chase student credit card requirements

chase student credit card – requirements

Chase Student Credit Card – Requirements

The Chase Slate® credit card is a minimalist card, with no rewards and relatively few perks. In return, it offers easy approval, accepting credit scores in the 551 to 600 range for 8% of its cardholders, according to a Credit Karma survey of cardholders.

The Chase Freedom Student credit card is best for college students who want a simple card to earn rewards, without worrying about activating or keeping track of spending categories. You’ll earn 1% cashback on every purchase you make, period.

Most Chase credit cards are intended for consumers with good to excellent credit scores. That means you should have a FICO® Score of 670 or higher when you apply. A score above 700 is even better and gives you a strong chance at approval.

Chase approves most credit card applications instantly. As soon as you click submit, you should receive a decision within 60 seconds. However, some applications require further review.

Chase 5/24 – if you opened more than five credit card accounts within the past 24 months, you’ll automatically be rejected. 2. Chase 2/30 – if you have more than two applications within the past 30 days, Chase will not approve you.

Chase Freedom Unlimited

As one of Chase’s no-annual-fee cash back credit cards, the Chase Freedom Unlimited is easier to get approved for than the Chase Sapphire Preferred Card or Chase Sapphire Reserve.

The Chase Freedom Unlimited credit limit is $500 or more for everyone who’s approved. The most creditworthy applicants can get starting credit limits of $5,000 or higher.

Your Chase Freedom Student account must be open and not in default to maintain subscription benefits. You will be eligible for an automatic credit limit increase after you make 5 monthly payments on time within 10 months from account opening. Only one payment per billing cycle qualifies.

Chase Freedom Student credit card
Chase Student Credit Card Requirements

Chase Freedom Student credit card: Basics

  • Card Type: College student.
  • Annual fee: $0.
  • Bonus: $50 Bonus after first purchase made within the first 3 months from account opening.
  • Rewards: 1% cashback on all purchases.

Nerdy tip: Through March 31, 2022, the card also earns 5% back on qualifying Lyft services purchased through the Lyft app. Plus, cardholders get a complimentary three-month subscription to DashPass, DoorDash’s subscription service that provides unlimited deliveries for a $0 delivery fee on orders over $12.

Even though the Chase Freedom® Student credit card is marketed as a cash-back product, technically what you’re earning are Chase Ultimate Rewards points, which are worth 1 cent each when redeemed for cashback. (For example, 2,000 points equals $20.)

You can redeem your rewards for statement credit, a direct deposit into most U.S. checking and savings accounts, Amazon purchases, travel, or gift cards. Redemption values may vary depending on which option you choose.

APR: The ongoing APR is 14.99% Variable APR. Foreign transaction fee: 3% of the amount of each transaction in U.S. dollars.

Chase Student Credit Card

Chase Student credit cards could help young adults establish credit and build good financial habits for the future. Credit cards for college students are offered at many banks and financial institutions. You may want to work with a parent or guardian to find out which student card is best for you and what types of perks and features benefit your current lifestyle.

Before applying and using a chase student credit card, it’s important to understand how the application process works (you may need a co-signer) and how you plan on keeping up with payments to avoid debt. When used responsibly, a credit card can help college students establish and build their credit scores while benefiting from reward programs and cardmember perks.

What is a student credit card?

A student credit card is a type of credit card designed and marketed towards students and recent graduates by banks and financial institutions. Student credit cards typically have a lower credit limit and sometimes have higher credit approval rates for students with little to no credit history and limited incomes. Student credit cards may require a co-signer if you are under the age of 21.

For products in its class, the $ 0 annual fee Chase Freedom Student credit card scores well, thanks to its credit features, strong incentives, and potential to upgrade to high-end Chase cards.

Even though you must be a student to qualify, the card’s pricing is favorable to those with poor or no credit records. In fact, it’s really the only starter credit card that Chase offers.

In comparison, Chase’s other reward-earning cards typically require at least good credit (FICO scores of 690 or higher) – a high bar for newbies to meet when it comes to credit.

With responsible use of the card, you may be eligible for “Good Standing” incentives, a potential credit limit increase, and perhaps a product switch to an even better Chase card after you graduate.

Still, it’s possible to find richer ongoing rewards on other student credit cards, and this card charges an overseas transaction fee, which means it’s not ideal if you’re a student. abroad.

Chase Home Value Estimator

How do you apply for a student credit card?

The process for applying for a chase student credit card may vary depending on your age and current financial standing.

