Students may find it hard to apply for a credit card because their finances are not that stable. They may assume that they would have to go through the entire process of going to a bank and applying manually before they can avail of a credit card. But actually, students can just as easily apply for an instant approval credit card as anybody else can. In fact, there are some instant approval cards that are geared especially towards students.
Citi mtvU Platinum Select Visa – The bank analyzes the information contained in the student’s application and credit rating is also taken into account. If the bank decides that the student is qualified, then it gives 0% APR on balance transfers and purchases. The cardholder is entitled to ThankYou points whenever the card is used for purchases and other transactions. More points are earned at bookstores, movie theaters, restaurants, record stores, and video rental stores.
Aside from the points earned when something is charged to the card, there are also additional points for on-time payments and for instances when monthly credit limit is not exceeded. This card also provides incentives for maintaining good academic performance. A substantial number of ThankYou points is awarded twice a year for cardholders who have a high GPA or Grade Point Average. These ThankYou points can be exchanged for electronics, gift cards, music-related products, travel rewards, and more.
Citi Forward Card – If the cardholder does not exceed the credit limit and pays on time for three consecutive months, the bank reduces the purchase APR by up to 2%. Reward points are given for every purchase, but more reward points are earned by purchases involving books, dining, music, and movies. Bonus points are given when the cardholder’s purchases reach a specified amount within 3 months after the amount has been opened. Signing up for paperless statements within the same period also earns bonus points. For the first 6 months, there is 0% APR on balance transfers and purchases.
Discover Student Card – The cardholder can get up to 20% cash back bonus for online shopping. Double rewards are also given if the card is used in any of the cash back bonus partners. There is no limit to the cash rewards that can be earned and students can choose from many card designs, including clear, monogrammed, open road, and wildlife.
Of course, a student must remember that there are many things to be considered when applying for an instant approval credit card. These include annual fees, application fees, APR, late Fees, and rewards.