Did you know student credit cards have lower fees and reasonable interest rates? They also come with perks made just for college students. With the right card, you can build a strong credit history and earn rewards. Plus, you get access to financial education resources.
Looking into the best credit card options for students can really help you out. It opens up new opportunities as you go through school and manage your money.
Key Takeaways
- Student credit cards often have low fees, reasonable APRs, and perks that appeal to college students.
- Some student credit cards offer cash-back rewards for good grades.
- Many student credit cards have lower fees or waive fees for late payments.
- Student credit cards generally do not have an annual fee.
- Building credit as a student can provide a head start on personal finances during young professional years.
Introduction to Student Credit Cards
Getting a student credit card is a great way for young adults to start building credit early. These cards usually have lower limits and are easier to get than regular credit cards. They offer benefits like cash back, travel rewards, and tools to help manage money.
Using a student credit card wisely helps you build a credit history and score. This is key for things like renting a place, getting loans, and buying big items. 26 million U.S. adults, or about 11% of adults, have no credit history. Student credit cards can help change that.
Unlike secured cards, you don’t need to pay a deposit for student credit cards. They’re made to help students build credit history and learn about money management. Many also have rewards programs, like cash back or travel points, to encourage smart use.
“Student credit cards offer an opportunity for college students to build credit while in school.”
But, remember, student credit cards can have high APRs, around 20%. This means you could end up paying a lot in interest if you’re not careful. It’s important to use the card wisely, keep your balance low, and pay on time to build a good credit score.
Knowing the good and bad about student credit cards helps young adults take a big step towards building their credit history and learning good money habits. These habits will help them in the future.
Discover it® Student Cash Back
Rotating Cash Back Categories
The Discover it® Student Cash Back card is a great choice for students wanting to earn more cash back. You can get 5% cash back in rotating quarterly categories, like grocery stores, restaurants, gas stations, and more. This is up to $1,500 in purchases per quarter, then 1% after that. Plus, Discover will automatically match all the cash back you’ve earned at the end of your first year as a new cardholder.
This card is perfect for students who want to earn the highest rewards by activating the rotating categories each quarter. It also offers a 0% intro APR on purchases for six months from when you open your account. And, there’s a 10.99% intro APR on balance transfers for the first six months after your first transfer.
The Discover it® Student Cash Back card doesn’t charge an annual fee, foreign transaction fees, nor fees for the first late payment (up to $41 after that). The ongoing variable APR is between 18.24% to 27.24%, which is lower than some other starter cards.
With Discover’s highly-rated customer service, 24/7 U.S.-based support, free FICO credit score access, and credit monitoring services, this card is a great choice for students with no credit history. It helps you earn cash back rewards and build your credit responsibly.
| Card Details | Discover it® Student Cash Back |
|---|---|
| Annual Fee | $0 |
| Regular APR | 18.24% – 27.24% Variable APR |
| Cashback Earning | 5% Cashback Bonus on up to $1,500 in different category purchases each quarter, when activated, 1% base reward rate |
| Introductory Offer | 0% intro APR on purchases for 6 months, Unlimited Cashback Match for all new cardmembers |
| Rewards Potential | Hypothetical student spending $18,190 annually can earn up to $421.90 in cash back the first year, which doubles to $843.80 with Discover’s cashback match |
Capital One SavorOne Student Cash Rewards Credit Card
The Capital One SavorOne Student Cash Rewards Credit Card is a great pick for students looking for cash back on their daily buys. It offers more rewards in key areas like dining, groceries, entertainment, and streaming services.
Users can get an 3% cash back on these areas, plus a 10% cash back on Uber and Uber Eats (until November 14, 2024). New card members also get a one-time $50 cash bonus after spending $100 in the first three months.
This card is perfect for students wanting to earn rewards on their daily spending. With no annual fee and many ways to redeem rewards, it’s a smart choice for students. It helps them build credit and boost their cash back earnings.
| Feature | Benefit |
|---|---|
| Cash Back Rewards | Earn unlimited 3% cash back on dining, entertainment, popular streaming services, and grocery stores |
| Welcome Bonus | Earn a one-time $50 cash bonus by spending $100 on purchases within 3 months of account opening |
| Uber and Uber Eats Rewards | Earn 10% cash back on qualifying purchases made through the Uber and Uber Eats apps (until November 14, 2024) |
| No Annual Fee | The Capital One SavorOne Student Cash Rewards Credit Card has an annual fee of $0 |
The Capital One SavorOne Student Cash Rewards Credit Card is a top choice for students aiming to get the most cash back on everyday buys. It focuses on dining, groceries, entertainment, and streaming services.
