The victims were stabbed on a southbound Q train approaching the Times Square 42nd St station just before 7 a.m.
Police say a 14-year-old stabbed two other teens during a dispute over a credit card.
The three got into a dispute about spending on the credit card on the subway train.
A 15-year-old was stabbed in the left hand and a 16-year-old was stabbed in the torso.
Both were taken to Bellevue hospital and were said to be stable.
The young suspect has prior interaction with police, and officers quickly took him into custody at the Jefferson Houses in East Harlem. He has been charged with assault.
Police say the 15-year-old victim was also wanted for a prior assault.
All three teens appear to know each other.
The investigation continues and no charges have been filed.
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