Students typically do not have a credit score, making it pretty difficult for them to get a credit card. Luckily, however, there are companies that offer student credit cards. There is one problem though! Even students get a lot of choices when selecting a credit card. Too many choices can become challenging. Because students are not financially mature, they are more prone to make a wrong choice while selecting a suitable credit card for themselves. So, to solve that problem, we are providing a curated collection of the best student credit cards available today. Let us begin.
Student Credit Cards
1. Discover it for Students
Discover it for Students credit card by Discover is one of the finest credit cards that students can get. The card comes with a set of amazing features that are perfect for students who are in the process of setting their lives from scratch. Let us take a look at the features that this particular credit card has to offer:
- Introductory APR of 0%. This offer remains valid for 6 months from the date of account opening.
- Once the introductory APR offer ends, the regular APR becomes 14.49% to 23.49% (variable).
- Discover will not charge an annual fee for the card.
- Students can get 5% cash back on all categories that fall under quarterly spending.
- Students will also enjoy 5% cash back on bonus categories provided they sign up.
- In all other categories, students will get 1% cash back.
- If a student gets GPA of 3.0 or higher in each school year, Discover will provide cash back of $20.
- At the end of the first year, Discover promises to match the total cash back earned throughout the year.
2. Capital One’s Journey Student Rewards
The Journey Student Rewards credit card is all about inculcating good credit card usage habit among students so that they grow into financially responsible people. Capital One offers the following benefits to students who go for Journey Student Rewards credit card:
- Flat 1% cash back on every purchase.
- If the student pays the bill on time, he or she will get cash back of 1.5% instead of 1%.
- There is no limit set to the amount of cash back that a student can earn.
- If the student displays a good behavior in handling the credit card, Capital One will consider increasing the credit limit for the card.
- The company will increase the credit limit if a student makes the first 5 payments on time.
- The card comes with the ability to choose a due date. Yes, students can select the due date they want so that they can easily pay back the amount they owe to Capital One.
- Capital One will not charge any money on transactions in foreign countries.
- The card does not have an annual fee either.
- The card comes with a regular APR of 24.73% (variable).
3. Citi ThankYou Preferred for College Students
The Citi ThankYou Preferred for College Students is one of the best student credit cards that college students can get. The card comes with various features. Let us take a look at them:
- If a college student signs up for the card, he or she can get a signup bonus. The company will offer 2,500 bonus points once the student spends $50 in the first 90 days after opening an account.
- The 2,500 bonus points are equivalent to $25. The bonus points can be used as gift cards or for electronic purchases and other purchases through ThankYou.com.
- If the student uses the card for eating out or dining, he or she can earn 2 points for every dollar he or she spends.
- For any other purchase, the card also offers 1 point for every dollar the student spends.
- The card has no annual fee associated with it.
- For the first 7 months, the APR will be 0%. After that, the APR will change to anywhere between 16.24% and 26.24% (both limits included). The APR will depend on the creditworthiness of the student.
4. Wells Fargo Cash Back Card for Students
While shopping for student credit cards, no one should ignore the Wells Fargo Cash Back Card for Students. With tons of features, this credit card is one of the best options that students will get. Let us take a quick look at all the features that the credit card offers:
- For purchases at drug stores, grocery, and gas, students can enjoy 3% cash back. This cash back rate is applicable for the first 6 months from the date of account opening.
- After 6 months, students will get 1% cash back on all purchases.
- The rewards that students earn can be deposited directly at a savings account with Wells Fargo. The deposits can be made only in increments of $25.
- Students can also choose to redeem their rewards via any of the following methods:
- Gift cards
- Statement credit
- A paper check mailed directly to the home address, etc.
- The card has an introductory APR of 0% for 6 months from the date of account opening. The introductory offer applies to both balance transfer and purchases.
- Once the introductory offer expires, the regular APR will be 12.90% to 22.90% depending on the creditworthiness of the student.
- The card doesn’t have an annual fee.
- If the student has checking account with Wells Fargo, he or she can use the card for overdraft protection. However, the bank will consider the charges for overdraft protection as cash advances. In such a case, the bank will charge a higher interest rate and an extra fee. It is always wise that a student maintains zero balance if he or she adds overdraft protection to the credit card.
Student credit cards are a great way for students to become financially independent, and understand the value of money. However, if the students fail to use their cards wisely, they can eventually face financial problems early in life. Credit cards are loans, and hence, students should be careful. Any mismanagement can lead to disasters.