Earn 3% cash back in the category of your choice (6 categories available)*; Earn 2% cash back at grocery storesRead More.
Manage and track your spending, set automatic payments and securely freeze your card all through one easy to use app. A credit score is a three-digit number, from 300 to 850, which indicates what someone's credit history looks like. Whatever the rules are, it can be a smart idea for students to avoid using a credit card for discretionary expenses such as clothing, movies, coffee, dining out or happy hours., It's best to set a budget before beginning to use a credit card, but if it's not working, try again, keeping things as simple as possible so you're less likely to get off track.
Do you understand what youre signing up for? Other Benefits and Drawbacks: Through Mastercard Platinum, Deserve EDU Mastercard offers an extended warranty, purchase insurance up to $10,000, price protection, travel assistance services, cell phone protection and roadside assistance. Also, users can get $150 in online cash rewards, as well as regular access to their credit score for free.
Getting a credit card is not obligatory, but many advantages exist in using a credit card.
The Chase Freedom Student credit card earns a passing grade. Following are the 10 best credit cards college students can use to help them build their credit history.
Once approved, youll automatically start earning cash back on all purchases.
Forbes Advisor created additional star ratings so that you can see the best card for specific needs. Navigating the world of credit cards shouldn't be taken lightly. Heres a quick run-through of several important things recent high school grads should know.
With this card, users pay no annual fee, and receive fraud coverage, cash-back rewards and unlimited credit score access.
Plus, earn unlimited 1% cash back on all other purchases automatically.
Refer A Friend Program: Refer anyone to Deserve using your personal referral code.
Cash Back rewards do not expire as long as your account is open, Free credit score with Chase Credit Journey, High to very high standard APR, depending on your credit, Online $200 cash rewards bonus after making at least $1,000 in purchases in the first 90 days of your account opening, 3% cash back in category of choice: gas, online shopping, dining, travel, drug stores, or home improvement-furnishings, 2% cash back at grocery stores and wholesale clubs and 1% cash back on all other purchases, Your cash rewards dont expire. Cash is king as far as rewards go, but if you anticipate redeeming any of your rewards for travel youll do better with the Bank of America Travel Rewards student card. Other Benefits and Drawbacks: Discover is not as widely accepted as Mastercard, Visa or even American Express if you plan to use it overseas.
While an attractive headline, the cards cash back earning at grocery stores and wholesale clubs may prove more lucrative in the long run. As with any application for a credit card or financial account, it is important to be as honest and as accurate as possible.
Feel secure with cell phone protection up to $600.
Welcome Offer: New cardholders can earn $200 cash rewards bonus after making at least $1,000 in purchases within the first 90 days of opening the account. A secured credit card requires a deposit, equal to the credit limit, as a form of collateral. Users receive two points for purchases related to dining and entertainment, and one point for all other purchases, as well as 2,500 points if they spend $500 within the first three months of opening their account.
Rewards: Earn 1.5 points per dollar on all purchases everywhere, every time with no expiration on points.
We wish it also came with travel protections like lost baggage assistance or travel insurance of some kind, but it doesntstudents will have to wait until credit will afford them better travel reward cards. Theres no minimum spending or maximum rewards.
Other benefits include price protection, travel assistance services and identity theft protection. To help support our reporting work, and to continue our ability to provide this content for free to our readers, we receive compensation from the companies that advertise on the Forbes Advisor site. A cosigner agrees to pay the balance of an account if the primary card holder doesn't.
Yes, international students usually can apply for many credit cards.
The quarterly bonus categories may or may not fit how you spend, meaning you might not maximize your earning potential every single quarter. College students stand at a crossroads. Before applying for this card, ensure you fully understand what APR is and how it works. That being said, the high APR may be worthwhile because of its incredible-for-a-student-card-benefits.
approved for a credit card as an international student, Earn unlimited 3% cash back on dining, entertainment, popular streaming services and at grocery stores (excluding superstores like Walmart and Target), with 1% on all other purchases. By paying your bill in full and on time every time, you can build a credit profile that will make getting other types of loans, like another credit card, a car loan or a mortgage much easier and less expensive when you need it.
Credit card rewards are the incentives companies offer to entice consumers to open a credit account. If you dont like wondering what your bonus categories are going to be or needing to activate them, the Discover it Student chrome offers a consistent category bonus on restaurants and gasmaking this card best for those who cant stand their roommates cooking and those who commute to school. Its far more convenient to exit school with good credit, especially if you plan to apply for other cards, loans or a mortgage. Also, the card provides cash-back rewards on every purchase. With smaller credit limits and incentives tailored to those in college, student credit cards can provide a bridge to more valuable credit offers in the future. If for some reason your application for a student card is denied or you feel you are not yet ready to open a student credit card account, there are a few other options that may provide similar benefits and financial freedom.
A secured card gives you skin in the game when it comes to repayment because you have to put down a deposit in order to secure a credit limit.
The basic building block of a solid financial futurecreditcan be hard to place.
The Credit CARD Act of 2009 stipulates credit cards cannot be issued to anyone under 21 unless a parent or guardian cosigns or the student has independent income. In addition, cash-back rewards are matched during the first year of membership.
Students can open this card, which has no annual fee, by putting down a refundable deposit.
In addition, this card provides easy online access to account information, the ability to choose the payment due date and protection from unauthorized charges.
If this seems like too much work, dont apply for a credit card.
College students often bridge the gap between adolescence and adulthood during their educational adventure and understandably often require additional financial support. If leveraged properly, cardholders can earn some serious cash back.
