Getting a credit card as a student can help you build your credit history from an early age. The trick is to get a card with a low limit and to spend on it every now and again, always paying the bill in full. That way you can build a blue chip credit history early on in life. The Credit CARD Act of 2009 made it more difficult for students to apply for a card, but many banks do offer credit cards for students. Let’s take a look at the TD student credit card offer.
TD Bank offers plenty of financial products for students, but the bank does not offer a credit card geared to students specifically. However, if you are already banking with TD Bank, you may be eligible for one of the bank’s other credit cards.
Students are generally not in the market for credit cards with annual fees, so we think the TD Cash Credit Card is your best option. It offers a solid cashback rate and $0 annual fee. That said, rewards credit cards generally have strict application criteria and you would need an excellent credit score to apply for a TD Cash Credit Card.
Needless to say, students typically have little to no credit history, so you may find it difficult to apply for a TD Cash Credit Card. That said, if you already have a basic credit card as a student and have some part-time or internship income you stand a chance to successfully apply for the TD Cash Credit Card.
TD Bank does not publish the exact eligibility requirements for this card, but you will need to be 21 years of age and over unless you can prove that you have regular income in the shape of a salary or something else. Only US residents can apply for a credit card at TD Bank.
Looking for something other than a credit card? Is all you need a debit card for easy payment? TD Bank offers these accounts targeted at students:
- Checking account. Full-time students can get a checking account with no monthly fees and no minimum balance requirement. There’s no minimum deposit amount either, you just need to be enrolled in an eligible full-time course. The TD Student Checking account also offers an overdraft facility.
- Savings account. It’s never too early to start saving and you can get a savings account for students at TD Bank. Students will like the TD Simple Savings account with its free automatic transfers, helping you save quickly. TD Bank waives the maintenance fee on the TD Simple Savings account if you link the account to a TD Student Checking account.
- Debit cards. Your Student Checking account with TD Bank comes with a Visa debit card that you can use for payments at millions of terminals around the world. TD Bank’s debit cards are compatible with mobile wallets including Android Pay and Apple Pay and can be a convenient alternative to a credit card.
TD Bank doesn’t gear its credit card offering towards students, but many banks do. We can’t cover all of the cards in the market, but here are a few top choices:
- Citi ThankYou® Preferred Card for College Students. Yes, you can get rewards on a student credit card and no annual fee. This Citi card offers you 2X points when you dine out and when paying at entertainment venues, with one point everywhere else. There is a small signing bonus too, up to 2,500 points.
- Deserve® Edu Mastercard for Students. Another cashback card, the Deserve card helps you build your credit history while paying 1% cash back on all your transactions. Other useful benefits include a $49 waiver on your Amazon Prime membership and the universal worldwide acceptance of Mastercard.
- Journey® Student Rewards from Capital One®. Get rewarded when you pay on time with this card, a great way to learn how to deal responsibly with credit cards. All your purchases earn 1% back, and you get another 0.25% back if you pay your card on time. Geared towards students this card lets you pick the monthly due date that suits you.
You clearly have plenty of credit card options as a student. One of these cards could make an excellent backup to your debit card and can help you to build your credit score. Finally, even though there is no TD student credit card, you could consider the bank’s TD Cash Credit Card instead.