I have the best daughter in the world. Yes, I know some of you think the same thing, but I am confident that mine is the best. She is in her fourth year at Med School, her big upcoming activity is flying around the U.S. this fall to interview for residency programs. As such, I have been saving up plenty of miles and points to help her out.
She tells me that many of her fellow students with less points & miles savvy parents and are on their own to fund these travels. Being smart – they are future doctors after all – they are tuned in to the benefits of getting credit cards for the free points & miles. I questioned her on how they could get qualified since they are full-time students with no time for a job to get qualifying income.
She said they had researched the rules for what qualified as income and found that student loans are considered income by most CC companies. Kind of makes sense since the money is available to the student for whatever their needs are including rent, car loans, food, etc. Several of her friends have successfully received cards, such as the Chase Sapphire Reserve. I thought this was a good tip to pass along in case you, or your kids, are in the same boat.