The Best Credit Cards for College Students is the theme and point of interest in this article, given the fact that students have different needs than the rest of society. This is partly because most students have limited income, and, in most cases, they depend on their parents in terms of income; while few of them study under the sponsorship of either the government through student loans, or under university scholarships, etc.
Therefore, optimizing the resources available is so central among students. In this article six credit cards which are considered as the Credit Cards for College Students will be presented after being examined based on set of criteria.
1.0 Criteria for Selection of the Best Credit Card for Students
There are six best credit cards for college students or anyone else currently getting an education. The key criteria used to determine whether these credit cards fit students’ needs are no annual fees since student credit cards which are geared towards beginners with limited income.
But I also focused on finding credit cards that earn above average cash back or rewards, credit cards with bonus point, or ones with some other notable benefits, like no foreign transaction fees for those studying abroad. Credit cards with no Social Security number is required for international students studying here in the US who are looking to enter building credit.
2.0 Six (6) Best Credit Card for Students
2.1 Discover Credit Card
The best credit card for students is the Discover credit card, which has cash back. Discover at Student Cashback is a powerful card and a popular choice for starting your credit journey.
Benefits of Discover Credit Card
- This credit card has no annual fee
- You get 5% back and rotate quarterly categories, which include grocery stores, gas stations, target restaurants, PayPal purchases, Amazon, and purchases made with digital wallets. You are going to be limited to earning that 5% back on only up to $1500 of spending each quarter, which would be about $75 of cash back per quarter if you maximize that out. However, as college students, most of us know that we will not have that much money to spend at that time. When you are using credit cards as a college student, this is a time when you have to be extremely careful about not overspending beyond what you can afford to pay back in full. The general rule of thumb is to treat your credit card like a debit card and only use it if you already have the money set aside and a bank account has your balance on time and information each month.
It’s crucial to remember that you should only spend what you can afford to pay back in full. Otherwise, you’ll end up carrying a balance and paying high interest, which can negate the benefits of earning cash back. The Discover Student Cash Back Card, for instance, offers 1% cash back on all purchases outside the rotating 5% category. However, it’s important to use this feature responsibly to avoid accumulating debt - Whatever cash back you earn in that first year with this card, discover will match it. Dollar for dollar up to any amount. if you earn $250 in cash back in year one, they are going to match that with another 250 for$500 cash back, which means that, for your first year with this credit card, when you include that match, you are getting 10% back in rotating quarterly categories and 2% back on everything else. You will not get that match until this card’s first year ends.
2.2 Capital One Student credit card
The best credit card for college students is the Capital One Student Credit card.
Benefits of
Benefits of Capital One Student credit card
- It has no annual fee especially for college students
- You get 3% cash back on dining, entertainment, popular streaming services, and grocery stores.
- You also get the standard 1% cash back on all other purchases outside of the specific categories.
- There are no foreign transaction fees, and it is a MasterCard.
2.3 Capital One Quicksilver
The third best credit card for college students is the Capital One Quicksilver Rewards for Students’ Card.
Benefits of Capital One Quicksilver Student credit card
- The Capital One Quicksilver Student Card earns you a flat 1.5% cash back on everything instead of having higher earning categories.
- You will get a welcome bonus after spending 100 dollars in three months.
- There are no annual or foreign transaction fees; it is a Mastercard.
- You have all basic credit card protections and benefits, like zero liability protection, purchase protection, and extended warranties.
- Capital One Quicksilver earns a flat 1.5% cash back on everything.
2.4 Chase Freedom student credit card
Another best credit card for college students is the Chase Freedom student credit card.
Benefits of Chase Freedom Student credit card
- It gives you 1% cash back on all purchases, the bare minimum for any credit card.
- There is a $50 welcome bonus after you make your first purchase with this card, which is good because you could go ahead and buy a Chipotle burrito or something small and get a nice $50 back.
- You also get a $20 bonus for good-standing rewards each year. The extra 20 dollars is great for college students.
- For the Chase Freedom student card, the benefit includes earning Chase Ultimate Rewards points for all these bonuses and the 1% earnings so that the $50 bonus is in the form of 5000 Chase points that you can convert to $50.
- Also, you are starting to develop a relationship with Chase, which is important for getting some good credit cards later in college or after college.
- Chase has some of the best credit cards for earning travel points. It can also be challenging for some people to get approved if they do not already have a relationship with banking or a student credit card like this one. With those points that you’re earning on the Freedom Student Card, you can save them up and then combine them with a card later on Chase Sapphire Preferred. Then, you can redeem those points for more value towards travel with that card.
2.5 Edu Mastercard for students
Edu Mastercard for students is the best credit card for college students. This credit card is also one of the best options for international students, especially when you are facing some challenges in getting started with credit cards in the US without a Social Security number.
Benefits of Edu Credit Card
- It has no annual fee.
- This card gets you 1% cash back on all purchases.
- Another benefit is that after spending $500, you can be given an Amazon Prime credit, which will be available for 1 year. This means that after you first spend $500 on an Edu Master Card, within the first three months of getting it, you will be eligible to get the Amazon Prime Credit, which is worth $69, which currently is the exact cost of one year of Amazon Prime student membership.
- A cell phone protection benefit covers damage or theft up to $600 per claim and $1000 per 12 months after a $50 deductible.
- The important benefits of this credit card are for international students studying here in the US since there are no requirements for a Social Security number to apply.
- Also, it has no foreign transaction fees, so you can travel back to your home country and use this card without worrying about that. Therefore, you will build your credit in the US and get some nice benefits, like the Amazon Prime credit.
2.6 Bank of America Customized Cash Rewards
The best credit card for college students is Bank of America customized cash rewards, number 6 on this list. It is a great option and unique compared to others, and it has no annual fee. This credit card is unique as it gives you, as the cardholder, more flexibility in deciding how you want to earn with its top 3% cash back category.
Benefits of Bank of America Customized Cash Rewards
- You get 3% cash back in six categories that you can choose from: gas, online shopping, dining, travel, drug stores, home improvement, and furnishings. The best category for students will be online shopping since that applies to a huge number of places where you will be able to earn 3% back.
- Also, you can change that 3% category once per calendar month.
- You also get 2% cash back on grocery stores and wholesale clubs, plus 1% cash back on all other purchases. The only limitation is that you’re only getting 3% back and 2% back on up to $2500 in spending each quarter and combined spending of your choice category, grocery stores, and wholesale clubs.
- The 1% cash back on all other purchases is unlimited.
- This customized cash reward student card also offers the most significant welcome bonus out of all the credit cards: a $200 cash reward offer after spending $1000 in the first ninety days of account openings. This visa card has a 3% foreign transaction fee, so again, it is not a good option for use outside of the US.
3.0 Conclusion
The approval odds will vary depending on the individual situation. If you are having trouble getting approved for any of these, consider starting with a secured credit card first. Since you will likely be a beginner when you get any secured or student card, you will want to ensure you do not misuse these credit cards.
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