What is A Bad Credit Student Credit Card?
A bad credit student credit card is a credit card designed for students who have bad credit. These cards typically have higher interest rates and lower credit limits than traditional student credit cards, but they can still be a good way to build your credit history if you use them responsibly.
Here are some of the benefits of getting a bad credit student credit card:
- It can help you build your credit history. When you make your payments on time, it shows lenders that you are responsible with credit, which can help improve your credit score over time.
- It can give you access to credit. Even if you have bad credit, you may still be able to get approved for a bad credit student credit card. This will give you the opportunity to start building your credit history.
- It can help you establish a credit line. A credit line is the maximum amount of money that you can borrow on your credit card. Having a credit line can help you build your credit history and improve your chances of getting approved for other types of credit, such as loans.
Here are some of the drawbacks of getting a bad credit student credit card:
- The interest rates are higher. Bad credit student credit cards typically have higher interest rates than traditional student credit cards. This means that you will pay more interest on your purchases if you don’t pay your balance in full each month.
- The credit limits are lower. Bad credit student credit cards typically have lower credit limits than traditional student credit cards. This means that you won’t be able to borrow as much money on your credit card.
- There may be annual fees. Some bad credit student credit cards have annual fees. This is an additional cost that you will have to pay each year.
If you are considering getting a bad credit student credit card, be sure to do your research and compare different offers. This will help you find the best card for your needs and your credit score.
Here are some Secrets for choosing a bad credit student credit card:
- Look for a card with a low-interest rate. This will help you save money on interest payments.
- Look for a card with a low annual fee. If you can find a card with no annual fee, that’s even better.
- Look for a card with a high credit limit. This will give you more flexibility when you use your credit card.
- Look for a card with rewards. Some bad credit student credit cards offer rewards, such as cashback or travel points. This can help you save money or earn a travel reward.
Student’s Requirements To Apply For a Credit Card with Bad Credit?
Here are some of the requirements to apply for a credit card with bad credit:
- Applicant age: You must be at least 18 years old to apply for a credit card.
- Social Security number: You will need to provide your Social Security number to apply for a credit card.
- Proof of income: You will need to provide proof of income, such as a pay stub or tax return.
- Length of credit history: Lenders will want to see that you have a history of making on-time payments. If you have a short credit history, you may be approved for a secured credit card.
- Debt-to-income ratio: Lenders will want to see that you can afford to make the monthly payments on a credit card. Your debt-to-income ratio should be below 30%.
- Credit report: Lenders will review your credit report to see your credit history and any outstanding debts.
If you meet these requirements, you may be approved for a credit card with bad credit. However, it is important to remember that the interest rates and fees on these cards may be higher than those on cards for people with good credit.
Comparison of student credit cards for bad credit, organized in columns by the Bank:
| Bank | Card | Annual Fee | APR | Credit Limit | Rewards |
|---|---|---|---|---|---|
| Discover | Discover it® Secured Card | $0 | 22.99% | $200-$2,500 | 2% cash back on gas stations and restaurants, 1% cash back on all other purchases |
| Capital One | Capital One Platinum Secured Credit Card | $39 | 26.99% | $200-$1,000 | 1% cash back on all purchases |
| OpenSky® | OpenSky® Secured Visa® Credit Card | $35 | 24.99% | $200-$1,000 | No rewards |
| First Progress | First Progress Platinum Select Mastercard® Secured Credit Card | $39 | 25.24% | $200-$1,000 | No rewards |
| Credit One Bank | Credit One Bank® Platinum Visa® for Rebuilding Credit | $35 | 25.99% | $300-$1,000 | No rewards |
Here are some additional factors to consider when choosing a student credit card for bad credit:
- A deposit is required. Some secured credit cards require a deposit, which acts as collateral. The amount of the deposit will vary depending on the card issuer.
- The rewards program. Some secured credit cards offer rewards, such as cash back or travel points. This can be a way to save money or earn rewards while you are rebuilding your credit.
- The customer service. It is important to choose a card issuer with good customer service. If you have any problems with your card, you want to be able to get help easily.
Student credit cards bad credit how to get approval?
There are a few ways to get an instant approval for a student credit card with bad credit.
- Apply for a secured credit card. Secured credit cards typically require a deposit, which acts as collateral. This can help you build your credit history by showing lenders that you can make on-time payments. Some secured credit cards offer instant approval, such as the Discover it® Secured Card and the Capital One Platinum Secured Credit Card.
- Apply for a credit card with a cosigner. If you have a friend or family member with good credit, they can co-sign on your credit card application. This means that they will be responsible for your payments if you default. However, having a cosigner can significantly improve your chances of getting approved for a credit card, even if you have bad credit.
- Apply for a credit card with a low credit score requirement. Some credit card issuers have lower credit score requirements than others. These cards may have higher interest rates and lower credit limits, but they can be a good way to start building your credit history if you use them responsibly. Some credit cards with low credit score requirements that offer instant approval include the OpenSky® Secured Visa® Credit Card and the Credit One Bank® Platinum Visa® for Rebuilding Credit.
It’s important to do your research and compare different offers before you apply for a student credit card with bad credit. This will help you find the best card for your needs and your credit score.
Here are some additional tips for getting instant approval for a student credit card with bad credit:
- Make sure you have a good credit history. If you have a history of making on-time payments, you will be more likely to get instant approval for a credit card.
- Apply for a card with a low credit score requirement. As mentioned earlier, some credit card issuers have lower credit score requirements than others. These cards may have higher interest rates and lower credit limits, but they can be a good way to start building your credit history if you use them responsibly.
- Apply for a card with a cosigner. If you have a friend or family member with good credit, they can co-sign on your credit card application. This means that they will be responsible for your payments if you default. However, having a cosigner can significantly improve your chances of getting approved for a credit card, even if you have bad credit.
- Apply for a card with instant approval. Some credit card issuers offer instant approval, which means you will know if you are approved for the card right away. This can be a good option if you need a credit card quickly.
If you follow these tips, you will increase your chances of getting instant approval for a student credit card with bad credit.
Bad Credit Card Which Requires No Deposit?
There are a few bad credit credit cards that do not require a deposit. However, it is important to note that these cards typically have high interest rates and low credit limits.
Some of the best bad credit credit cards with no deposit include:
- OpenSky® Secured Visa® Credit Card: This card has no annual fee and offers a credit limit of up to $1,000. The APR is 24.99%.
- Credit One Bank® Platinum Visa® for Rebuilding Credit: This card has no annual fee and offers a credit limit of up to $300. The APR is 25.99%.
- First Progress Platinum Select Mastercard® Secured Credit Card: This card has no annual fee and offers a credit limit of up to $1,000. The APR is 25.24%.
- Capital One Platinum Secured Credit Card: This card has an annual fee of $39 and offers a credit limit of up to $1,000. The APR is 26.99%.
- Discover it® Secured Card: This card has an annual fee of $0 and offers a credit limit of up to $2,500. The APR is 22.99%.
These cards all have high-interest rates and low credit limits. However, they can be a good way to start building your credit history if you use them responsibly.