The card also has no foreign transaction fee, which is handy if you plan to study abroad or go on an international spring break.
In this podcast, Jenny Hoff, the managing editor of CreditCards.com, interviews financial and credit experts.
You can change categories monthly, but it takes effort to do so. This guide provides information to help students choose the right credit card to meet their needs, and to use it the right way once it arrives.
Learn more about career options here.
Plus, earnRead More. Welcome Offer: $100 after spending $100 in the first three months.
Good credit makes it easier to obtain several types of loans and can even be a factor in landing a job.
Or turn $100 into $200. Earn unlimited 1.5X points for every $1 you spend on all purchases everywhere, every time and no expiration on points.
Just a dollar-for-dollar match. Users pick their own monthly due date.
Provides tips on how to responsibly use credit cards and build a good credit history.
Rewards: Earn 1.5% unlimited cash back on all purchases.
Establishing a good credit history helps lay the foundation for many of the milestones of adulthood such as buying a home, getting a business loan or even landing a dream job.
Members become eligible for a higher credit line after paying their bill on time for five consecutive months.
Balance transfer fee of either $10 or 3% of the amount of each transaction, whichever is greater, applies, Cash back earned is automatically matched at the end of your first year as a cardholder, Reward earning is capped in highest category to $1,000 in purchases per quarter, Rewards are less-than-stellar in comparison with other student cards. How can I avoid paying interest on a credit card balance?
Plus, earn, Earn 3% cash back in the category of your choice (6 categories available)*; Earn 2% cash back at grocery stores. Additional benefits include assistance with identity theft and fraud, a lost wallet service and free tickets to movie screenings. Capital One Venture X Vs. Chase Sapphire Reserve, Pet Insurance For Pre-Existing Conditions, Private Wealth Manager Vs. Financial Advisor, How To Remove Collections From Your Credit Report, How Much Does A Home Warranty Cost In 2022, credit card issuers dont allow cosigners.
Learn more about career options here.
In the tool analogy, they are like a table saw, warns Philpot. Credit cards are a tool like any other. Commissions do not affect our editors' opinions or evaluations. We'd love to hear from you, please enter your comments. If youre worried about rejection, consider the options you have for application. As you get used to how credit works, you may wish to expand to several cards over time, depending on your financial goals, what rewards programs you qualify for, where you spend your money and what your credit report qualifies you for.
Some cards charge an annual fee simply to hold the card, in addition to any other fees.
This card offers different cash-back percentages depending on the purchase: 2 percent on groceries, 3 percent on gas, and 1 percent on all other purchases. Credit cards are convenient tools to manage financesnot magic plastic for accessing free money.
Rewards: Earn 3% cash back in the category of choice and an automatic 2% at grocery stores and wholesale clubs. In addition, a higher penalty rate may be imposed if a cardholder doesn't make minimum monthly payments. This card gives students access to discounted supplies, textbooks and personal care items through a free subscription to Amazon Prime Student.
Credit card companies report account information to credit bureaus, so the history of on-time or late payments is documented.
This isn't a good card for balance transfers, however, as the intro APR offer only applies to purchases. The Journey Student Rewards from Capital One, for instance, requires applicants only meet a specified credit and income requirement, though we dont generally recommend the card. While credit cards can help stretch finances in a pinch, its important to avoid spending money you dont have. By staying on top of personal finances, educating yourself and not spending money you dont have, you can generally avoid the sort of horror story you may have read involving astronomical debt and ruined credit.
5 Credit Card Mistakes Students Should Avoid Credit Karma, 7 Financial Tips Every College Student Should Know Huffington Post, Charged Up! What makes this card worth looking into are its benefits, which include purchase protection, travel insurance and extended warranty protection.
Discover helps remove your personal information from select people-search websites. After that, a standard APR of 15.49% - 25.49% variable on purchases and balance transfer will apply. This is a high APR for a student card. The card is not as widely accepted as Visa or Mastercard, especially overseas.
Welcome Offer: Earn $200 cash rewards bonus after making at least $1,000 in purchases in the first 90 days of account opening.
They must pay at least some portion back at the end of the month or face fees.
There is no annual fee and you may earn a credit limit increase after making five monthly payments on time. Reading terms and conditions and ensuring you fully understand them should be done before applying for a card. The Discover it Student Cash Back offers a unique combination of strong earning rates and a welcome bonus not typically seen in student cards. With smaller credit limits and rewards tailored to those in college, student credit cards can provide a bridge to more valuable credit offers in the future. In addition, users aren't held responsible for any fraudulent charges made on their card.
Students studying abroad will pay no foreign transaction fees (and no annual fee) while earning flat-rate rewards points with flexible travel redemption options. Make a budget and use your phone to send text or email reminders of when charges are due.
Performance information may have changed since the time of publication.
Do not lie or exaggerate if your current income amount is lower than the requirement.
Lenders generally would rather work with their troubled borrowers than let them go into default.
When applying for any credit card, youll likely be asked to show you have sufficient income to make monthly payments. For international students or students without a credit history, the Deserve EDU Mastercard is a compelling option with no annual fee and a flat 1% cash back reward. Applying for a student credit card (especially if youve never had a credit card before) can help you start building credit.
Here, we list counseling licensure requirements by state.
Beware, however, the danger of taking on too much too soon: These student credit cards are not toys and can ruin or damage credit as easilyif not easierthan they can help construct it. This card provides a number of perks, including tools allowing users to conveniently check their credit score and card balance, as well as access to auto rental insurance, travel assistance services and travel accident insurance.