Best Student Credit Cards
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Student credit cards are designed for students meaning people with limited or no credit history, and relatively low income. But before you get one,;it’s important to understand how credit cards impact your credit history. If you use a credit card irresponsibly you could end up with lots of expensive debt, negative items on your credit reports, or both.
- International Students, No SSN Required: Deserve Edu Mastercard
Discover It Chrome Card For College Students
This card rewards students for excelling in school by providing a $20 credit for each year students achieve at least a 3.0 GPA. Users can also receive 2 percent cash back on gas and dining, and 1 percent on everything else. In addition, cash-back rewards are matched during the first year of membership.
Which Student Credit Card Has Better Upgrade Possibilities
Each student credit card has different upgrading possibilities. In some cases, it may not be possible to upgrade your card. Instead, you may have to close the one card and open up a new card with either the same issuer or a different one. But some card issuers do offer the option to transition to a traditional consumer credit card after college. If you desire to upgrade your card after college, it is best to contact the card issuer before applying to explore your options.
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Should I Add A Credit Card
With all the cards available today, you can build points and cash back, earning for spending every day. They can even reward you for your loyalty to your favorite airline or hotel. Also, credit cards are one of the fastest ways to a great credit score, unlocking doors to new opportunities. Look at our best credit cards to see if there is one that suits you.
How To Make The Most Of A Student Credit Card
Successful card ownership isnt especially complicated. All it takes to grow your credit history is to open a card, use it occasionally and pay each bill on time. Similarly, most rewards cards will give you at least 1% back with every purchase.
However, it does take organization and planning to maximize your card usage and avoid charging more than you can afford.
To get the most value from your student card:
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Citi Double Cash Card
Card members can earn cash-back rewards twice: they get 1 percent when they make a purchase, and another 1 percent on those same items if they make at least the minimum payment due. In addition, people can earn $100 cash back if they spend $500 on their card within the first three months of opening their account. Additional benefits include assistance with identity theft and fraud, a lost wallet service and free tickets to movie screenings.
Who Should Apply For A Student Credit Card
Simply being a college student;isn’t enough by itself to qualify for;a student card. Here’s what you need to know.
Student status might matter.;Check the card’s terms and conditions on the issuer’s website for application eligibility. For example, the Journey Student Rewards from Capital One does not have an explicit student requirement, while the rules for the Discover it® Student Cash Back say “You must be a college student.”
Federal law limits who can get credit cards under age 21.;Issuers are prohibited from providing cards to people under 21 unless they have proof of independent income or a;co-signer; someone who agrees to;be responsible for the debt if the primary cardholder doesn’t pay the bill.;This can be a roadblock since most major credit card issuers dont allow co-signers.
Those 21 or over are also required to provide proof of income.;However, they can list;any income to which;they;have reasonable expectation of access.
Bad credit is usually a dealbreaker.;Student credit cards are designed for people with little or no credit history. If you;have bad credit;because of missed payments or other missteps, you;probably;wont qualify for a student card on your own. In that case, look to a card specifically designed for people with bad credit.
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What Are The Benefits Of A Student Credit Card
In addition to more relaxed eligibility requirements, the best student credit card will offer some of the following features:
- Special rules for credit newcomers such as minimal late fees and no-penalty APRs
- Lower credit limits — usually between $500 and $2,000
- Cashback rewards program on spending
- A “reasonable” APR — usually between 15 and 20%
How To Maximize Your Student Credit Card
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How Can A College Student Build Credit
Your credit score is determined by factors like how long your credit history is, how much of your currently available credit line you are utilizing, and whether or not you have a history of late payments. It can seem like a bit of a Catch-22 to build your credit history if no one will give you credit because you dont have a history!;
If you have no credit or a limited credit history and need a place to start to build your score, consider getting added to someone elses card as an . You may also consider getting a secured credit card since these typically don’t check your credit report or have very lenient credit history requirements. Instead, you’ll need to put down a security deposit that is equal to the credit line you are given.
Bank Of America Travel Rewards Credit Card For Students: Best For Simplicity
If you dont want to have to worry about bonus categories and prefer a simpler approach, then the Bank of America Travel Rewards Credit Card for Students might be the perfect choice for you.
With this card, youll earn a flat 1.5 points for every dollar you spend on it, regardless of what kind of purchase you make. This is better than the standard 1% cash back, but youll miss out on the bonus categories of some other cards, which can earn you 2 to 5 times as much.
Its also important to note that, unlike some other cards on our list, the Bank of America Travel Rewards for Students earn points instead of straight cash back. While you can always redeem your points for cash, youll lose some value, as youll get the most for your points when you use them for travel.
Fortunately, its easy to redeem your points for travel on this card. Anytime you make a purchase that falls into the cards travel category, you can redeem points to cover the cost of that purchase. Travel includes airfare, hotels, buses, taxis and much more. In fact, Bank of America even counts many entertainment purchases, which means your points can be used for amusement parks and museums.
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The Benefits Of Having A Credit Card
Now that you know how credit cards work, its important to look at their benefits. Credit cards are an incredible tool when used responsibly. If you consistently pay your bills, you can enjoy the following benefits.
- You can build your credit score As you use your credit card, youll start to build a credit history and score. This is important if you ever need a loan in the future.
- You can earn rewards There are cashback and travel credit cards that give you rewards on every purchase.
