Student credit cards 30 August 2023

8 Best Low Limit Credit Cards

Credit cards with low limits make it easier to keep up with payments while allowing you the necessary credit for emergencies. We’ve reviewed the best low limit credit cards for students.

8 Best Low Limit Credit Cards

When it comes to credit cards, having a higher credit limit may not always be the best option. While some consumers may prefer flashy cards with high credit limits, others may choose to maintain a lower credit limit for manageable repayments.

The lowest credit card limit generally starts at $200. It can be better to opt for such low-limit credit cards sometimes as they can help provide quick funding in case of an emergency while limiting one from overspending and falling into debt.

For secured credit cards, the applicant can decide their credit limit by making a security deposit equal to the amount of credit line they desire. However, most secured credit cards have a minimum security deposit requirement of $200. Student credit cards generally have a low limit as well, which is usually less than $1000. The credit limit for an unsecured card usually depends on the credit score of the applicant and the amount of income they earn. The higher the score and the income, the better the limit would be. After approval, you can request a lower limit with your credit card issuer if needed.

If you want a credit card with a low initial credit limit, here are some of the best options available.

Best Low Limit Credit Cards for Students

LenderScholaroo ratingRegular APRCredit Score

Chase Freedom Rise Credit Card

Best for rewards without an annual fee

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4.7/526.74%N/A

Capital One® Platinum Secured®

Best for no credit history and no annual fee

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4.6/529.99%No minimum credit score

Capital One Quicksilver Student Cash Rewards

Best for cashback rewards

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4.5/519.99% - 29.99%No minimum credit score

Discover It® Student Cash Back Credit Card

Best for cash back rewards

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4.4/517.99% - 26.99%N/A

OpenSky® Secured Visa®

Best for borrowers with no credit

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4.3/522.14%No minimum credit score

Applied Bank® Secured Visa® Gold Preferred® Credit Card

Best for a welcome bonus

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4.3/517.99% - 27.99%Good (690 - 850)

Savings Secured Platinum Rewards

Best for no annual fees

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4.0/516.74%N/A

Discover It® Secured Credit Card

Great for building credit

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4.0/527.99%No minimum credit score
Lender

Chase Freedom Rise Credit Card

Best for rewards without an annual fee

Scholaroo rating
4.7/5
Regular APR
26.74%
Credit Score
N/A
Visit website
Lender

Capital One® Platinum Secured®

Best for no credit history and no annual fee

Scholaroo rating
4.6/5
Regular APR
29.99%
Credit Score
No minimum credit score
Visit website
Lender

Capital One Quicksilver Student Cash Rewards

Best for cashback rewards

Scholaroo rating
4.5/5
Regular APR
19.99% - 29.99%
Credit Score
No minimum credit score
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Lender

Discover It® Student Cash Back Credit Card

Best for cash back rewards

Scholaroo rating
4.4/5
Regular APR
17.99% - 26.99%
Credit Score
N/A
Visit website
Lender

OpenSky® Secured Visa®

Best for borrowers with no credit

Scholaroo rating
4.3/5
Regular APR
22.14%
Credit Score
No minimum credit score
Visit website
Lender

Applied Bank® Secured Visa® Gold Preferred® Credit Card

Best for a welcome bonus

Scholaroo rating
4.3/5
Regular APR
17.99% - 27.99%
Credit Score
Good (690 - 850)
Visit website
Lender

Savings Secured Platinum Rewards

Best for no annual fees

Scholaroo rating
4.0/5
Regular APR
16.74%
Credit Score
N/A
Visit website
Lender

Discover It® Secured Credit Card

Great for building credit

Scholaroo rating
4.0/5
Regular APR
27.99%
Credit Score
No minimum credit score
Visit website

1. Chase Freedom Rise™ Credit Card

Best for rewards without an annual fee

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Chase Freedom Rise Credit Card

4.7
Scholaroo Rating
Regular APR26.74%
Annual Fee$0
RewardsEarn 1.5% cash back on all purchases
Credit ScoreN/A
Why We Like ItPros and ConsEligibility RequirementsBenefits and Rewards

The Chase Freedom Rise™ credit card is a great option for international students as you don’t require an SSN or a security deposit. The card has no annual fee and you can qualify with limited or no credit history. It comes with a starting credit limit of $500.

You’ll be evaluated for a credit line increase after six months and you earn 1.5% cash back on all your purchases. Cash back rewards do not expire.

The card comes with an interest rate of 26.74 APR and there is a 5% cash advance fee. There is also a late fee of up to $40 and a 3% foreign transaction fee.

