How to Find a Credit Card for Students With No Income
Students can be tough customers for credit card companies who aren't so eager to give credit cards to people who have no job and no credit. Getting your first credit card is a big step that can help students get started on the path of responsible credit use, which can help you get the lowest rates on mortgages or car loans later. Here are some of the best ways to get a credit card as a student with no income and no credit score.
The easiest way for any student to get a credit card is to open a secured credit card account in your own name. With a deposit as low as $49 (but no more than $200), you can open a secured credit card that will report to all major credit bureaus and offer a credit limit of at least $200.
The only difference between a secured card and an unsecured card is that secured cards require collateral. The bank will hold onto the deposit, which protects the bank against losses in the event that the balance isn't repaid. However, the deposit is not meant to be used to pay down the balance through the ordinary course of time.
Source: Fool.com
