Credit Cards for Students with No Credit

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Upon turning 18, you can take out a credit card under your name. As credit cards are an excellent tool to build credit and give you more freedom with finances with their added perks/bonuses, most people opt for one. Credit cards work using a pre-set limit that the bank will decide on. Similar to a loan, that amount is how much the bank has agreed to lend you each month. Whenever you make a purchase, that expense comes from borrowed money and does not directly come from your bank account.

All credit card charges are expected to be paid at least the minimum at the end of every month. Failure to fulfill adequate and prompt payments could result in detrimental financial difficulties. Since the foundation of credit cards is built on timely payments and borrowed money, banks need to ensure they can trust their clients to complete their obligations. Otherwise, they must deal with financial loss and implement extensive steps to recover their money.

Most banks will evaluate applicants based on their credit history because it provides a good idea of what to expect from you. As a high school graduate opening their first credit card, you will realize that you have no credit history to account for. If this is you, do not fret because there are many credit cards for students with no credit available. Specifically, there are credit cards geared toward students that fit this criterion. These cards are a great opportunity for students to develop their credit scores and gain access to exclusive rewards.

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Student credit card

A student credit card is designed for college students allowing those with a credit score to apply. Yet, students might be asked to prompt a co-signer or their source of income that will help pay off monthly bills.

They function the exact same as any other regular credit card. However, they might have lower credit limits and higher APR rates. These numbers fluctuate based on the credit card account you open, so be sure to compare opportunities before making any agreements.

Additionally, some student credit cards provide special benefits such as cell phone coverage, cash back, traveling, gas, etc.

With no additional annual fee, lower eligibility requirements, and student geared benefits, a student credit can be a great first step for you.