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What Makes a Good Student Credit Card?

Last Updated: October 3, 2024
8 min read
Getting a credit card

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Key Points:

  1. You must be at least 18 years old to apply for a student credit card.

  2. Some student credit cards don’t require a credit history to apply. There is no credit score required to apply for Discover Student credit cards.1

  3. Students under twenty-one have different income requirements than those over twenty-one.

If you’re a student considering a credit card for the first time, you might have a lot of questions. Why is a credit card for students important? How can you use a credit card to build your credit history? What are the requirements for student credit cards? What are good credit cards for college students?

 

A good student credit card can help you build a credit history that will help you when you graduate. Things like getting safe and affordable housing, signing up for utilities, or getting an auto loan or personal loan all require a credit check. Even some employers will check your credit history, especially if you’ll be working in the financial sector.

 

Here, you’ll find information on how a student credit card, like the Discover it® Student Cash Back or Discover it® Student Chrome, can help you build a brighter financial future. You’ll also learn about credit cards and building a good credit history.

How to find the best student credit card for you

Finding the best credit card as a college student is a personal decision and will depend on what you’re looking for. Ideally, you’ll want an environment that sets you up to learn about managing and building credit with low risk. Terms like low interest rates and a credit limit that works with your income can help you avoid credit card debt. You may also want a student card that gives you cash rewards, so you can earn money on purchases you already plan to make.

Establish and build your credit history

Why is a credit score important? Lenders, mobile phone companies, and even landlords use your credit report and credit score to determine your eligibility for their services. Lenders might also use your credit score to set your interest rates on money you borrow. That means your credit report can impact where you live, your job opportunities, and even your phone plan. So, it’s worth it to build a solid credit history.

Infographic: Your credit score can be used by lenders, cell phone companies and landlords to determine your eligibility for their services or the interest rates on money you borrow.

But how do you build a credit history as a college student? A student credit card is a great first step. It’s a credit card that’s tailored to first-time cardholders who don’t have a long (or any) credit history. Some student credit cards, like Discover it® Student Cash Back or Discover it® Student Chrome, offer spending and security alerts to help you manage your credit card account. Student credit cards can kick off your credit history and, if used responsibly, can help you get you on the right path.

Learn how to manage your finances

Student credit cards often have low credit limits, which act as a guardrail while you learn how to manage credit. Student cards also frequently come with tools and resources to help you build good credit habits. With the Discover it® Student Chrome credit card and accompanying mobile app, you can track spending while you manage payments, mobile alerts, and rewards.

 

With a student credit card, the goal is to build a foundation of borrowing and repaying in a responsible way, not overspend just because you can.

Infographic: Learn how to manage your finance, low credit limits, track spending, tools to pay bills.

Low introductory interest rates

Student credit cards may come with low introductory APRs (or interest rates), which can help students save on interest during the introductory period. Your interest rate is the amount it costs to borrow money, expressed as a yearly rate.

If you don’t pay your balance in full by the due date each month, your credit card issuer charges you the interest rate on the unpaid balance. Finding a low introductory interest rate can help you save money during the introductory period.

Learn how credit scores work

Let’s dig deeper into how credit scores work. Credit scoring models take information from your credit history and credit report, divides them into categories, and assigns a final score. These credit scores typically range from 300 to 850, depending on the scoring model used by each credit bureau. Each category is weighed differently depending on the credit bureau, but here’s the usual breakdown:

  • 35% is payment history (how many payments have you missed)
  • 30% is amount owed (how much of your credit limit you’re using)
  • 15% is length of credit history (how long have you had credit for)
  • 10% is credit mix (how diversified your borrowing is)
  • 10% is new credit (how many new accounts you’ve applied for and recently opened)

Regular, responsible use of a student credit card—as well as making on time payments on your student loan and other credit lines—may help you earn a good credit score. But improving your performance in all the factors will contribute to your credit score.

Infographic: Learn how credit scores work, 35% payment history, 30% amount of debt, 15% length of credit history, 10% credit mix, 10% new credit.

Earn cash back for your expenses

Another benefit of some student credit cards is that you can actually earn cash back when you make purchases. Many credit cards for college students offer cash back rewards that are tailored to the student lifestyle. With Discover it® Student Cash Back, for instance, students earn 5% cash back on everyday purchases at different places you shop each quarter like grocery stores, restaurants, gas stations, and more, up to the quarterly maximum when you activate.

 

Discover also offers Cashback Match. When you’re a Discover cardmember, you get an unlimited dollar-for-dollar match of all the cash back you earn at the end of your first year, automatically. There is no limit to how much we’ll match. That means you could turn $50 cash back into $100. Or $100 cash back into $200.2 These are credit card perks that plain old cash doesn’t have.

Student credit card requirements for age and income

Now that you know how valuable student credit cards can be, you need to learn what’s required to get a student credit card.

Age restrictions

If you’re a student, you’re eligible for a student credit card starting at age eighteen. If you’re under eighteen, you can explore alternatives like becoming an authorized user on another cardmember’s account, which allows you to start building credit early.

Income requirements

When you apply, you need to demonstrate your ability to make credit card payments. While some student credit cards have lower barriers to entry than other credit cards, the rules for what you can include as income depend on the student’s age.

 

  • Older than twenty-one: You may include another person's income that’s available to you (like a spouse or partner).
  • Under twenty-one: You may be able to include income regularly deposited into your account, including a joint account. You may be able to also include the income and assets of your spouse or domestic partner if you live in one of the following Community Property States: Arizona, California, Idaho, Louisiana, New Mexico, Nevada, Texas, Washington, or Wisconsin.

What are some alternatives to student credit cards?

