What do I need to get a student credit card?

Student credit cards have become increasingly popular over the last few years as teenagers learn how important it is to establish good credit history as early as possible. Most major banks offer some version of a student credit card, including Bank of America, Chase and Wells Fargo.

There are several student credit card requirements that you must fulfill before you can be issued a card. If you do not meet these requirements, you will likely be offered a regular card from the same issuer, but it might not have the same favorable terms.

Enrollment

In order to qualify for the best student credit cards, you must currently be enrolled in an accredited university. Some issuers may require that your enrollment be full time, so you'll need to talk to a representative to make sure you meet the requirements.

In order to prove enrollment for student credit cards, you will need to bring with you (or mail) a copy of your most recent bill for classes. Some issuers might also take a current student identification card, but since these are sometimes not dated, it might not suffice.

Bank Account

Most issuers will also require that you hold a checking or savings account when you apply for student credit cards. Fortunately, some banks (such as Wells Fargo) offer student-specific packages that include student credit cards and bank accounts that you open at the same time. This sets you on your way to financial stability.

Age

Some student credit card requirements include age, which means that if you are older than, for example, 24, you won't qualify for student credit cards . This particular trend has slowed down during recent years, giving even graduate students the opportunity to apply for these cards. However, you'll need to talk to individual issuers to find out if you meet the age requirements.

You will also find that some issuers have school-year requirements rather than relying on age as an indicator. For example, it might say that you can't obtain student credit cards if you are at the junior level or higher. However, some student credit cards are even available to high school students, according to When Teens Get Credit Cards by Janet Bodnar at Kiplinger.com.

Income

There are some student credit cards that do not require card holders to possess a job, but the majority of them do. In general, your approval and credit limit will be dependent on the amount of money you make in a given month. Credit limits are usually lower for these cards anyway, so it is important to report any income you have to ensure approval.

If you don't have a job but are still interested in student credit cards, you can sometimes get around the income requirements by having a parent or relative co-sign. This means that the third party will take responsibility for any debt you accrue on the card and fail to pay back.

Responsibility

If used correctly, you could graduate with a FICO score of 720 . This is the bracket banks and lenders are hungry for, making getting a new car or a house within reach. The flip side is falling into a cycle of debt. As far back as 2002, 32% of students had an average debt of $2,748 on four cards. It can't be stated enough: Be responsible.

Often, there are credit card tablers on campus that can address many of these requirements. These vendors have tables set up close to the most popular locations and offer free rewards, free gifts and sign-up bonuses.

Student credit cards are an excellent way to build a credit foundation and begin securing your financial future. However, make sure you evaluate each card for interest rates, annual fees, grace periods and other pertinent factors that will affect how it can be used.

Steve Thompson