Must I Apply for a Student Credit Card?

 

The Worst Way to Get a Credit Card as a Student

Some students try to game the system when it comes to getting credit cards in college, but most of them make the same mistake – choosing the wrong card type to get in the first place. In this article we’ll show you the worst way to get a credit card as a student and how to avoid it by doing things the right way instead. Here’s what you need to know about getting your first credit card as a student and how to do it right...

The Worst Way to Get a Credit Card as a Student

Applying for too many cards at once

Applying for too many credit cards at once can lower your credit score, which will make it more difficult for you to get other types of loans later on. It also makes you look irresponsible. And if you don't have any income, the issuer will likely reject your application. In fact, some issuers might not even let you apply if they know that you are still in school.

Applying for cards with low limits

One of the worst ways you can get a credit card is applying for cards with low limits. That's because it will be more difficult to build your credit and establish your own spending limit if you have a very small credit limit. Plus, the interest rates on these cards are likely higher than they would be on cards with higher limits, which means that you'll end up paying more in interest over time.

Applying for cards with high interest rates

One of the worst ways to get a credit card is by applying for one that has high interest rates. The reason why this is not the best option is because if you don't pay your entire balance, then you will be paying more in interest than what you originally spent on the card. And if you're trying to build up your credit score and history, then that's not going to happen with a card like that.

Applying for cards with annual fees

The worst way to get a credit card is by signing up for one with an annual fee. The interest rates are much higher, and even though you might not have any balances on the card, they'll charge you the annual fee anyway - so there's no point! Plus, most of the time these cards come with an annual fee that's less than $100 - which isn't worth it if you're struggling financially.

Applying for cards without doing your research

One of the worst ways to get a credit card is by applying for one without doing your research. Don’t just go out and sign up for the first card that you see advertised, because most likely you will end up with a credit card you can’t afford. Take some time and do your research about the company and their rates before signing on the dotted line.

FAQ

Can student account get credit card?

You can only get a credit card as an auxiliary card if you are a student without a source of income. 

An add-on card is what?  A current credit card holder has the option of getting an additional card known as an add-on card. Read more

Is it hard to get a credit card as a student?

College students can typically apply for student credit cards more easily than other credit cards because they are specifically made for them. The issuer may request documentation of your enrollment and income. You might need a co-signer in order to be approved, depending on your age and income. Read more

Can I get credit card without income?

Apply for a secured Credit Card

If the other two methods of availing of a credit card without income don't suit you, you can apply for a secured variant. Issuers offer a secured credit card against collateral such as a fixed deposit or a mutual fund. In some cases, they also require you to make a security deposit. Read more

What is the credit card limit for students?

What is the credit card limit for students?  A student credit card typically has a lower credit limit than a regular credit card. The credit limit could be as low as $100 or $200 depending on the card you get, your income, and your creditworthiness. Read more

Can students get EMI?

No doubt.  A student who has a Bajaj Finserv EMI card can use it to pay for their preferred laptops over time. 

They simply need to meet the requirements for eligibility in order to apply for the card. 

Here is a brief summary of the requirements. Read more

Why would a student get rejected for a credit card?

While applying for student credit cards may be simpler than for other cards, approval is not always guaranteed. 

The information on your application is reviewed by card issuers, who also look up your income and credit history. 

There are many different grounds for denial, such as bad credit or a lack of income. Read more

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