Instant Approval Student Credit Cards

Obtaining your first ever credit card can be liberating. A few years back, you had to wait for weeks up to a full month to find out if you have been approved or not. Now, you can expect the answer in just a few minutes when you apply for instant approval student credit cards. There are several creditors today that promote such type of card, including American Express, Discover, and Capital One.

Misinterpreted Term

If you have received an email with a list of instant approval cards for students like you, don't get too excited. Instant approval does not necessarily mean that you will get the card that you applied for. It actually denotes "instant response" since you frequently have to wait 60 seconds. Many applicants find the term misleading.
Most of the time, student cards that approve instantly have credit rating requirement. If you wish to increase your chances of getting approved, you need to build your credit history first. Ninety nine percent of applicants with excellent credit get a nod from the creditors. Those that have bad credit or limited history may find it difficult to get accepted. Hence, the misconception occurs.

Successful Application

There are a number of individuals that get turned down even when they have excellent credit. One common reason is that they have carelessly filled out their application form. It is essential that you complete your form with all the right details to secure your credit line request. When applying for a student card, the process is pretty much the same with traditional cards. The requirements include:

• Your age - You should be at least 21 years old with a Social Security Number.
• Age exception - Those who are 18 years old can also get a card provided that they have a co-signer or that they are able to prove that they can pay their balances monthly.
• Personal information - Aside from your age, you should give your full name, your address, contact details, and information about your school.
• Financial details - You also need to provide your income information (if available), your bank accounts list, and the type of credit lines you have.

Choosing the Best Student Credit Card

At present, you have plenty of choices, which may make it a bit confusing for you to select the best out of the best. The general rule here is to find a card that comes with the lowest interest rate possible and with high credit limit. Unfortunately, not all creditors are willing to take the risk since you are still a student with limited or no income. In addition, an account with high credit limit can be too tempting because you are given more than enough credits to spend.

The good thing about high interest rates is that they teach you how to become a good card holder. If your card has high APR, you will be forced to repay your balances to avoid incurring interest. Make sure that you compare all the available options, including their rewards, grace periods, and intro APR. It is best to go for a student card that comes with low to zero annual fee.