- There can be additional benefits Many credit cards come with extra perks such as travel insurance, mobile device insurance, purchase protection, extended warranty, and more.
- They can help you manage your cash flow Credit cards give you an interest-free period on your purchases. You only need to worry about your payment when your bill is due.
- Make purchases worldwide Credit cards are widely accepted in person and online at most retailers around the world.
Whats The Difference Between A Student Credit Card And A Regular Credit Card
The difference between a student credit card and a regular consumer credit card is that student credit cards have features geared towards students and may be easier to be approved for. A regular credit card may have higher standards to be approved and will likely offer either cash back or travel rewards in exchange for spending.
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Best For Small Purchases And Supermarkets
Who’s this for? College students who make frequent, small purchases should consider the Citi Rewards+ Student Card, which offers a unique “round up” feature. For every purchase you make, points are rounded up to the nearest 10 points. So, a $2 coffee earns 10 points and a $21 dinner earns 30 points. This clever feature allows you to maximize rewards without any additional action on your part.
In addition to rounding up, you get 10% of your points back for the first 100,000 ThankYou® Points you redeem per year. If you redeem 25,000 points in a year, you get 2,500 of those points back enough for a $25 gift card. You can redeem points for gift cards, travel rewards or shop with points on Amazon and Best Buy.
This card also has a strong rewards program for supermarket and gas station spending with cardholders earning 2 ThankYou® Points per dollar spent up to a $6,000 annual maximum .
You must be at least 18 and currently enrolled in college to qualify for this card.
Can You Pay Your Student Loans With A Credit Card
Federal student loan servicers do not allow credit card payments for student loans. If your student loan is through a private firm, you may be able to use a credit card, but transaction fees may apply.
Be careful if youre considering using a credit card to pay for a student loan because youre transferring credit card debt to another form of debt, which can have higher penalties and interest. Youll have to factor in interest rates, fees and rewards to determine what is best for your financial situation.
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Capital One Quicksilver Student Cash Rewards Credit Card
Our pick for: Flat-rate cash back
The Capital One Quicksilver Student Cash Rewards Credit Card gets high marks for cards in its class, thanks to its $0 annual fee and its no-fuss rewards rate: 1.5% cash back on all purchases. That’s as good a combo as you’d find on even a lot of non-student cards.;Read our review.
Here’s What College Students Should Know About Credit Cards And How To Start Your Search
In many ways, getting a student credit card is easy. Anyone with a computer can search for “student credit cards,” fill out an application, and potentially get a credit card. However, to do it right, there are a few things about credit cards, and how to choose the right one, that college students should be aware of.
With that in mind, here’s a quick guide to the pros and cons of student credit cards, the rules that dictate who can get a student credit card, and how to compare the various student-focused credit card products currently on the market.
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Best Overall Best For Travel: Bank Of America Travel Rewards For Students
25,000 bonus points if you make at least $1,000 in purchases in the first 90 days of your account opening – which can be redeemed for a $250 statement credit toward travel purchases.
|Earn unlimited 1.5 points for every $1 you spend on all purchases everywhere.|
|INTRO PURCHASE APR||0% for 12 Billing Cycles|
|Balance Transfer Fee||Either $10 or 3% of the amount of each transaction, whichever is greater.|
|Foreign transaction fee|
- Why We Chose This Card:
- Pros & Cons:
The Bank of America Travel Rewards for Students is our pick for the best overall student card and best student travel card because of the high earning rate on its rewards program that you can then redeem for flights, hotels, vacation packages, cruises, rental cars, or baggage fees. It also has a long introductory APR on purchases and no annual fee which add to the card’s strong rating. Plus, the lack of foreign transaction fees makes this an ideal card for student travel outside the U.S.
Pay off purchases for 12 months with no interest
Friendly to foreign travel
Rewards aren’t transferable
No 0% APR balance transfer offer
Relatively high spending required for 25,000-point introductory one-time bonus
Read the full Bank of America® Travel Rewards for Students credit card review
Can You Apply For A Student Credit Card With No Credit
Yes! One of the things that sets student credit cards apart is that they are specifically designed for students who are new to building credit. This means you won’t need any kind of credit history when applying for a credit card for students. If you use your new student card responsibly — paying it on time every month and keeping your balances low — you’ll build credit over time.
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Should You Get A Normal Or Student Credit Card
Standard credit cards open up your options in a couple of ways.;If you’re ultra-disciplined, a 0% purchase card gives you a window of interest-free spending. You could do all your regular shopping;on a 0% card while letting;your own funds build up;in a savings account;.
That said, it’s still important to only buy what you have the cash for, and to keep that money safe until you need it to clear your balance. The aim of the game is to always repay in full before the interest kicks in. In other words, always make sure you plan ahead.
If you like the idea of rewards, a;cashback or points card can earn you anything;from money back to air miles and;store vouchers and can be worth it if you’re loyal to one store or supermarket.
Again, rewards are only valuable if you’re scrupulous about clearing your balance in full each month. Otherwise, any extra charges, penalties could wipe out any gains.
Ask A Parent To Make You An Authorized User
Very few credit cards have options for cosigners. But if your parents have good credit habits, they may be able to make you an authorized user on their credit card.
When you become an authorized user, you inherit your parents good behavior on your credit report. This is a good hack but it can backfire if your parents have poor credit or become unable to pay their bills.
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