Bank of America® Travel Rewards Credit Card for Students
Travel Rewards and Intro APR
The Bank of America® Travel Rewards Credit Card for Students is perfect for students who love to travel. It earns 1.5 points for every $1 spent on all purchases. These points can be used to offset travel costs.
New cardholders get a big welcome bonus – 25,000 online bonus points after spending $1,000 in the first 90 days. This bonus is worth a $250 statement credit. The card also has a 0% introductory APR on purchases and balance transfers for 15 billing cycles. This makes it great for students financing a big purchase or moving an existing balance.
There’s no annual fee and no foreign transaction fees. This makes the card a smart choice for students. They can earn rewards on their spending and travel plans without extra costs.
“The Bank of America® Travel Rewards Credit Card for Students is a great option for students who plan to travel during their college years, offering valuable rewards and a helpful introductory APR.”
Discover it® Student Chrome
The Discover it® Student Chrome is perfect for students wanting to earn cash back on everyday costs like gas and dining. You’ll get 2% cash back at gas stations and restaurants on up to $1,000 in purchases each quarter. Plus, you’ll earn 1% on all other purchases.
Discover’s Cashback Match is a big plus with this card. After your first year, Discover will double the cash back you’ve earned. This is great for students starting to build their credit and earn rewards on what they buy.
| Key Features | Details |
|---|---|
| Cash Back Earning Rate | 2% cash back at gas stations and restaurants on up to $1,000 in combined purchases each quarter, 1% on all other purchases |
| Cashback Match | Discover will match all the cash back you’ve earned at the end of your first year as a new cardholder |
| Annual Fee | $0 |
| Introductory APR | 0% APR on Purchases for 6 months, 10.99% intro APR on Balance Transfers for 6 months |
| Regular APR | 18.24%-27.24% variable |
The Discover it® Student Chrome is a simple cash back card that rewards your everyday spending on gas and dining. With its Cashback Match and no annual fee, it’s a great pick for students wanting to build credit and earn rewards.
Credit Cards for Students Opportunity
As a student, credit cards can help you build credit and teach you how to manage money. They offer rewards and benefits too. By using a student credit card right, you can start building a credit history. This can improve your credit score and give you access to cash back, travel rewards, and budgeting tools.
Student credit cards are easier to get than regular cards because they have lower credit requirements. This is a great chance for young adults to start building their credit.
| Credit Card | Bankrate Score | Annual Fee | APR Range | Intro Offer |
|---|---|---|---|---|
| Discover it® Student Cash Back | 5.0/5 | $0 | 18.24% – 27.24% Variable | N/A |
| Bank of America® Travel Rewards Credit Card for Students | N/A | $0 | 17.24% – 27.24% Variable | 25,000 online bonus points after $1,000 in purchases |
| Discover it® Student Chrome | N/A | $0 | 18.24% – 27.24% Variable | N/A |
| Capital One SavorOne Student Cash Rewards Credit Card | 4.6/5 | $0 | 26.99% Variable | $50 when spending $100 in the first 3 months |
| Capital One Quicksilver Student Cash Rewards Credit Card | 4.0/5 | $0 | 26.99% Variable | $50 when spending $100 in the first 3 months |
Picking the right student credit card and using it smartly can lead to financial success later on. By building credit and learning to manage money well, you’ll be ready for big financial steps ahead. This could mean getting a loan, renting a place, or buying something big.
“Credit card interest rates currently sit above 20% on average, making responsible credit card usage crucial for students.”
Capital One Quicksilver Student Cash Rewards Credit Card
If you’re a student looking for a simple, straightforward cash back credit card, the Capital One Quicksilver Student Cash Rewards Credit Card is a great pick. It offers a flat-rate cash back program. This means you can earn 1.5% cash back on every purchase, every day, without any rotating categories or activation needed.
The Quicksilver Student card also gives you 10% cash back on Uber and Uber Eats until November 14, 2024. This is great for students who use these services often. Plus, you get a $50 early spend bonus when you spend $100 in the first three months. This bonus helps you start earning rewards right away.
