students may have started building their credit in high school by being added as authorized users to their parent’s or guardian’s credit cards. Other students begin their credit history by taking out a student loan to pay for tuition and housing. However, many student credit cards can be obtained without any credit history. A student credit card can help you take the first steps to building credit and financial well-being.
How to use a student credit card
Student credit cards often are initially issued with low credit limits and may charge fees. Be sure to verify the limit and carefully track your spending online. Using your card within the limit and paying your balance off every month may help you improve your credit score, which could mean you qualify for other card offers in a matter of months.
Benefits to look for in a student credit card
When it comes to the benefits of a student credit card, many may look for cash back first. Travel rewards are another benefit that may come with some student credit cards, though foreign transaction fees may apply when spending outside the U.S. Other students may choose bonus points for certain categories of spending. When comparing the cards offered in the market, carefully evaluate the annual fee and APR, as well.
Chase credit cards for students
Chase does not offer student credit cards. However, Chase Freedom Rise℠ is likely a card for people new to credit cards, including students, that offers 1.5% cash back on all purchases.
New Freedom Rise cardmembers who activate automatic online bill pay within three months of receiving their card receive a one-time $25 statement credit. New cardmembers also receive perks such as three months of complimentary DoorDash DashPass and Instacart+ membership.
Alternatives to student credit cards
There are several alternatives to student-oriented credit cards. The three most common are:
- Having a parent or guardian co-sign on the credit card
- Getting a secured credit card
- Building credit by being an authorized user on someone’s credit card account in order to improve your chances of being approved other cards
Whichever option you choose, Chase Credit Journey® can help you along the way. You can monitor your credit for score free, receive tips and a personalized action plan provided by Experian™ to help improve your credit score, and access identity monitoring services. All these tools can help put you on the path to a healthy financial future.