Having poor credit is not the only reason it can be hard to get a loan or even get approved for a credit card. Having no credit can make it just as difficult.
It takes time to build a credit history, but the passing of time alone will not build that history absent any borrowing-repaying activities.
Student credit cards with no credit history requirements can help college students create a positive credit score that will assist them when they graduate and venture out into a new life.
Examples of Why Students Need a Credit Card While in College
Students often enter college with little to no credit history and with very little means of establishing good credit until after graduation. After all, student loans are frequently cosigned for by parents and can’t help establish credit until after graduation when you begin to repay them.
A credit card can also help a student who already has a bad credit score reestablish a good one by making on-time monthly payments throughout his/her 2 or 4 years in college.
And students also need credit cards for practical expenses, like gas, food, car repairs, and textbooks. It can be cumbersome to constantly carry about cash for all these expenses, and there are often online purchases that you can’t make with cash anyway.
Options for Student Credit Cards With no credit needed
What kinds of options are out there for students without a significant credit history who want to acquire a credit card account?
Actually, there are many cards labeled “student credit cards,” but the value of a particular offer must be weighed by asking yourself such questions as these:
- How high of a credit line will I have?
- Is a deposit required? If so, how much and how does it compare to the credit line?
- Is there an annual fee, and if so, how much is it?
- What would the APR interest rate be?
- What other kinds of fees apply?
- Will this card “travel” overseas and have no or low foreign transaction fees? (Many students go on international internships before graduating.)
- If I make on-time payments and manage my card responsibly, how fast will my credit line increase and my APR decrease?
- Can I get the card approved quickly, no-hassle, and 100% online?
We at Bonsai Finance understand the needs of students and offer highly competitive student credit cards that are fast and easy to apply for and get approved for.
In decades gone by, it would have been unnecessary and difficult for young college students (or others with no credit history) to get a credit card, but times are different now. We understand that and exist to meet the needs of students who wish the convenience of a credit card and a way to build credit.
We offer a variety of student credit cards with no credit history needed for approval that almost everyone can get approved for.