You can redeem rewards as a statement credit to cover the cost of qualifying travel purchases a simple way to reduce the cost of taking a spring break vacation or buying a plane ticket home. As a student, you probably wont get a high credit limit anyway, so use your card primarily for smaller purchases. 5 budgeting tips for college students that can help set you up for financial success, Student cards are typically for people enrolled in college, but there's an exception, If you've just graduated from college, here are 2 options for building credit history, Take control of your financial future with these top 5 cards for recent college grads, The loan-to-value ratio affects what type of mortgage you're eligible for and how much it costs, Use Capital One miles or cash rewards for exclusive MLB tickets, Fed raises rates again why this is the perfect time to open a flexible CD, Cash-back categories must be activated each quarter, Cash-back program limits earnings: Enroll every quarter to earn 5% cash back in various categories on up to $1,500 in quarterly purchases, then 1%, You must be a U.S. citizen and college student to apply for this card, 3% cash back on dining and entertainment purchases, Ability to redeem rewards at any amount, unlike some other cards with $25 minimums, Competitive special financing offer on both new purchases and balance transfers. Applying for a credit card as an international student can be an intimidating process, but some card issuers do allow students to apply with an individual taxpayer identification number (ITIN) instead of an SSN. Students who want to focus on building credit while also earning cash back on everyday essentials. No late fee, foreign transaction fee, annual fee, or any-other-kind-of-fee, fee. Learn more about. on Discover's website, or call 800-347-0264. Earn 2% cash back at Gas Stations and Restaurants on up to $1,000 in combined purchases each quarter. Plus, earn unlimited 1% cash back on all other purchases automatically. That's beneficial to your credit score because it helps preserve the length of your credit history. 1% cash back on all other purchases. Why does DTI matter?Your DTI gives us a clearer picture of your credit profile, which allows us to evaluate which cards youre likely to get approved for more accurately. Get a $200 online cash rewards bonus after you make at least $1,000 in purchases in the first 90 days of account opening. Other perks include *extended warranty coverage on eligible items, complimentary concierge service and access to premium experiences such as sporting and events. Disclaimer: NerdWallet strives to keep its information accurate and up to date. Here are some factors to consider as you shop around. 1% cash back on eligible purchases right away. Your card might have a credit limit of, say, $1,000, but it's not wise to use the full $1,000. Students can build credit without sacrificing rewards on food, entertainment and more. You must be a U.S. citizen over 18 and enrolled in a two- or four-year college in order to qualify for this card. Student credit cards give you a chance to get a head start on building credit, which can help you overcome some financial obstacles. Knowing your rent or mortgage payments helps us calculate your debt-to-income ratio (DTI) which is your monthly debt payments divided by your pre-tax monthly income. Click through to Discovers website to see terms and conditions. Since youll have to pay off the amount of the loan before you actually get to use the loan amount, you not only build credit, but also put money aside in savings. Check out ourCredit Card Spender Type Toolwhere you can get personalized credit card recommendations based on your credit score, spending habits and daily needs. If you've already established credit and have independent income: Consider bypassing student cards entirely. Annual fees, foreign transaction fees and other charges make the card more expensive to own, especially if it doesnt have a rewards program that helps offset those costs. Compare trusted real estate agents all in one place. editorial integrity, However, a different card might provide better rewards or a lower interest rate. You instruct Us to do this each time you return to our sites to view product offerings and up to once per month so you can be provided up-to-date results. Home equity is the portion of your home youve paid off. We need the last four digits of your social security number to run a soft credit pull. Pay on time and in full every month to avoid interest. . Discover could help you reduce exposure of your personal information online by helping you remove it from select people-search sites that could sell your data. To apply for a product you will need to submit an application directly with that provider. This can be a roadblock since most major credit card issuers dont allow co-signers. In that case, look to a card specifically, How to report income on your credit card application, Alternatives to student cards (and options for non-students). Use a simple "autopay and everyday" strategy to keep your account active with one purchase or several throughout the year. You earn 2% cash back at