Pros

  • Don’t need an SSN to apply
  • No credit history needed
  • Doesn’t require a security deposit
  • Offers cash back rewards on all purchases
  • Trip cancellation insurance

Cons

  • High APR
  • Foreign transaction fee
  • Balance transfer fee of up to 5%
  • Must be at least 18 years old
  • Can apply with an ITIN
  • Earn 1.5% cash back on all purchases
  • Cash back rewards do not expire as long as you keep your account open
  • Earn a $25 statement credit when signing up for AutoPay within the first 3 months after opening your account

2. Capital One® Platinum Secured Mastercard®

Best for no credit history and no annual fee

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Capital One® Platinum Secured Mastercard®

4.6
Scholaroo Rating
Regular APR29.99%
Annual Fee$0
RewardsN/A
Credit ScoreNo minimum credit score
Why We Like ItPros and ConsEligibility RequirementsBenefits and Rewards

The Capital One® Platinum Secured Mastercard® is ideal as it doesn’t require a credit history to apply and has no annual fees. You can put down a security deposit of $49 or more and earn it back as a statement credit if you make payments on time.

The card has a 29.99% variable APR and a cash advance fee of 3%. There is no 0% intro APR, but there are no hidden fees. Getting approved for the card only takes a few seconds.

You get access to your account 24 hours a day from your computer or mobile, with the Capital One mobile app. You can also monitor your credit score free of charge with Capital One’s CreditWise. On top of this, you’ll get $0 Fraud Liability so you won’t be held responsible for unauthorized credit card charges.

Pros

  • No annual fee
  • No foreign transaction fees
  • Earn back your security deposit as a statement credit
  • No credit score needed to apply
  • Reports to three major credit bureaus

Cons

  • Comes with a high APR
  • Late fees of up to $40
  • No rewards
  • Must be at least 18 years old
  • Must have a checking or savings account
  • Must pay a security deposit between $49 and $200
  • Pay a refundable deposit starting at $49 to get an initial credit limit of $200

3. Capital One Quicksilver Student Cash Rewards Credit Card

Best for cashback rewards

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Capital One Quicksilver Rewards for Students

4.5
Scholaroo Rating
Regular APR19.99% - 29.99%
Annual Fee$0
RewardsUnlimited 1.5% cash back on all purchases
Credit ScoreNo minimum credit score
Why We Like ItPros and ConsEligibility RequirementsBenefits and Rewards

Capital One Quicksilver Rewards for Students is a great card for cash back rewards. It is available to students with limited credit history and a fair credit score. No minimum credit limit is specified but the credit line you get generally depends on your credit score and income. You can request a certain limit you prefer after approval.

This card offers an unlimited 1.5% cash back on all purchases every day. On Uber and Uber Eats, students can enjoy up to 10% in cash back rewards and an unlimited 5% on hotels and rental cars booked through Capital One Travel. You can redeem the rewards earned for cash, as gift cards, and directly to cover purchases. You can even shop on Amazon.com using your Capital One rewards. Moreover, the card does not charge any annual or foreign transaction fee either. However, there is a penalty of $40 on payments that are made late.

 

Pros

  • 1.5% cash back on every purchase
  • 10% cash back on Uber and Uber Eats
  • Multiple travel associated benefits
  • No annual fee or foreign transaction fees

Cons

  • Late payment fee of up to $40
  • Be 18 years or older
  • Have a Social Security Number
  • Have a steady income
  • Be enrolled as a student

Cash Back

  • Earn unlimited 1.5% cash back on all purchases
  • Earn 10% cash back on Uber and Uber Eats purchases

Early Spend Bonus

  • Earn $50 when you spend $100 in the first three months

Referral Bonus

  • Earn up to $500 a year by referring family and friends

4. Discover It® Student Cash Back Credit Card

Best for cash back rewards

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Discover It® Student Cash Back Credit Card

4.4
Scholaroo Rating
Regular APR17.99% - 26.99%
Annual Fee$0
Rewards5% cash back Amazon and select grocery stores
Credit ScoreN/A
Why We Like ItPros and ConsEligibility RequirementsBenefits and Rewards

The Discover It® Student Cash Back credit card is a great option for students 18 years and older as it offers great rewards and benefits, including a cashback program and no annual fees. Discover It® student cards come with a minimum credit limit of $500.

The card has a 0% APR for six months on purchases, after which a minimum APR of 17.99% applies, and a balance transfer intro APR of 10.99% for six months. When you graduate, you can update your income information and you may then become eligible for a higher credit limit.

