Everyone can be interested in getting a credit card but the credit history and credit score might be an issue to get one. Having a credit card is a responsibility that is why credit card issuers look for people that is able to pay the debt on time.
One of the groups of persons that can be looking for credit cards are the students because they need to buy things for school or college and they need money for that. And it is also a good way to start building a credit history. In this article we are going to talk about the best credit cards for students.
Best credit cards available for students
In first place we have Discover it Student Cash Back credit card which does not have annual fee and the APR (variable) is between 14.99% and 23.99%, the balance transfer fee is 3% and there is no foreign transaction fee.
This credit card offers 5% cash back in different places like restaurants, amazon.com, gas stations and others. For those students with good grades you will have 20$ statement credit each school year (GPA should be 3.0 or higher). Discover credit cards have a security system to prevent fraud and identity theft so students will be protected with this card.
In second place we have Journey Student Rewards from Capital One which is focused on low fees. This card has 1% cash back in all purchases and if you pay your balance on time you will get 1.25% cash back. The APR is 26.46% (variable) and there is no annual fee or foreign transaction fee. This credit card also increases the credit line after 5 months of on-time payments so that will motivate students to pay on time the balance and built a good credit history.
But if you don`t pay on time then you will have to pay a fee for up to 38$. One of the things that are great about Capital One credit cards is the possibility to access to CreditWise which is a simulator that will tell you how your credit score will change depending on the things that you make with your credit card and your payments. You will also have 0$ liability in case of fraud and you can manage your credit card with the mobile app
In third place we have BankAmericard Credit Card for Students which has a variable APR (14.99% – 24.99%) and there is no annual fee or penalty APR. Students will also have a 0% introductory APR during the first 15 months.
There are cash advance fees (around $10 or up to 5% of the amount) and there is a foreign transaction fee of 3% of the amount. You will also have access to the mobile app that will send you alerts about the payment due date and the use of your credit card which will let you know about fraudulent transactions. This card is great for start building a credit history because it has a low APR compared to others credit cards in the market but students should be responsible when using it.
In fourth place we have Discover it Chrome for Students which has a $20 cash back bonus for students with food grades (GPA should be higher than 3.0) and there is 2% cash back for purchases in dining and gas. There is no annual fee or foreign transaction fee but there are fees for balance transfer (3% of the amount), cash advance ($10 or 5% of the amount) and $35 for late payments if there are two or more late payments because the first will not have any charges. This credit card also has an introductory APR of 0% during the first six months with the card and you will have the protection of the Discover system to prevent fraud and identity theft.
In fifth place we have Deserve Edu MasterCard for students which is ideal for international students because it doesn`t need a social security number like most credit cards and many international students will not have it. This card have a 20.49% APR and there is no annual fee. Students will have 1% cash back in all purchases and the cards includes a membership in Amazon Prime Students so they will be able to enjoy videos, music and reading on the amazon platform.
If you have this card and use it responsibly then you will be able to upgrade for a Deserve Pro MasterCard which pays more (3%) on cash back. So, this credit card will be a good start for students that want to build a good history.
In sixth place we have Capital One Secured MasterCard which is ideal for students with no credit history because getting a credit card for the first time could be an issue because card providers have no information about the person.
That is where a secured credit card is ideal because students will be able to start building a credit history without taking major risks. This card has a 24.99% APR, there is no annual fees and students will have to make a $49, $99 or $200 deposit to secure the card and based on that deposit they will have a credit limit. For example if they make a $49 deposit they will have a $200 credit limit.
Last we have Citi ThankYou Preferred Card for College Students which has a 16.24% – 26.24% APR and you will earn points by using your credit card (2.500 points after spending the first $50 with the credit card) and you can spend the points buying things online at thankyou.com. This card does not have annual fees and there is an introductory APR of 0% during the first seven months. But there are fees for balance transfer ($5 or 4%), cash advances ($10 or 5%), foreign transactions (3%) and late payments $35. The main characteristic of this card is the rewards that you can have, for every $1 that you spent on entertainment and dining you will earn 2 points on ThankYou.