Flat-Rate Cash Back
The Capital One Quicksilver Student Cash Rewards Credit Card has a simple cash back system. It’s perfect for students who don’t like dealing with bonus categories. You get 1.5% cash back on all purchases, making it easy to earn rewards on your everyday spending.
Industry data shows that 89% of reviewers recommend the Quicksilver Student card. Also, 65% of users give it 5 stars. This feedback proves that the card’s flat-rate cash back and special Uber and Uber Eats rewards are popular among students.
“The Quicksilver Student card’s flat-rate cash back and 10% Uber and Uber Eats rewards make it a great choice for college students who want to earn rewards without the hassle of managing bonus categories.”
Bank of America® Unlimited Cash Rewards Credit Card for Students
The Bank of America® Unlimited Cash Rewards Credit Card for Students is a top pick for students wanting a simple cash back credit card. It offers 1.5% cash back on all buys, making it easy to earn rewards on your daily spending.
This card shines with its $200 online cash rewards bonus. You get this bonus by spending at least $1,000 in the first 90 days. This bonus can help boost your finances right away.
The card also has a 0% introductory APR on purchases and balance transfers for 15 billing cycles. This is great for students financing a big buy or moving a balance. After that, the APR will be between 19.24% and 29.24%, based on your credit score.
There’s no annual fee, making it a budget-friendly choice for students starting out. It also offers $0 fraud liability, FICO scores access, and tap-to-pay tech for extra security and ease.
Compared to other student cards, this one is unique with its flat cash back rate and intro APR. It’s a versatile choice for students wanting to build credit and earn rewards on their buys.
| Feature | Bank of America® Unlimited Cash Rewards Credit Card for Students |
|---|---|
| Cash Back Rewards | 1.5% unlimited cash back on all purchases |
| Welcome Bonus | $200 online cash rewards bonus after spending $1,000 in the first 90 days |
| Introductory APR | 0% APR on purchases and balance transfers for the first 15 billing cycles |
| Regular APR | 19.24% – 29.24% variable APR |
| Annual Fee | $0 |
| Credit Score Requirement | Excellent/Good |
The Bank of America® Unlimited Cash Rewards Credit Card for Students is a solid choice for students wanting cash back and an intro APR. It has a simple rewards system and useful features. This card can help students build credit and manage their money well.
Establishing Responsible Financial Habits
As a student, using your credit card wisely is key to building a strong financial base. This means paying on time, keeping your credit use low, and knowing how your spending affects your credit score. Many student credit cards offer tools and resources to help you manage your money well.
Starting with good credit habits early sets you up for success in the future. For example, 30 percent of your FICO score is based on how much credit you use, so keep it under 30%. Also, payment history counts for 35 percent of your FICO score, so pay your credit card bills on time.
Student credit cards usually have lower fees and better APRs than regular credit cards for those without credit. They also offer welcome bonuses and rewards for your everyday spending. By using these cards wisely, you’re on your way to reaching your financial goals, like buying a home.
But, college students face big financial challenges today. With spending going up by 38% from 2002 to 2022, and spending on college going up by almost $4.7 billion this year, you need a good budget. About 46.1 percent of college students have credit card debt, with almost 30 percent owing over $2,000. This shows how important it is to be financially smart and use credit responsibly.
Use the resources and tools from your student credit card to learn about budgeting, financial literacy, and credit building. This will help you succeed financially in the long run. Remember, good credit use is not just about a high score. It’s also about building healthy financial habits for life.
“Building good credit early on can expedite achieving future financial goals, such as homeownership.”
| Financial Statistic | Value |
|---|---|
| FICO Score Composition: Credit Utilization | 30% |
| FICO Score Composition: Payment History | 35% |
| Increase in Median College Student Spending (2002-2022) | 38% |
| Increase in Back-to-College Spending (2022-2023) | $4.7 billion |
| College Students with Credit Card Debt | 46.1% |
| College Students with Debt Over $2,000 | 30% |
Credit Card Eligibility and Requirements
Getting a credit card as a college student is a big step in managing your money. Student credit cards are made for people like you, with easier credit history requirements than regular cards. You must be at least 18 and in college to apply.
