Credit card companies offer instant approval credit cards for students who want to apply for their first credit card account. To apply, a student only has to fill out a credit card application form online, submit it, and get approval within minutes after submission. Take note that credit history is not a requirement with credit cards for students.
After getting approved, the student can expect to receive his/her credit card through mail within 4-5 banking days. Upon receipt of the student credit card, the cardholder must call the issuer to verify his/her identification before the credit card can be activated and used for transactions.
Clearly, applying for your first credit card in college is quick and easy. However, you should be aware that new Credit CARD law prohibits credit card companies from accepting applicants who are below the minimum age requirement unless they have a co-signer.
If you are under 21 years old, be sure to ask your parent or guardian to co-sign the account for you. Furthermore, choose a co-signer with good credit history to get approved right away. On the other hand, even if you are below 21 years old and yet you can show proof of independent income, you may be able to get a student credit card even without co-signer. Still, most students who are in college are financially dependent to their parents and thus, the need for a co-signer.
Use Your Instant Approval Student Credit Card to Build Good Credit
For non-students, instant approval cards strictly require good or above-average credit score. People with bad credit or who have a low credit score must go for a secured credit card. However, students have the privilege to get instant approval since that they have yet to build their personal credit history.
Therefore, use your instant approval student credit card to establish and build good credit. How? Good credit can be achieved by using your student credit card to pay for items that you need for school and by paying off your balances on time.
Take note that most credit cards for students start with a low credit limit so you need to watch out your spending. Instead of maximizing your credit line, keep your spending minimal or at least below 50% of your borrowing limit. By doing so, you will find it easier to manage your debts and repayment. More importantly, you can protect yourself from the risk of bad credit.
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