Student credit cards are a great way to start building credit and can even provide help in the event of an emergency. It’s not that they provide far better terms than traditional cards, but they are tailored for individuals without a long track record of handling credit. So it can be more advantageous to obtain one because it may (arguably) be easier to qualify. And a lot of lenders provide perks that are unique to students. Here are some other things to consider:
| Student Credit Card | Traditional Credit Card |
|---|---|
| Lower credit limit | Credit limit could be high; based on income and credit history |
| Unsecured (typically) | May be secured or unsecured |
| May include one-time pardon for late payment | Most credit card issuers charge a late fee |
| Benefits based on academic achievement may be available | Benefits are not typically student oriented |
| Cash back and other perks may be included | Cash back and other perks (like travel awards) may be included |