Issuers look at your income requirements too. You usually need a steady income, like a part-time job or help from family. The credit score needed for these cards is not too strict, since many students don’t have much credit history.
Make sure to check the rules before applying for a student credit card. Even though the rules are easier, you still need to show you can handle your credit well. Knowing the student credit card eligibility helps you start building good credit in college.
| Requirement | Details |
|---|---|
| Age | At least 18 years old |
| Enrollment | Actively enrolled in a college or university |
| Credit History | Lenient requirements, suitable for those with little to no credit history |
| Income | Demonstrate a steady source of income, such as a part-time job or financial support |
| Credit Score | Flexible criteria, as student credit cards cater to those with limited credit history |
Understanding what you need to get a student credit card and how to use it wisely is key. It’s a big step towards a strong financial future.
Maximizing Credit Card Rewards and Benefits
As a student, learning how to make the most of your credit card rewards can change the game. Some credit cards offer up to 6% cash back on certain spending, like the Blue Cash Preferred Card from American Express. This card gives 6% cash back on the first $6,000 spent at U.S. supermarkets each year.
Many student credit cards have rotating bonus categories that can earn you 5% cash back. These categories might include dining, groceries, gas, or online shopping. But remember, you need to activate these categories and they have a spending limit per quarter. Using these categories wisely can really increase your rewards.
Cash Back, Travel, and Introductory Offers
Sign-up bonuses are another great way to boost your credit card rewards. These bonuses can give you hundreds of dollars in rewards after you spend a certain amount in the first few months. Some travel rewards cards, like the Chase Sapphire Preferred Card, even offer a 25% boost in points value when you book travel through their portal.
Premium rewards cards might have higher annual fees, but they often come with benefits like statement credits for travel or shopping. This can help offset the annual fee. But, it’s key to pay off your credit card each month to avoid interest, which can erase the rewards you earn.
| Rewards Program | Cash Back Rate | Introductory Offers | Annual Fee |
|---|---|---|---|
| Blue Cash Preferred Card from American Express | 6% on U.S. supermarkets (up to $6,000 annually), 1% after | $300 statement credit after $3,000 spent in the first 6 months | $95 |
| Chase Sapphire Preferred Card | 2X points on travel and dining | 60,000 bonus points after $4,000 spent in the first 3 months | $95 |
| Discover it® Student Cash Back | 5% cash back in rotating categories (activation required) | Discover will match all the cash back you’ve earned at the end of your first year | $0 |
By using your student credit card wisely and understanding its features, you can build credit and earn valuable rewards and perks. Remember, responsible use is key. Always pay your bills on time and in full to make the most of your student credit card.
Conclusion
Student credit cards are a great way for young adults to start building credit and learning about money management. By picking the right card and using it wisely, you can enjoy rewards, special deals, and learn about money. This helps you set up for a strong financial future.
Looking to earn cash back, travel rewards, or just start a credit history? There are many student credit cards out there for you. By using a student credit card well, you can build a solid financial base. This lets you take full advantage of the student credit card opportunities, building credit history, financial responsibility, and credit card benefits for students.
It’s important to know how to use credit cards responsibly. Student credit cards offer many features and benefits to help you on your financial path. Use these cards to your advantage and make the most of this important financial tool.
FAQ
What are the benefits of using a student credit card?
Student credit cards help you build credit and earn rewards. They also teach you how to manage money well. These cards usually have easier credit rules and offer cash back, travel rewards, and tools to help you budget.
What are some of the best student credit card options?
Great student credit cards include the Discover it® Student Cash Back and the Capital One SavorOne Student Cash Rewards Credit Card. The Bank of America® Travel Rewards Credit Card for Students and the Discover it® Student Chrome are also good choices. They give you rewards, benefits, and help you build credit.
How can students maximize the benefits of their credit card?
To get the most from your student credit card, use it to earn rewards in areas you spend a lot. Take advantage of special APR offers. And, use the budgeting tools and financial advice from your card issuer.
What are the eligibility requirements for student credit cards?
You must be at least 18 and in college to get a student credit card. These cards usually have easier credit checks than regular cards. But, you’ll need to show you have a steady income.
How can students establish responsible credit habits?
To be responsible with credit, pay on time, keep your credit use low, and know how your spending affects your credit score. These habits are key to a strong financial future.
