Credit card companies are forbidden from giving credit cards to students and young adults under age 21 who don't have a steady income or a cosigner. Bank of America® Cash Rewards Credit Card for Students. Here, we’ll take a look at some of our top picks for student credit cards, including the overall best cards, travel cards, secured cards, cards that require a cosigner, and store-brand cards. However, the law doesn't specify what qualifies as income or what type of proof credit card companies must receive for credit cards. Despite the marketing restrictions on credit card companies, many students have their own credit cards – 56 percent of them, according to a 2016 study from Sallie Mae. College students booking flights to visit family on breaks might save on future fares, with a travel rewards card.
Federal law requirements make it hard for people under 21 to get a credit card. And almost 60 percent use the cards as a way to build credit, according to the survey of students ages 18 to 24. A student credit card is a card intended for use by a college student who is new to credit. Many credit cards let cardholders earn rewards for their purchases—a great fit for cash-strapped college students. Why this is one of the best student credit cards: This card offers … Fortunately, college is an ideal time to start building credit, and you can find many great credit cards for students with no credit history. Credit Card Basics for High School Students. Maximize rewards cards by earning for the everyday, unavoidable expenses, and never spending beyond your means to earn points. The sheer number of credit and debit cards on the market can make selecting the right ones appear daunting. Articles on how to select cards and how to use them are available in this section. The best credit cards for students offer $0 annual fees, give at least 1% back in rewards on all purchases, and report to all 3 major credit bureaus each month. Here's what you need to know as you explore your options. The interest rate is a steep 19.8%, and students generally receive only a $300 to $500 credit limit. Best Cards Summary.
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