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Credit Cards For College Students With No Job | Credit History

Updated on July 13, 2012

Credit Card For College Students With No Credit History

This article gives an insight to how and where to find the best credit cards for college students with no credit history. As a matter of fact, getting the first credit card without a credit history is like getting a job with no experience. Obviously, as new inexperienced graduates all have to work for sometime with low wage and later demand a higher pay somewhere else with experience you gained. This is similar to what works with credit cards too. The banks formula shows a higher risk for issuing a credit card to a student with no credit history. Someone having no credit history and repayment track record is considered as an unknown quantity and are generally avoided.In real life the qualification and probability of getting a good job are considered though. A good credit history makes the bank trust the user; since he had paid on time so far he is likely to pay on time in future too. For the banks, credit card business is all about risk assessment and probability calculations.

How To Get Credit Cards For College Students with No Job | Credit History

There are some companies like HBS Orchard, First Premier, Citi Credit Card that are willing to take risks. They welcome people with no credit history. But they will be charging a higher rate for its usage and other services, that’s because they are taking higher risk by issuing credit card for a person with no credit history. Just as you switch over jobs as you gain experience, soon after you have a good credit history you can switch over to other credit card vendors who pay you to use them! Being a college student, it’s a only a matter of time that you earn a job after the graduation. So building up a good credit history won’t be problem. As your credit history gets better you can avail less interest and special offers.

stylish citi forward credit cards
stylish citi forward credit cards

The Best Credit Cards For College Students

Its always better that if you can't find a source of income along with your studies don't go for credit cards very soon. When it comes to money, things turn really statistical and practically difficult to meet both ends and getting a credit card in college without job is like biting more than you can chew. The chances of working part time depends on a lot. In less-academic college degrees you'll definitely get spare time to work but for courses which need your full time attention it's better to aim for scholarships by investing more time in your studies. Searching out new genuine earning opportunities in the Internet is a good choice if you are not able to schedule time for work due to the college timing, this way you can work whenever you want. One genuine channel of Internet job i can testify from my personal experience is Online writing at this site(Hubpages.com) and other similar sites. I am in no way promoting this website but just speaking it out because it might actually help you as it helped me. Online writing takes lot of perseverance and initial effort though the initial investment is zero. Now, about the credit cards, currently the best two credit cards for college students with no job are offerd by Citi and Chase.

Chase Freedom : offers 5% cash back on rotating category such as stationaery and gas. They also give 1% cash back on all purchases. It's a good choice for those who don't like to spend a lot of time calculating offers and bonuses.

Citi Forward : Unlike chase, the Citi Freedom comes with a lot of offers and looks really stylish. They reduce your APR by 0.25% if you pay the first three billings properly. You also get a lot of bonus point for each dollar you spend. They follow a strategy of giving more bonuses to you if you stay below the credit line and pay the dues promptly.

An amazing credit card for college students which I cannot ignore from this list is the Discover Credit Card

Discover Student More Card : This is an awesome credit card for college students. The best feature of this card is that you don't have to pay any annual fee. You get a fixed 1% cash back on everything you buy and 5% cash back on selected categories that keep changing. At some of their exclusive shopping malls you get up to 20% cash back bonus. Another impressing service is the custom- credit card designer tool that lets you design your credit card in the style you want it.

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    • tipstoretireearly profile image

      tipstoretireearly 

      6 years ago from New York

      The Credit Card Act of 2009 made it much more difficult for people under the age of 21 to get credit cards (thanks, Congress). This Hub provides some good tips for getting a card despite this law. Voted up!

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