Student Cards Criteria and Requirements

by admin on November 13, 2014

Many issuers offer cards to students who are enrolled full-time and are new to credit. Consumers use student cards to pay for meals, tickets, books, and textbooks.

The main benefit to holding a student card is better purchasing power. Some issuers offer cards with different fees, however, including transaction and processing fees. Some students opt for prepaid credit cards, but most issuers don’t report payments to the major bureaus. Some students also ask their parents to become cosigners. Financial institutions also offer cards that are specially designed for students and feature discounts and promos on school supplies. There are banks that feature student cards with cashback on department store and online purchases. Issuers offer cards to students with fair credit, but applicants with a score below 600 usually require a cosigner. The average credit score is around 670, and students who qualify are offered cashback on gas, restaurant, and other purchases. Students are also offered points that can be deposited in savings accounts. Together with participating retailers, issuers offer presale tickets, VIP packages, travel rewards, and other perks.

Related:

http://student-credit-cards.creditcardreview.ca/
http://forums.redflagdeals.com/us-banking-credit-cards-canadians-1169910/

Student credit cards are usually offered to consumers who are enrolled in accredited institutions. Banks ask about income and outstanding balances to check the applicant’s debt-to-income ratio. Banks request financial information to assess whether students are able to handle credit responsibly. Financial institutions also inquire about serious delinquencies and bankruptcies. Some banks also require account and sort code number, permanent address during the past three years, and other details. To get approved, students are asked to present proof of residence and valid ID.

Registered, full-time students are offered different types of cards, including unsecured and secured. Those who study in the U.S. may want to apply for an U.S. dollar credit card which helps avoid transaction and other fees. U.S. dollar credit cards are ideal for making reservations and purchases in U.S. dollars. Student cards are often used to pay unexpected expenses, for example, family emergencies, computer breaks, trips to the ER, etc. Students use cards to pay insurance, parking tickets, and other costs.

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