restaurants and gas stations, on up to $1,000 in combined purchases per quarter, and 1% cash back on all other purchases. In most cases, you can hold onto your student card even after you graduate. CNBC Select analyzed 14 college student credit cards, digging into each card's perks and drawbacks, to find the best of the best based on your spending habits. NerdWallet's ratings are determined by our editorial team. Use your card to book your trip how and where you want - you're not limited to specific websites with blackout dates or restrictions. Our best selections in your inbox. This type of credit card creates a solid starting point for young people who want to build credit.. Or turn $100 into $200. Earn 2% cash back at Gas stations and Restaurants on up to $1,000 in combined purchases each quarter. We chose cards that have high acceptance rates around the world and more than a few cards that charge no foreign transaction fee. The 1 percent back you earn on general purchases is less than some other card offerings in this category. To determine which cards offer the best value for students, CNBC Select analyzed 14 of the most popular credit cards available for college students looking to build credit. You do have to be 18 to apply for a credit card and need to have a steady source of income. After the intro APR offer ends, 17.99% - 27.99% Variable APR will apply. You don't need a credit history to apply. Who's this for? What makes a student credit card different from other credit cards? If your student credit card offers a sign-up bonus, planning your application around upcoming expenses can help you meet the bonus requirements without additional spending. and What do I do with my student card after I graduate? We earn a commission from affiliate partners on many offers and links. is straightforward and rewarding, with no hoops to jump through. A checking account wont help you grow your credit score, but how you use it will go a long way to preparing you to manage funds efficiently. Be strategic with your sign-up bonus and rewards. Discover will match all the cash back you've earned at the end of your first year. Courtney Mihocik is an editor at Bankrate Credit Cards and CreditCards.com specializing in credit card news and personal finance advice. Remember that you are borrowing money on a credit card and that money must be repaid, so its important to monitor your spending and only spend what you can afford to pay back. Here are a few tips to help you maximize your student card and avoid. Setting up utilities. Choosing a credit card with rewards that match your spending will also prove more fruitful for your wallet. You get your deposit back when you close your account in good standing or upgrade to a regular credit card with the same issuer. An easily attainable intro bonus, no annual fee and a chance to earn no hassle, flat-rate cash back makes the Chase Freedom Student credit card a great choice for students just starting out on their credit journey. Petal's mobile app makes it easy to manage your money, track your spending, and automate payments. Read our full Capital One Quicksilver Student Cash Rewards Credit Card review. The Discover it Student Cash Back gives students the same excellent rewards as the regular Discover it Cash Back notably, bonus cash back in rotating categories that you must activate. That's why you want your good payment history recorded by all of them. Factors in our evaluation include annual fees, rewards programs (both earning rates and redemption options), promotional and ongoing APRs, bonus offers for new cardholders, incentives for responsible behavior, free credit scores and other credit education, availability to applicants with thin or no credit history, and other noteworthy features such as a path to upgrade to a different product later on. can be applied for through NerdWallet, and some cannot. With its rewards and bonuses, its relatively low APR and its upgrade possibilities, the. All other purchases earn unlimited 1% cash back automatically. The use of this website means that you accept the confidentiality regulations and the conditions of service. Do you have to be a student to get a student credit card? College students who make frequent, small purchases should consider the Citi Rewards+ Student Card, which offers a unique "round up" feature. These cards require a security deposit, which is usually equal to your credit limit. Starting a business: Some creditors look at your personal credit score when youre trying to establish business credit. With a credit card, you have access to funds up to a certain amount called your credit limit. Your issuer will often report how you use the card to one or more of the three major credit bureaus. In addition to keeping costs low, a no-annual-fee card makes it easier to keep an account open once you build enough credit to move on to better credit cards. Theres no minimum spending or maximum rewards. Your credit score does more than show lenders your creditworthiness. Although there's no foreign transaction fee, Discover isnt as widely accepted abroad as other cards. You must be at least 18 and currently enrolled in college to qualify