If you’re not able to obtain a student credit card because you’re not a student or otherwise don’t qualify, you may want to consider a secured credit card like the Discover it® Secured Credit Card. With a secured card, you make a deposit to secure your line of credit. This refundable deposit protects the credit card company if you fail to repay your balance. Otherwise, the card functions very much like a traditional credit card. Your credit card company will report your activity to credit bureaus and it can impact your credit score.

Did you know?

The Discover it® Secured Card can help you build credit with responsible use.3 You can get your deposit back after six consecutive on-time payments and six months of good status on all your credit accounts.4

Learn More

Comparing student credit card rewards

Rewards are one of the many benefits of a credit card. To maximize their value, you should look for a card that rewards the type of spending you do. For example, with the Discover it® Student Chrome card you can earn 2% Cashback Bonus® at Gas Stations and Restaurants on up to $1,000 in combined purchases each quarter, automatically. Plus earn unlimited 1% cash back on all other purchases.5 These rewards are perfect for students who drive frequently and eat out often.

 

But, if you don’t have a car or like to cook all your meals, you have other rewards options. A card like the Discover it® Student Cash Back, where you can earn 5% cash back on everyday purchases at different places you shop each quarter, up to the quarterly maximum when you activate, could be a better match.

 

Finding the right rewards and bonuses is all about assessing your spending habits and comparing card offers to see which best fits your lifestyle.

Apply for a student credit card

Want to apply for a student credit card? The hard work is over once you’ve done your research, found the best credit card for you, and double-checked that you understand all the terms and conditions.

 

A student credit card application is simple and only takes a few minutes to complete. Note—you can’t apply for a credit card over the phone if you’re under twenty-one, so you’ll need to apply online or by mail through a credit card offer.

You’ll need to provide information such as:

  • Full name
  • Date of birth
  • Email address
  • College information
  • Annual income
  • Housing costs

Once you find the best credit cards for students, applying gives you a good start for managing your personal finance. Using your student card responsibly will set you up with important credit knowledge.

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  1. No Credit Score Required to Apply (Student): Based on the preceding 12 months of Discover Student credit card application data, applicants without a credit score may qualify. You must meet other applicable underwriting criteria. When we evaluate your creditworthiness, we consider all the information you provide on your application, your credit report, and other information. If you have a credit score, we may use that in our evaluation. Not having a credit record may impact your approval odds.

  2. Cashback Match: We’ll match all the cash back rewards you’ve earned on your credit card from the day your new account is approved through your first 12 consecutive billing periods or 365 days, whichever is longer, and add it to your rewards account within two billing periods. You’ve earned cash back rewards only when they’re processed, which may be after the transaction date. We will not match: rewards that are processed after your match period ends; statement credits; rewards transfers from Discover checking or other deposit accounts; or rewards for accounts that are closed. This promotional offer may not be available in the future and is exclusively for new cardmembers. No purchase minimums.

  3. Build credit with responsible use(Secured): Discover reports your credit history to the three major credit bureaus so it can help build/rebuild your credit if used responsibly. Late payments, delinquencies or other derogatory activity with your credit card accounts and loans may adversely impact your ability to build/rebuild credit.

  4. Getting your deposit back: Monthly reviews start your seventh month as a customer. We will refund your security deposit if you have made all payments on time for the last six consecutive billing cycles on all your Discover accounts including any loans, and you've remained in "good status" on all credit accounts you are responsible for whether they are Discover accounts or not. "Good status" means: (1) your credit report shows no delinquencies, charge-offs, repossessions, or bankruptcies for the six months prior to our review; and (2) your Discover secured card is not in a prohibited status at the time of our review, including, but not limited to: closed, revoked, suspended, subject to tax levy, garnishment, deceased, lost/stolen, or fraud. Monthly reviews may be delayed if you change your payment due date. We typically process your refund in 2-3 business days based on your delivery preference. If you close your account and pay in full, we'll return your deposit within two billing cycles plus ten days.

  5. You earn a full 2% Cashback Bonus® on your first $1000 in combined purchases at Gas Stations (stand-alone), and Restaurants each calendar quarter. Calendar quarters begin January 1, April 1, July 1, and October 1. Purchases at Gas Stations and Restaurants over the quarterly cap, and all other purchases, earn 1% cash back. Gas Station purchases include those made at merchants classified as places that sell automotive gasoline that can be bought at the pump or inside the station, and some public electric vehicle charging stations. Gas Stations affiliated with supermarkets, supercenters, and wholesale clubs may not be eligible. Restaurant purchases include those made at merchants classified as full-service restaurants, cafes, cafeterias, fast-food locations, and restaurant delivery services. Purchases must be made with merchants in the U.S. To qualify for 2%, the purchase transaction date must be before or on the last day of the offer or promotion. For online purchases, the transaction date from the merchant may be the date when the item ships. Rewards are added to your account within two billing periods. Even if a purchase appears to fit in a 2% category, the merchant may not have a merchant category code (MCC) in that category. Merchants and payment processors are assigned an MCC based on their typical products and services. Discover Card does not assign MCCs to merchants. Certain third-party payment accounts and digital wallet transactions may not earn 2% if the technology does not provide sufficient transaction details or a qualifying MCC. Learn more at Discover.com/digitalwallets. See Cashback Bonus Program Terms and Conditions for more information.

  6. NO PURCHASE OR CREDIT CARD APPLICATION OR ACCOUNT NECESSARY. Sweepstakes open to residents of the 50 United States (DC) and the US Territories 18 years or older. Sweepstakes starts 9/3/2024 and ends 8/31/2025. See Official Rules for eligibility and entry requirements, entry deadlines and drawing dates, details including odds, list of eligible colleges and universities, prize descriptions and an alternate method of entry. Void where prohibited.

    Sponsor: Discover Products Inc. 2500 Lake Cook Road, Riverwoods, IL 60015

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