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Student credit cards can help you build a strong credit history and invest in your financial future! Responsible use of a student credit card allows you to build credit, giving you access to lower interest rates when you take out future loans and mortgages. Opening a student credit card is also an excellent way to get in the habit of paying off your credit card each month before you take on a card with higher credit limits.
If you've never had your own credit card before, there are a few things to keep in mind when applying for a student credit card. Unlike traditional credit cards, student credit cards have eligibility requirements that are easier for college students with little or no credit history to meet. Additionally, student credit cards can reward you for your typical spending behavior by giving you cash back on common expenses for college students, like grocery store purchases, entertainment, and takeout.
In this article, Bold.org has broken down the student credit card application process into five easy steps. You'll learn about the eligibility requirements for student credit cards, how to raise your chances of being approved for a student credit card, and the necessary documents you should prepare when applying for a student credit card. To learn more about personal finance and ways to save money in college, check out more blog posts like this one on our exclusive scholarship blog.
And don't forget to create a free Bold.org profile to access hundreds of scholarships for college students through our scholarship search engine. Scholarships can help you save money on tuition and fees and reduce the impact of student loans on your credit.
What is a Student Credit Card?
Credit cards are an essential tool for financial management, and as a student, it's important to have access to build a credit history and handle expenses.
A student credit card is a type of credit card that is specifically intended for college students with little or no credit history. As a result, student credit cards have eligibility requirements that are easier for full-time students to qualify for and higher annual percentage rates or APRs.
A student credit card has higher APRs than a traditional credit card because college students are considered high-risk borrowers. Once you prove that you can use a credit card responsibly and make payments on time, you may be able to open a credit card with a higher credit limit and lower APR.