If you’re a student, or you’re the parent of a student, you’re probably well aware of student credit cards. But what are they exactly? Is there anything that really sets them apart from other credit cards? And what do you need to do (or know) if you’re a student and you’d like to get a student credit card of your own?

Let’s explore some of the basics of student credit cards to point you in the right direction.

What are Student Credit Cards?

Student credit cards really aren’t any different than other credit cards. They’re just marketed to students and the features, perks and requirements are tailored to meet the needs of students. Those needs can be different than those of cardholders who have been working in a career full-time for years.

For example, students generally have lower incomes than others. They might only work part-time. You can get a credit card with a part-time job if you look to student credit cards, even if more traditional cards might reject you. They have lower income requirements, like the Aussie MasterCard which only requires a $15,000 annual income.

Other Names for Student Credit Cards

Not all student credit cards are specifically limited to current students. So you might see those credit cards called other things. For example, they might be marketed as a “first” credit card for a brand new cardholder — like the ANZ First Visa.

Another option is to look at low interest credit cards. You’ll often find no-frills credit card offers included. These cards might have lower credit limits than others at times, but they tend to feature low annual fees, low interest rates, and a lack of perks. They’re just very simple credit cards that you can use for everyday purchases. You might find some good no-frills cards that would be perfect student credit cards, and that might have low enough income requirements to make them realistic options for you while in school.

You might not always find low interest options available though. After all, if you’re new to credit cards you’re a bigger credit risk. So don’t be surprised if the only cards you can find for students have higher than average interest rates. You won’t always be eligible for the no-frills cards.

Before Applying for a Student Credit Card

You need to know a few things before applying for a student credit card. First, review the income requirements up front. Enquiries stay on your credit file for years, so don’t apply if you know you don’t meet the requirements. Credit card companies will also look at your current employment information in general. So make sure you have a steady job — if you just started your job and you’re immediately applying for a credit card, you might appear to be an even bigger risk to them. Finally, if there’s anything you can do to build a positive credit history earlier, do it. Anything you can do to show you’re a low credit risk, even when you’re not working full-time, can increase your chances of getting approved.