Students can log in to the Discover mobile app to view their free FICO scores, track their cashback rewards, and get free Social Security Number security alerts.

You can earn a statement credit if you refer a friend and they get approved for a card. You’ll also get a welcome bonus that you don’t typically get with other student credit cards.

Pros

  • No annual fee
  • No foreign transaction fees
  • Cash back rewards program
  • No credit score needed to apply

Cons

  • Lower rewards than other similar cards
  • Not as widely accepted as Visa, Mastercard, or American Express
  • Must be at least 18 years old
  • Enrolled in college
  • Be a U.S. citizen
  • Have a Social Security Number
  • Need to have verifiable income (part-time or full-time)

Cash Back

  • 5% cash back on everyday purchases from Amazon as well as selected grocery stores, restaurants, and gas stations. Plus, 1% cash back on all other purchases

Welcome Offer

  • You’ll get an unlimited cashback match, where Discover will automatically match all the cashback rewards you’ve earned at the end of the first year

5. OpenSky Secured Visa Credit Card

Best for borrowers with no credit

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OpenSky Secured Visa Credit Card

4.3
Scholaroo Rating
Regular APR22.14%
Annual Fee$35
RewardsN/A
Credit ScoreNo minimum credit score
Why We Like ItPros and ConsEligibility RequirementsBenefits and Rewards

The OpenSky Secured Visa Credit Card is an option for those with no credit and who struggle to qualify for a secured credit card. There is no risk to apply and payments are reported to all three major credit bureaus. The initial credit limit depends on how much you deposit and it starts from $200.

The ongoing APR is 22.14% and there is a 3% foreign transaction fee. There is also an annual fee of $35 on this card. However, the card stands out as being relatively easy to get, especially for students who don’t have a credit history and struggle to qualify for other student credit cards.

Applying online is very easy and only takes a few minutes. Moreover, there is no credit check and you don’t need a bank account to apply either.

Pros

  • No credit required to qualify
  • No bank account needed
  • Easy to qualify for
  • Reports to all three major credit bureaus

Cons

  • Annual fee of $35
  • Need to pay a security deposit of $200
  • 3% foreign transaction fee
  • Need to be a U.S. citizen
  • Need to be at least 18 years old
  • Need to pay a $200 security deposit

This card has no rewards.

6. Bank of America® Customized Cash Rewards Credit Card for Students

Best for a welcome bonus

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Bank of America® Customized Cash Rewards Credit Card for Students

4.3
Scholaroo Rating
Regular APR17.99% - 27.99%
Annual Fee$0
RewardsUp to 3% cash back on gas, travel
Credit ScoreGood (690 - 850)
Why We Like ItPros and ConsEligibility RequirementsBenefits and Rewards

The Bank of America® Customized Cash Rewards credit card has no annual fee and offers attractive rewards, making it a good choice for those who don’t have good credit. It is also a good choice for a low-limit student credit card as the initial credit limit on this card starts from $500. The card offers a 0% intro APR for 18 months, after which a variable APR of 17.99% – 27.99% will apply.

The card offers 3% cash back on purchases made in the category of your choice: gas, dining, online shopping, travel, home improvement, or drug stores. You earn 2% cash back at grocery stores and 1% cash back on all other purchases. Your cash rewards don’t expire.

There is also a $200 cash bonus when you make purchases of at least $1,000 in the first 90 days after opening the account. Online pre-qualification takes a few minutes and you’ll get an instant decision. This process triggers only a soft credit check.

Pros

  • No annual fee
  • Up to 3% cash back on purchases
  • Cash rewards never expire
  • 0% intro APR for 18 months

Cons

  • 3% foreign transaction fee
  • Late fees apply
  • High regular APR
  • Pay a security deposit (minimum of $200)
  • Must be 18 years or older
  • Must be a U.S. citizen
  • Must be enrolled as a student
  • Up to 3% cash back on gas, online shopping, dining, travel, or home improvement
  • 2% cash back at grocery stores and wholesale clubs on the first $2,500 in purchases, then earn 1%

7. Savings Secured Platinum Rewards Credit Card

Best for no annual fees

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Savings Secured Platinum Rewards Credit Card

4.0
Scholaroo Rating
Regular APR16.74%
Annual Fee$0
Rewards1x point for every dollar spent
Credit ScoreN/A
Why We Like ItPros and ConsEligibility RequirementsBenefits and Rewards

The SDFCU Savings Secured Visa Platinum Card is a secured credit card for borrowers with bad credit. It requires a security deposit of at least $250 which will also serve as your initial credit limit. There is no annual fee and you earn rewards – one point for every dollar you spend.

