Student credit cards are a popular option for young adults who are looking to build credit and manage their finances. However, many people wonder if these cards are only available to students. In this article, we will explore the world of student credit cards and answer the question: are student credit cards only for students?
What is a student credit card?
Before we dive into the question at hand, let’s first define what a student credit card is. A student credit card is a credit card specifically designed for students who are enrolled in college or university. These cards typically have lower credit limits and fewer rewards compared to traditional credit cards, making them a more manageable option for students who are just starting to build their credit.
Are student credit cards only for students?
The short and straightforward answer to the question at hand is a resounding “no”. Contrary to popular belief, student credit cards are not exclusively limited to students alone. Although these particular credit cards are primarily marketed and targeted toward students, it is essential to note that they are not exclusive to this particular demographic.
In other words, anyone who meets the necessary requirements and qualifications can apply for, and consequently potentially be approved for a student credit card. In fact, it is not uncommon for individuals who are not currently enrolled as students to use student credit cards as a means to establish and enhance their credit history, or even to take advantage of the relatively lower credit limits and interest rates that these cards offer in comparison to regular credit cards.
Can non-students get approved for student credit cards?
Yes, it is indeed possible for individuals who are not currently enrolled as students to obtain approval for student credit cards. However, it is important to note that the process may present a greater challenge for non-students compared to their student counterparts. This is primarily because student credit cards are specifically designed to cater to the financial needs and circumstances of college or university students.
As a result, these credit cards commonly necessitate tangible evidence showcasing enrollment in an educational institution, such as a valid and up-to-date student identification card or an official transcript. The absence of such supporting documentation may consequently pose a significant obstacle for non-students in their endeavor to secure approval for a student credit card, requiring them to navigate more stringent criteria and potentially encounter increased difficulties throughout the application process.
What are the benefits of a student credit card for non-students?
There are several benefits associated with having a student credit card, which are not only limited to students. This is primarily due to the fact that these cards typically come with more favorable terms in terms of credit limits and interest rates. Such features make them an excellent choice for individuals who are just embarking on their credit journey or possess a relatively lower credit score.
Moreover, it is noteworthy that certain student credit cards go the extra mile by providing alluring rewards and perks that can undeniably captivate the interest of non-students. This could include enticing offers such as cash back on purchases or even travel rewards, which can further sweeten the deal and make non-students consider these cards as a viable option.
Before jumping to the options available to the non-students, I suggest to lean what happens to student credit cards when you graduate!
Best student credit cards for non-students
If you are a non-student looking to apply for a student credit card, here are some of the best options available:
Discover it Student Cash Back
The Discover it Student Cash Back card presents an enticing offer to its users. By utilizing this card, individuals can enjoy a generous cashback of 5% on various rotating categories. Not only that, but they also reap the benefits of a 1% cash back on all their other purchases, ensuring that they earn a little something regardless of where they choose to spend their money. Moreover, this card does not burden its holders with an annual fee, making it an even more attractive option. Additionally, for students who excel academically, there is an excellent perk included – a statement credit of $20, rewarding their hard work and achievements.
Journey Student Rewards from Capital One
Journey Student Rewards from Capital One presents a remarkable opportunity for students to earn rewards on their purchases. With this card, every purchase made allows you to receive an impressive 1% cash back. But that’s not all – to further enhance your rewards experience, an additional 0.25% cash back is given to those responsible individuals who consistently pay their bills on time. The benefits of this card extend beyond just earning cash back, as it comes with the advantage of having no annual fee, making it an ideal choice for students seeking financial flexibility. Moreover, with no foreign transaction fees, this card allows you to freely use it for your purchases both within and outside of your home country, without having to worry about incurring any additional charges.
Bank of America Cash Rewards Credit Card for Students
The Bank of America Cash Rewards Credit Card for Students is an excellent option for students looking to earn some extra cashback on their purchases. With this card, you can enjoy the benefits of earning 3% cash back on a category of your choice. This category can be tailored to suit your preferences and can include anything from dining out to online shopping.
Additionally, you can earn 2% cash back at grocery stores and wholesale clubs, ensuring that your everyday essentials are also rewarded. For all other purchases, you will still earn a solid 1% cash back. One of the best features of this card is that it comes with no annual fee, saving you money in the long run. To sweeten the deal, you will also receive a $200 cash rewards bonus after spending just $1,000 in the first 90 days of card ownership. This bonus can be a great boost to your cash-back earnings and provide you with even more financial flexibility.
Alternatives for Non-Students
Secured credit cards are a great alternative for non-students who are looking to build credit. These cards require a security deposit, which serves as collateral for the credit limit. By using a secured credit card responsibly and making timely payments, individuals can establish a positive credit history.
Credit cards for fair credit are another option for non-students. These cards are designed for individuals with average or fair credit scores. While they may not offer the same rewards and benefits as student credit cards, they can still help non-students improve their creditworthiness.
Alternative credit cards are a unique option for non-students who may not have a traditional credit history. These cards use nontraditional underwriting methods, such as analyzing bank account data or payment history, to determine creditworthiness. This allows individuals without a traditional credit history to access credit and build their credit profile.
Becoming an authorized user on someone else’s credit card is another alternative for non-students. By being added as an authorized user, individuals can benefit from the primary cardholder’s positive credit history. This can help non-students establish credit and potentially qualify for their own credit card in the future.
It’s important for non-students to research and compare different credit card options to find the best fit for their financial needs and goals.
Conclusion
In conclusion, student credit cards are not only for students. While they are marketed towards students, anyone can apply for and potentially be approved for a student credit card. Non-students may find these cards beneficial for building credit or taking advantage of the lower credit limits and interest rates. If you are a non-student looking for a student credit card, be sure to research and compare different options to find the best fit for your financial needs.
