The Best Credit Cards For College Students

Need a credit card but think you can’t get one as a college student? Think again! Here are the top credit cards for college students.

Most students cannot secure a credit card because they have little to no credit history. However, students can quickly obtain credit cards as there are credit cards specifically designed for students. Such credit cards have a low annual fee and offer rewards students can use. So, if you are a college student looking for a credit card, you are in the right place. Here is a complete guide to the best credit cards for college students.

Benefits of Getting A Student Credit Card

Here are the top benefits you get from a student credit card:

1. Earn Unique Rewards

Yes, many student credit cards offer you rewards. These include travel rewards, cashback, and much more. For example, if a student credit card offers 5% cashback, it means you get 5% off whatever you purchase. Of course, that depends on the bank and the credit card you have. That is why it is essential to compare student credit cards to review their offers. It will help you make an informed decision.

2. Building A Good Credit Score

Most students do not have a credit history or a credit score. However, you need a good credit score if you want to:

  • Take out a loan.

  • Rent an apartment.

  • Get a mobile plan.

  • Open a utility account.

Having a fantastic credit score saves you thousands of dollars in interest payments on loans and other things. Many employers also check the credit score of a potential employee. So, keeping it positive will also guarantee you get the job you want.

3. Offers More Protection

If you are not familiar with credit cards, you might not know that they offer protection. Yes, the credit card protects you in many ways that debit cards cannot. For example, if someone steals your debit card information, they can drain your account.

Once the person drains your bank account, you cannot do anything about it. On the other hand, if someone steals your credit card information, you simply have the charges removed. As a college student, such protection is highly beneficial for you.

Requirements for Getting A Student Credit Card

You might be wondering what the minimum requirements are for obtaining a student credit card. Here are a few requirements you need to fulfill:

  • You need to be over the age of 18.

  • You are a resident or citizen with an SSN (social security number).

  • You do not have bad credit.

  • You have some documentable income, such as a part-time job.

While these are general requirements, some banks also have unique requirements. So, you need to go through their requirements before applying thoroughly. Once you meet all the requirements, it is easy to obtain a student credit card.

Best Credit Card Options for Students

Here are the best options when it comes to obtaining a student credit card:

1. Chase Freedom Student Credit Card – Best For Simple Rewards

If you are looking for a student credit card with simple rewards and easy to earn bonuses, then this is it. There is no annual fee, and you earn 1% cashback on your credit card. After your first purchase, you also receive a $50 bonus.

Here are some of the pros and cons of the Chase Freedom Student Credit Card.

Pros

  • 1% cashback on all purchases.

  • Annual $20 bonus for good standing.

  • Increase in credit limit if you consistently pay on time for a few months.

  • You do not need a credit history to apply.

  • The ongoing APR is 14.9%.

Cons

  • The card charges a foreign transaction fee, so it is not ideal for students abroad.

2. Discover It Student Cash Back – Best For Bonus Cash Back

While the Discover It card requires more work than an average student credit card, it offers high rewards. You get these rewards in the form of quarterly bonus categories. Easily earn 5% cashback on daily purchases during your school year.

These include purchases at restaurants, grocery stores, Amazon, PayPal, and gas stations. On all other purchases, you receive a cashback of 1%. Here are some pros and cons of using the Discover It Student cash back card.

Pros

  • Impressive cashback of 5% on various categories.

  • No annual fee.

  • No late fee on first late payment.

  • If you have a GPA of 3.0 or higher, you will receive a $20 annual statement credit.

  • You do not need a FICO history to obtain the card.

Cons

  • You must activate bonus categories every three months.
  • Discover is not widely accepted overseas (something to remember if you study abroad).

3. Deserve EDU MasterCard For Students

If you lack a Social Security number or U.S credit history, opt for the Deserve EDU MasterCard. It is the ideal option for international students who do not have any credit history. If you do not qualify for other cards, give this one a try.

You receive 1% cashback on all purchases and one year of Amazon Prime Student. You do not need to pay any annual fees or a deposit when opting for the card. Here are some pros and cons of opting for the Deserve EDU MasterCard.

Pros

  • Ideal option for international students.

  • You will receive a $30 statement credit each time you refer a friend.

  • No annual fee.

  • You do not need a Social Security number.

  • 1% cashback on all purchases.

Cons

  • You can only redeem rewards till you have $25 in them.

  • Other student credit cards offer higher bonuses and rewards.