The card has no balance transfer fee and no foreign transaction fee. Interest rates start at 16.74% APR. You also get additional benefits like travel and emergency assistance services, auto rental collision damage waiver, and lost luggage reimbursement.

Pros

  • No credit history required
  • No annual fee
  • No balance transfer fee
  • No foreign transaction fee
  • Earn one point for every dollar you spend

Cons

  • Needs a security deposit of at least $250
  • Must be a U.S. citizen
  • Must be at least 18 years old
  • Earn one point for every dollar you spend

8. Discover It® Secured Credit Card

Great for building credit

Apply now

Discover It® Secured Credit Card

4.0
Scholaroo Rating
Regular APR27.99%
Annual Fee$0
Rewards2% cash back at restaurants and gas stations up to $1,000 per quarter
Credit ScoreNo minimum credit score
Why We Like ItPros and ConsEligibility RequirementsBenefits and Rewards

The Discover It® Secured credit card requires no credit history to qualify. It reports payments to all three major credit bureaus and allows you to earn rewards while building your credit.

The card comes with no annual fee, no foreign transaction fees, and a 27.99% variable APR. There’s a 10.99% intro APR on balance transfers for the first six months and a welcome bonus of an unlimited cashback match on all purchases during your first year.

You also earn 2% cash back at restaurants and gas stations for purchases up to $1,000 per quarter. Thereafter, you earn 1% cash back.

The Discover It® Secured credit card requires a minimum security deposit of $200 which will equal your starting credit limit. After seven months, your account will be reviewed to see if you qualify for moving to an unsecured credit card and a deposit return.

Pros

  • No annual fee
  • No foreign transaction fees
  • No credit history needed to apply
  • Possibility of upgrading to an unsecured card after seven months
  • Unlimited cashback on all purchases during the first year

Cons

  • Requires a security deposit
  • High ongoing APR
  • Must be at least 18 years old
  • Must be a U.S. citizen
  • Must have a bank account
  • Must pay a security deposit
  • Earn 2% cash back at restaurants and gas stations up to purchases of $1,000 per quarter. All other purchases earn 1%
  • An intro bonus of an unlimited cashback match on all cash back you earn during the first year

What is the Easiest Credit Card to Get?

The easiest credit cards to get are generally secured credit cards and cards designed for people with poor or no credit history. These cards often have more lenient approval criteria and sometimes don’t even require a credit check. They are a good starting point for those who want to build or rebuild their credit.

Unsecured credit cards have no deposit requirement, but approval standards are higher. Issuers rarely publish minimum requirements, making it tough to choose from many options.

Why Are My Credit Card Limits So Low?

Your credit limit is determined by the bank that issues your credit card. In order to determine the limit, the bank will review your credit history, current debt, income, and other factors. Some of these factors are unknown to consumers and are proprietary to the bank.

If any of these factors are problematic, your credit limit may be drastically lowered or your application may be rejected altogether. Even those with excellent credit may face rejections.

If you have no reported credit history, you may also find yourself with a lower limit. These individuals are known as “credit invisible” and their credit history is so limited that a reliable credit score cannot be generated.

Credit cards, like any other kind of loan, are all about risk. Banks want to lend money or extend credit to people who they think are likely to pay them back.

FAQs

Do low limit credit cards hurt credit?

If you fail to pay off your balance every month, your credit score can take a hit. This is especially true for those with a low credit limit, as it can lead to a high credit utilization ratio.

What is the lowest credit card limit?

When you get your first credit card from a retail store, your credit limit may start at $100. However, if you get your first credit card from a bank or credit card company, you could be approved for a slightly higher credit limit of up to $500.

Can I get a credit card with a $200 limit?

Yes, there are many secured cards that you can get with a $200 limit. Discover It® Secured Credit Card and OpenSky Secured Visa Credit Card both give a credit line that is equal to the security deposit you make which starts at $200.

Can I get a credit card with a low credit limit?

Secured credit cards offer low-limit options that are highly customizable based on the refundable security deposit you decide to make. Whether you’re looking for a credit limit of $200 or $2,000, there are multiple secured card options to meet your needs.

What credit card can I get with a 570 credit score?

If you have a credit score of 570 and are looking for a good credit card option, the 2. Capital One® Platinum Secured Mastercard® could be a great choice. It doesn’t require a credit history for approval and has a lower minimum security deposit of $49.