for this card. This deposit acts as your credit limit, though you cant use it to make payments. , plus an annual $20 "good standing" bonus for up to five years. You have to have at least $20 in rewards to redeem. If youre under 21 years old, you must be able to show on your application that you have independent income (such as from a job, allowance or scholarships and grants), or you must have someone else agree to co-sign your application. With this card, too, Discover says there is no FICO history requirement. Building good credit might not seem like a priority when you're still in school, but you'll need it down the road if you want to finance a car, buy a house or qualify for the best credit card offers. If you can't (or choose not to) upgrade the card but you aren't paying an annual fee, it's smart to keep the account open even after you apply for other cards. The best secured credit cards have much more lenient requirements. A good credit score is essential when you're making many of the major life decisions that you face after graduation, such as renting an apartment or applying for an auto loan. In circumstances when its not possible to pay your full balance, at least pay more than the. Picking the right credit card as a college studentisnt always an easy task. Below, you'll find application links for the credit cards from our partners that are available through NerdWallet, followed by the full list of our picks. MORE: How to choose a student credit card. Just a dollar-for-dollar match. That's very good for a secured card. There are a fair amount of redemptions options with this card, including direct deposits, charity donations and gift cards. There are no intro APR offers on purchases or balance transfers. Credit card issuers have no say or influence on how we rate cards. $50 Bonus after first purchase made within the first 3 months from account opening. If your primary concern is the convenience of paying with a card rather than cash or checks, a prepaid debit card can be a suitable alternative. That means: We only use your info to run a soft credit pull, which wont impact your credit score, All of your personal information is protected with 256-bit encryption. Getting hired: Depending on your profession, you might need good credit to pass an employment screening. A student credit card is a great first step in establishing a good credit history. Checking doesn't affect your score. For travel-loving students who have already established credit, the, This student card offers largely the same features and benefits as the regular version for non-students including a good sign-up bonus and a lengthy introductory APR offer. Earn 2% cash back at Gas Stations and Restaurants on up to $1,000 in combined purchases each quarter. You earn 1.5 points per dollar on spending (rising to 3 points per $1 on eligible travel booked through the issuer), and points can be redeemed for a penny apiece against travel and restaurant purchases. It has a strong rewards program for college students frequently filling up their gas tank or dining out, with 2% cash back at gas stations and restaurants on up to $1,000 in combined purchases each quarter, then 1%. It features a full-fledged cash back program, earning a high rate of cash back on rotating bonus categories when you activate each quarter. Youll make more progress toward eliminating your debt. These companies gather the information used to calculate credit scores. If you're over 21 and still have trouble qualifying: Even with a full-time income, it can be hard to qualify for a traditional credit card if you lack a credit history. Home insurance doesn't have to be a hassle. If you have a history of making late payments or have defaulted on a credit card in the past, your best option may be a credit card for bad credit. MORE: The study abroad student's guide to credit cards. Use this link to create an account and connect your credit score with TransUnion to get an estimate of your approval odds based on your credit score and other factors. Pay on time and in full every month to avoid interest. Last step! You earn 2% cash back at restaurants and gas stations, on up to $1,000 in combined purchases per quarter, and 1% cash back on all other purchases. If you don't yet meet the criteria for such cards, you can look forward to these options once you establish good credit. See the respective Guide to Benefits for details, as terms and exclusions apply. Plus, Discover says there's no FICO history requirement for this card. Unlike some student cards that encourage those with no credit history to apply, the Bank of America Travel Rewards credit card for Students requires good credit, which can be a significant barrier to those just starting out. Annual fee. 1% cash back on eligible purchases right away. How old do you have to be to get a student credit card? $0. Here's what you need to know. As the name implies, you typically need to be a student to open a college student credit card. Can international students apply for a credit card? Figure out funding for your next car or refinance with confidence. For students who are looking to build their credit history and develop