A student credit card is an excellent way to start building your credit history. While it may not seem important while you’re still in school, you’ll need solid credit later on if you want to finance a vehicle, purchase a house, or qualify for the best credit card deals. In addition, your credit history might harm your career chances and ability to rent an apartment. So we will bring you more details regarding the best credit cards for college students for November 2021.
Get your student credit card if you are in college, and you are already on the path to creating a good credit history. With lower credit limits and advantages designed for college students, student credit cards can serve as a medium to more valued credit offers in the future. However, you should be aware that merely being a college student may not be sufficient to qualify for a student card. You’ll almost certainly require proof of income, and if you have bad credit or none at all, getting accepted may be difficult. Consider a secured credit card in such instances. You must put down a cash deposit as security for these cards. If you do not pay your bill, the warranty protects the issuer, lowering the risk of issuing you a card.
Discover has two excellent credit cards for college students. With its low-maintenance rewards system and student-friendly bonus categories, the Discover it® Student chrome shines. There are few or no restrictions on how much you can spend or how much you may earn. There was only a dollar-for-dollar match. Earn 2% cash back on up to $1,000 in combined spending at gas stations and restaurants each quarter.
Additionally, receive unlimited 1% cashback on all other purchases. If you maintain a GPA is higher than 3.0 or equal, you will receive $20 statement credit points each school year. 0% APR in the initial six months, after it is 12.99% to 21.99%. The APR will not change if you make a late payment.
- On up to $1,000 in combined restaurant and gas station expenditures per quarter, you receive 2% cashback, and on all other transactions, you get 1% cashback.
(You don’t have to “activate” your bonus benefits as you do with Discover’s other student card.)
- The annual cost is zero dollars.
- For new cardholders, Discover offers a signature incentive.
- Additionally, you will receive a free FICO score, cheap fees.
- Forgiveness for your first late payment.
- Furthermore, Discover mentions that this card does not require a FICO score. After your first year, Discover will automatically match all of your cash back! As a result, you may transform $50 into $100. Alternatively, you may transform $100 into $200.
- There are no foreign transaction fees but, this card is not accepted in many places worldwide, so a backup card is a must.
Regular APR- 12.99% to 21.99%
The Deserve® EDU Mastercard for people studying is a fantastic choice for students who can’t get a credit card because they don’t have a credit history in the United States, a Social Security number, or both. This card will offer your one year of Amazon Prime Student after making purchases worth $500 in the initial three billing cycles with your EDU card.
- Deserve employs its underwriting process to examine applications based on other factors, so students who would not qualify for other cards have a shot here.
- Statement credit for a 12-month Amazon Prime Student subscription (up to $59) after spending $500 in the first three billing cycles.
- There is no annual fee included, and no deposit is required.
- Mobile phone protection of up to $600 is offered to you.
- It will give you 1% cash back on every purchase you make with this card. So you can start earning money automatically on all your purchases.
- No International transaction fees will be charged so that overseas travels will be easier—no social security number is required for international students.
- There are a lot of referral bonuses (If you refer a friend to purchase this card, you will receive $30).
- Rewards can only be redeemed for statement credit, and you’ll have to wait until you’ve accumulated $25 in tips (equivalent to $2,500 in expenditure) to do so. Other cards, if you qualify for them, offer more significant rewards rates.
Regular APR- 18.74%
Although it requires more effort than a regular student card, the Discover it® Student Cash Back offers generous returns in quarterly bonus categories. Further, this card is pretty similar to Discover’s student chrome. After your first year, Discover will instantly match all of your cash back! As a result, you may turn $50 into $100. Alternatively, you may turn $100 into $200.
- There are no restrictions on how much you can spend or how much you may earn. There was only a dollar-for-dollar match.
- This card offers 5% cashback on up to $1,500 in purchases per quarter in rotating segments that you activate; all other spending receives 1% cashback.
- There is no annual cost.
- No late fee if you make your first late payment.
- Discover also claims that there is no FICO history requirement for this card.
- It can be inconvenient to activate bonus categories every three months, especially if you’re beginning with credit, and some of the classes may not be appropriate for student spending.
- In addition, although there is no international transaction fee, Discover isn’t as frequently recognized outside of the United States, which is something to keep in mind if you’re studying abroad.
Regular APR- 12.99% to 21.99%
The Chase Freedom® Student credit card offers a compelling combination of incentives to students looking for their first card, thanks to its rewards and bonuses, low APR, and upgrade options. After your initial purchase during the first three months of activating your account, you’ll receive a $50 compensation. There is no less amount to redeem for cashback bonuses. As long as your account is open, your Cash Back benefits will not expire or be taken off.
- You’ll get 1% cashback on all purchases, with a $50 incentive after your first purchase within the first three months of account setup, plus a $20 “good standing” bonus per year for up to five years.
- You can acquire $20 in Good Standing Rewards after each account anniversary.
- You can get a credit limit increase (With a track record of on-time payments (see terms)
- Chase has some terrific cards to consider upgrading to once you graduate. To apply, you don’t need to have a credit history.
- The continuous APR is 14.99 percent Variable APR for credit newbies, lower than many other cards.
- There is no annual fee.
- Chase Credit Journey provides a free credit score.
- Other cards provide better rewards in specific categories or give a higher cashback percentage on all transactions.
- Unfortunately, this card has a foreign transaction fee, making it unsuitable for international study.
The Capital One Platinum Secured Credit Card is a good choice for someone just getting started with credit. When you use your card correctly, such as making on-time payments, you may be able to get your security deposit back as a statement credit. In as little as six months, you could be automatically assessed for a greater credit limit with no additional guarantee required.
- With a $49, $99, or $200 deposit, you might be able to receive a $200 line of credit.
- You could be automatically considered for a greater credit limit with no additional deposit in as short as six months.
- You can enjoy the assurance of $0 Fraud Liability, which means you won’t be held liable for illegal charges.
- There are no hidden strings attached or annual fees.
- This is a secured credit card and but you must make a deposit. So you’ll have to establish that you can pay your bills, and you’ll have to put money down as a security deposit.
- Although secured credit cards are more accessible to obtain than unsecured credit cards, acceptance is not assured.
In conclusion, all of these cards are good for students, but there are always some differences that’ll appeal to you. So you have to find and compare the differences. This way, you will build an excellent credit history and be better at managing credits.