The Student Credit Card is a type of credit card designed for college or university students and individuals who are just starting life. Just like other credit cards, it is being issued by the card issuer. There are lots of student credit card issuers out there. They though perform the same functions but they are often different with interest rates, rewards, and perks they offered.
Student Credit Card
When you have already know the credit card issuer you want to use, but you are stuck on how to go about the application procedure. The process can be intimidating if you don’t know what to do, but in the real sense, it is easier to apply for student credit cards, especially if you choose to apply online.
The online application for the student credit card like said is easier and less time-consuming, however, it might become a daunting procedure if one doesn’t know what steps to take and what to expect. In light of this, we shall be discussing student credit card online application – spend & earn more in this article.
Requirements for Student Credit Card Online Application
The student credit card works just like any other credit, only that it is particularly for college or university students. It allows the users to build a good credit score and history, understand the budget and scale of preferences. It as well serves as a backup when you are cash strapped.
Though the study credit cards are designed mainly for a student in college or university, that’s not the only thing that qualifies you to apply for a credit card. The eligibility criteria to apply for a student credit card online are enumerated below:
1. Studentship: The basic requirement that qualifies you to apply for the student credit card is to be a student. You might not be able to obtain a student credit card if you aren’t in university or college.
2. Age: It is a requirement that you must be at least 21 years of age to be eligible to apply for the student credit card.
3. Source of Income or Co-signer: You must have a tangible source of income that will serve as evidence that you will be able to pay whatever you spend. In the case where you don’t have a source of income, you can use your parent or an older adult as your co-signer. Also, individuals with a source of income but are under 21 can present a co-signer.
4. Social Security Number (SSN): Often, you are required to have social security number to apply for a student credit card. This can be waived depending on the issuer. Not all card issuers request for SSN.
Student Credit Card Apply Online Steps
Having gone through the eligibility requirements for the student credit card online application, you should now know the steps taken to apply for a student credit card online. These steps are highlighted below:
Review Credit Report
The first thing to do to prepare to apply for the student credit card online is to review your credit report. You need to ensure that the information available in it is accurate. The report is used to calculate your credit score, and it forms a major thing in which the card issuer is used in determining whether to give you the card or not. You can view your credit report via Equifax, Experian, and TransUnion.
Choose the Right Student Credit Card
Earlier in this article, we mentioned that there are many different student credit cards on the market. You need to select the best one that fits your demand by comparing interest rate, annual fee, foreign transaction fee, and rewards. Those are the basic features that make a card issuer stand out from another.
Get Required Documents
You understand that to apply for a student credit card, you need to meet some eligibility criteria. Now, that you have already known the card issuer, you will recheck their eligibility requirements, once you are sure that you meet the requirements, you then need to prepare the required documents ahead. Documents are required on the specific criteria that qualify you for the card. Some of which are School ID, transcript; recent pay stub, etc.
Also Read: Apply for Study Abroad Loan in Canada
In the situation where you don’t meet the age requirement, you will need a co-signer. A co-signer can be a parent, relative, or even a close friend, as long as the person is over 21. Inform the person, and ensure that he/she does what is demanded.
Fill Application Form
Almost, if not all of the card issuer has an online portal for the student credit card application. You are to proceed to the official portal of the issuer and apply for the student credit card. Ensure that required documents are handy while you are filling out the application form. Once you are done, apply.
Receive Student Credit Card
After submitting the form, you will receive the decision taken in a few minutes, but it can take a long time if your application is subjected to review. Whatever the case, once the application has been approved, you will be issued the credit card via mail.
Ways to Improve Your Chances of Getting a Student Credit Card
Considering there are some requirements and factors that determine if you will be issued a credit card or not, there is a need to understand some ways to improve your chances of qualifying for a student credit card. These ways include:
- Find a Part-time Job: Source of income is a must requirement for qualifying for the student credit card. So, you need to find a part-time job whether on or off-campus that will serve as your source of income to have more chances of getting a credit card.
- Make Payment Promptly: One of the ways to improve your credit score is by making prompt payment, whenever you take a credit. The credit score and history are what you will be judged upon to determine whether you are worthy to be given a student credit card or not. Always, main good creditworthiness.
- Get Authorized User: You can increase your chances of getting a student credit card if you can ask your parent or relative with a good credit score and active credit card to be your authorized user. Their creditworthiness will help you have a good reputation with the card issuer.
Student Credit Card Apply Online – Spend & Earn More
After receiving the student credit card, you can begin to use it. One of the reasons for using student credit cards is that as you spend, you will be able to earn more. This is why it is being advised that when choosing the right student credit card, ensure that it offers rewards and perks.
For instance, the Capital One Student Credit Reward Card allows you to earn 1% cash-back on all purchases, a 0.25% cash-back bonus on the cash back you earn each month you pay on time. Also, the Discover Student Cash-Back card allows you to earn 5% cashback—up to a quarterly maximum on orders through Amazon.com, grocery stores, meals at restaurants, gas stations, and some PayPal transactions.
Every card issuer with its unique rewards and perks. You will not be able to earn rewards if you are not using the student credit card frequently, so the rewards are there to invite you to spend more. It is advisable to be wise about it, so you won’t be entangled with debt at the early stage of your life.
Application of student credit card online is easy, if you can follow the procedure highlighted in this article, if not, it will be a daunting process for you. After successfully applying for the student credit card apply online, you can now start to spend & earn more. The student credit card issuers give rewards if you are a frequent user. That means the more you spend, the more the reward you will earn. Every credit card issuer has a reward policy and more to entice users. It should be something needed to be considered in selecting the right credit issuer.