How long can I keep my student credit card?

You don’t have to leave your student credit card behind when you graduate from college. Credit card companies will let you hold on to a student card for as long as you want.

Do you have to cancel a student credit card when you graduate?

You may be able to keep any benefits you have with your student card after you graduate. Certainly do not cancel the card. At Discover®, for example, your rewards benefits don’t change. … After you graduate, Discover will just reclassify your student credit card account so it’s not tagged as student anymore.

Should I keep my college credit card?

The verdict

Here’s the bottom line. If your student credit card doesn’t have an annual fee or any other ongoing expenses, it’s probably a good idea to keep the account open. … On the other hand, if your student credit card has an annual fee and you don’t need it anymore, it could be a smart idea to close that account.

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When should I cancel my student credit card?

Your credit scores can suffer: One of the factors that goes into your credit scores is how long your credit accounts have been open. The longer you keep a credit card open, the better. So if you cancel your student credit card outright, especially if it’s a long-serving account, that can ding your scores.

When should I upgrade from a student credit card?

Some banks and credit card providers also provide a free credit score. For example, if you have a Discover it® Student Cash Back card, you can check your FICO credit score for free with Discover. Until your score is above 600, you should think twice about applying for a new card.

Can I have 2 student credit cards?

There’s no specific right number of credit cards that applies to everyone. However, having several cards can help you build your credit history in a couple of ways. If you only have a few accounts on your credit report (say, a student loan and one credit card), you have what’s called a thin credit file.

Is it bad to close a student credit card?

Closing your student credit card account could shorten the average length of your credit history, which could have a negative effect on your credit score. … Credit scoring companies like FICO and VantageScore factor in the amount of time your accounts have been open when calculating your score.

What happens to student credit card after you graduate?

Sometimes, when you graduate, your card issuer could reclassify your account so it’s no longer tagged as a student account. But your card will still continue to work. In a lot of cases, your card issuer will roll your account into the non-student version of your student card.

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What credit card should a student get?

Discover it® Student chrome: Best feature: Rewards for students. Chase Freedom® Student credit card: Best feature: Flat-rate cash back rewards. Bank of America® Cash Rewards Credit Card for Students: Best feature: Cash back for students. Journey Student Rewards from Capital One: Best feature: Cash back for students.

What happens to your student account when you graduate?

After two or three years, dependent on the bank, your graduate account will be converted into a normal current account – with all the interest and fees these entail.

What is a good credit score?

Although ranges vary depending on the credit scoring model, generally credit scores from 580 to 669 are considered fair; 670 to 739 are considered good; 740 to 799 are considered very good; and 800 and up are considered excellent.

How do I switch from student credit card to regular?

  1. Keep your student credit card open. …
  2. Ask your issuer to upgrade your student card. …
  3. Or, graduate your student card yourself. …
  4. Know what to look for in a new card. …
  5. Consider the benefits of graduating to a regular card. …
  6. Learn more about credit now to ensure financial well-being later.

What is a good APR?

A good APR for a credit card is 14% and below. That’s roughly the average APR among credit card offers for people with excellent credit. And a great APR for a credit card is 0%. The right 0% credit card could help you avoid interest entirely on big-ticket purchases or reduce the cost of existing debt.

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Should I get a student credit card or regular?

When it comes to choosing between a student vs. secured credit card, student credit cards are often the better choice if you qualify. Many don’t charge an annual fee, and you don’t have to put a deposit down.

Can you use a student credit card for anything?

You do have to be a student to get a student credit card. Otherwise, the card should work similarly to any other credit card — use it where credit cards are accepted, pay your monthly bill on time, and you can as well as have some extra financial flexibility.

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