Student Credit Cards
As a student, you probably already know that credit plays an important part in financing life. It’s often used to purchase a car, pay for college, or buy a new home. And while such future concerns may seem a long way off, choices you make today can have a big impact on how successful you are tomorrow.
Complete with all the convenience and purchasing power of a traditional credit card, we’ve created a credit program just for you that also offers a dose of education and a few safety nets built in. It’s a great way to discover the benefits of using credit while gaining the information you need to avoid the pitfalls of misuse.
How is the Student Credit Card Different?
It’s a fact that one out of three high school seniors uses a credit card. It’s also a fact that early education is a key component in helping you learn how to use credit responsibly while establishing a good credit history.
Unlike some teen credit cards, the Student Credit Card was designed foremost to be an educational tool. That means you’ll enjoy the purchasing ability offered by a credit card while learning how and when to use it appropriately.
- No Annual Fee
- 25 day grace period, so you have ample time to pay your bill in full and avoid interest charges
- Credit limits ranging from $250 to $1,000 so you can start off with a lower limit and increase it as your knowledge and needs grow
- 13.90% APR (Annual Percentage Rate) — lower than most credit card rates, but still enough to encourage monthly payment in full to avoid interest charges
- Chip technology, adding an additional layer of security to your card at the point of purchase
- Tap and go technology for a contactless experience where tap and go is accepted
- The ability to add your card to your digital wallets such as Apple Pay and Android Pay
For complete terms, see the full Credit Card Disclosure.
Why Do I Need To Learn About Credit?
No one sets out to get themselves in financial trouble. And yet today, millions of Americans have lost everything because of poor financial decisions.
If you think that can’t be you, consider this:
- More than 54% of college freshmen carry a credit card and bring an average balance of $1,585 in debt to college with them
- 7-10% of college students will drop out of school because of credit card problems
- The proportion of bankruptcy filers under 25 has risen from under 1% in 1995 to more than 5 percent today making young Americans the second highest segment of bankruptcy filings
Now For Some Good News!
Along with your final years of high school comes increased freedom … and responsibility. Our Student Credit Card has been designed with your growing needs in mind:
- Independence — make responsible purchases without borrowing your parent’s credit card or carrying lots of cash
- Control — take charge of your own finances and learn to make sensible decisions by paying off your monthly balance
- Preparation — start building good credit history now to spare you the pitfalls that so many young people fall into after high school
- Flexibility — use your student card everywhere Visa is accepted
- $0 liability guarantee — 100 percent reimbursement of any fraudulent charges made with your card
- Safer and more convenient than carrying cash
Your Parents Will Love It Too!
Your new card offers protections and benefits your parents will appreciate as well:
- Provides life-experience with bill payment, budget planning and fiscal responsibility
- Gives you personal responsibility for your own financial decisions
- Presents a strong learning opportunity where the consequences…and dollar amounts…are low
- Ability to track spending more easily than cash purchases
- Chance for family discussions about monthly bills, interest rates, late fees, and other relevant topics!
Parent Involvement – Test Your Credit Knowledge
In order to open a Student Credit Card you must have parental consent indicated on your application. In addition your parent/guardian also has the option to require that you complete a fun, online educational video class on credit prior to the issuance of your new Student Credit Card.
As part of our educational focus, we’ve developed this 30-minute online video and short comprehension test on the proper use of credit. Regardless if your parent decides to make this a requirement prior to issuing you a credit card, we hope that you will participate in this brief but informative online class. It’s a great way to get off to a good start when first using credit. Access the class online by clicking on the link below:
Online Credit Responsibility Class – Fun, Entertaining Video/Quiz Just For Teens**
** Be sure to follow the instructions on the page for completion of the class. You must enter the [email protected] email address in the email option box when you finish the quiz in order for us to have a record that you completed it and proceed with the issuance of your new Student Credit Card.
How to Apply?
Applying for a Student Credit Card is easy. Just follow the few simple steps below and you’re on your way.
- Take Online Credit Responsibility Course (if your parent requires this) – Follow the instructions carefully to assure we get confirmation of your completed test.
- Apply for a Credit Card via our Online Application Center
- When prompted, choose Student Visa from the Credit Card Selections