6 Best Credit Cards for Students with No Income

Yes, it is possible to get a credit card as a student with no income. The two best options for such cards include student credit cards and secured credit cards.

Since student credit cards are specifically designed for students, they are quite lenient in their financial and income eligibility requirements and credit score requirements too. Most of them do not ask for a traditional income source and students can declare things such as, but not limited to, their monthly allowance or scholarship money as income also.

Some secured credit cards may also approve applicants without a proper income source. This is because they charge a security deposit that reduces the risk of lending to an unemployed person.

Getting a student credit card when you have no income can be particularly challenging, but there are ways to navigate this obstacle. A student credit card is often the first step in establishing a credit history, which will be critical for future financial transactions.

Here’s how you can get a student credit card even if you don’t have a steady income.

Some credit card companies allow you to consider parental income when applying for a student credit card. As a student, you can list your parents’ income on your application to boost your chances of approval. This approach may be good for students who are confident in their ability to manage credit responsibly, as it increases the likelihood of approval.

If you’re receiving financial aid, scholarships, or grants for college, some lenders will accept this as proof of income. Although this isn’t a stable income source like a job, it shows that you have some financial resources.

Having a bank account in good standing can demonstrate to credit card issuers that you’re financially responsible, even if you don’t have a regular income. While not a guarantee for approval, it can improve your chances.

A co-signer can help you secure a credit card by taking on the liability for your debt if you default. Opt for a co-signer who has a stable income and a good credit history. We recommend this option with caution; while it can help you get a credit card, it places financial responsibility on another person.

While a secured credit card isn’t exclusively for students, it’s an option if you have no income. These cards require a refundable deposit and are easier to qualify for. We strongly suggest considering this as a fallback option because it will allow you to build credit even without a regular income.

Credit card companies do not only consider regular salary coming from a job as income. There are multiple sources of income that you can use to apply for a credit card including:

• Hourly wages and salaries from employment
• Self-employment income like that coming from your own business
• Investment income including interest, dividends, or rent coming in
• Social security, pension, retirement savings
• Spouse’s or another relative’s income deposited in a joint account including you
• Alimony and child support
• Regular allowance from parents and gift money
• Financial aid including scholarships and grants deposited in your account

If you earn money in any other way and are confused about its eligibility as income for the application, you can reach out to a customer representative of the credit card company you are considering.

Establishing a good credit history is an important financial milestone, especially for students who are just starting their financial journey. Building credit can provide the foundation for significant future transactions like renting an apartment, buying a car, or securing a mortgage.

Below are ways students can build credit from scratch even with no regular income.

Student credit cards are designed for people with limited or no credit history. They also consider the fact that students may not have a regular source of income and, therefore, have flexible income requirements. They usually come with low credit limits but offer the opportunity to build credit. Getting a student credit card is one of the easiest ways to start building credit.

Being added as an authorized user on a parent’s or guardian’s existing credit card account can help you build your credit with no income. This method allows you to benefit from their good credit standing. But caution that the account holder’s behavior, good or bad, will affect your credit as well.

Using a co-signer for a credit card or loan can help you get approved and start building credit if you do not have any source of income to show. The co-signer should have a good credit history, meet the minimum income requirements, and be willing to take on the liability for your debts. But use this option cautiously, as it puts the co-signer’s credit at risk if you are unable to meet payment obligations.

If other options are unavailable, consider a secured credit card. These cards require a deposit that becomes your credit limit. They’re easier to qualify for and can be a stepping stone to an unsecured card. This is a solid fallback option for those who have difficulty obtaining other forms of credit.

Once you are approved for a card, make sure to use it responsibly. This is because all the credit-building cards report to the major bureaus on a monthly basis. Your credit score can get negatively affected in case you miss a payment, make late payments, or max out your credit limit often. Therefore, to build a good credit score and strong history, make on-time payments and keep the utilization ratio low.