Pros & Cons

Pros

  • No annual fee
  • Earns rewards
  • Opportunity for credit limit increase

Cons

  • Has foreign transaction fee

The $0-annual-fee Discover it® Student chrome earns 2% cash back at gas stations and restaurants on up to $1,000 in combined purchases each quarter (1% back on other purchases). It may also come in handy if you need to finance a large purchase.

It offers 0% intro APR on Purchases for 6 months and 10.99% intro APR on Balance Transfers for 6 months, and then the ongoing APR of 12.99% – 21.99% Variable APR.

How do I apply for a student credit card if I am under the age of 21?

  1. Research the best type of student credit card for your needs.
  2. Learn about the application requirements.
  3. Obtain relevant proof that you are enrolled in school. Some banks or credit card companies may confirm your enrollment in an eligible school through the National Clearing House.
  4. Gather co-signer information (co-signer is responsible for making missed or defaulted payments on the account) and proof of income.
  5. Submit your application with all the necessary documents.

How do I apply for a student credit card if I am over the age of 21?

  1. Research the best type of student credit card for your needs.
  2. Learn about the application requirements.
  3. Obtain relevant proof of your personal income or assets.
  4. Obtain relevant proof that you are enrolled in school. Some banks or credit card companies may confirm your enrollment in an eligible school through the National Clearing House.
  5. Submit your application with all the necessary documents.

To apply for a student credit card, you may need to show proof of a steady income from a part-time or full-time job or have a co-signer (a person over the age of 21 with a steady income who takes responsibility for your late or missed payments) join you in the application process.

You may also have to provide proof that you are enrolled either part-time or full-time at a college or university. Some credit card companies have specific requirements on what constitutes a two or four-year college or university, so be sure to clarify these requirements before applying for a student credit card.

Why is my debit card being declined when I have money in my account

The best student credit card for college students:

Some student credit cards may waive annual fees and may offer reward programs that allow you to earn points and cash back on certain purchases. When researching a student credit card, the best student credit cards may have some of the following features and benefits:

  • 0% intro APR: A student credit card may have higher interest rates than regular credit cards but you may benefit from a lengthy 0% APR introductory offer. During this 0% APR introductory period, interest is not applied on purchases made until your regular interest periods begins. Be sure to read your cardmember agreement and monthly statements so you can keep track of when your zero or low-interest period ends as you’ll start paying interest on your credit card balance once this promotion ends.
  • Low fees: Student credit cards will typically have low service fees. You may find that maintenance or annual fees will also be minimized or not charged altogether.
  • Reward programs: Students may enjoy reward program perks that allow them to earn cash back or reward points from purchases. For example, you may earn between 1-5% cash back by making purchases at select groceries, gas stations and retailers. These cash back points could score you gift cards or cash back for purchasing textbooks, laptops, and clothes for the upcoming semester.
  • Student benefits and resources: As a student cardholder, you may be able to participate in special perks for college students, such as exclusive cash back reward programs that reward high GPAs or positive payment habits.
  • Security features: Student credit cards may also be equipped with useful protections and features, such as fraud protection or overdraft protection when you set up automatic payments from your debit card or checking account.

What are the benefits of a Chase student credit card?

A student credit card could help college students make convenient purchases and establish credit. Before using your credit card for purchases, it’s important to understand how interest works and how long it may take you to pay down your balances.

You may also have the opportunity to participate in a rewards program through which you can earn cashback or reward points. Additionally, many student credit cards offer rewards geared toward students.

Chase Credit Journey

Conclusion

Specifically, the Act states that you can’t get a credit card in your name if you’re under 21 unless you can show proof of income. So, one reason you might be denied a student credit card is being under 21 and not having enough income of your own that you could use to pay off any purchases you charge.

chase student credit card requirements
chase student credit card requirements

Most Chase cards require a score of at least 600, which is about the dividing line between fair and poor credit.

Quick Facts

  • $50 Bonus after first purchase made within the first 3 months from account opening
  • Earn 1% cash back on all purchases
  • No annual Fee
  1. $20 Good Standing Rewards after each account anniversary for up to 5 years
  2. Earn a credit limit increase after making 5 monthly payments on time within 10 months from account opening when meeting credit criteria
  3. No minimum to redeem for cashback. Cash Back rewards do not expire as long as your account is open
  4. Free credit score with Chase Credit Journey

It earns 1% cashback on purchases. And with responsible use, you may also qualify for “Good Standing” rewards, a potential credit limit increase, and, perhaps eventually, access to a higher-tier Chase card. Terms apply.

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Chase Student Credit Card Requirements

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