strong financial skills, it's more important to practice good credit card habits spending within your means, paying your balance on time and in full than try to optimize your points balance. Authorized-user status can help you build credit if the issuer reports activity on the account in your name as well as in the name of the primary cardholder. Bankrate.com is an independent, advertising-supported comparison service. A student credit card gives you access to a line of credit you can use to make purchases. We need the last four digits of your Social Security number to run a soft credit pull. Earn 10% cash back on purchases made through Uber & Uber Eats, plus complimentary Uber One membership statement credits through 11/14/2024, unlimited 3% cash back on dining, entertainment, popular streaming services and at grocery stores (excluding superstores like Walmart and Target). Bankrate, LLC NMLS ID# 1427381 | NMLS Consumer Access requires a cash security deposit. *See rates and fees and our methodology, terms apply. OK92033) Property & Casualty Licenses, NerdWallet | 55 Hawthorne St. - 11th Floor, San Francisco, CA 94105, Best College Student Credit Cards of June 2023. Best Debt Consolidation Loans for Bad Credit, Personal Loans for 580 Credit Score Lower, Personal Loans for 670 Credit Score or Lower, Earn more with a high yield savings account, may qualify with no credit history at all, Bank of America Travel Rewards for Students, doesn't require applicants to have any credit history or a social security number, so it's a good option for students who lack these typical application requirements. The. A good student credit card will save you money and report to all three credit bureaus (more on that below); rewards on top of that are just a bonus. Capital One Quicksilver Student Cash Rewards Credit Card, Capital One SavorOne Student Cash Rewards Credit Card, Petal 1 "No Annual Fee" Visa Credit Card, Petal 2 "Cash Back, No Fees" Visa Credit Card, Picking the right credit card as a college student, Credit cards have a minimum age requirement, difference between secured and unsecured credit cards. Choose the best home insurance company for you. $20 Good Standing Rewards after each account anniversary for up to 5 years, Earn a credit limit increase after making 5 monthly payments on time within 10 months from account opening when meeting credit criteria. Cardholders cannot make balance transfers or take out cash advances. Among the situations in which good credit comes in handy: Borrowing money. This card doesnt charge a penalty APR if you miss a payment (though missed payments will still negatively affect your credit score). Plus, earn unlimited 1% cash back on all other purchases automatically. This helps us verify your credit profile. Your card might have a credit limit of, say, $1,000, but it's not wise to use the full $1,000. See partner for complete product terms. 1% cash back on eligible purchases right away. The lack of a foreign transaction fee makes this card an ideal choice for students studying abroad. A student credit card is a great first step in establishing a good credit history. Being able to prove a good payment history might even help you qualify for a credit card in the future. Discover will automatically match all the cash back youve earned at the end of your first year! If you want a simpler way to earn rewards, a flat-rate credit card like the. But if such spending becomes a habit, it will be costly. Responsible credit use starts with a stable budget and a concrete plan to repay what you spend. Or if you plan to study or travel abroad, you might like a credit card that charges no foreign transaction fees. Your cash back redemption options with this card are limited. If possible, pick a card that has a low ongoing APR in case you end upcarrying a balance. Student status might (or might not) matter. Some issuers, including Discover and Capital One, don't charge these fees on any of their cards. . Petal reports to all 3 major credit bureaus. Pay off your balance in full whenever possible. Why its wise to build credit as a student, Building credit might not seem like an urgent priority when you're still in school, but the earlier you start the clock on your. You must be 21 years old to be a primary cardholder for a credit card. It's free, activate with the mobile app. See NerdWallet's best prepaid debit cards. The content created by our editorial staff is objective, factual, and not influenced by our advertisers. In addition to keeping costs low, a no-annual-fee card makes it easier to keep an account open once you build enough credit to move on to better credit cards. Who's this for? As a Bankrate credit cards editor, Ashley Parks is fascinated by the ways people can make credit cards work for them when armed with the right knowledge. We use your info to run a soft credit pull which wont impact your credit score. Best for Simple rewards + easy-to-earn bonuses, $50 Bonus after first purchase made within the first 3 months from account opening, Bank of America Travel Rewards credit card for Students, Best for Travel rewards (for those with established credit), Earn unlimited 1.5 points per $1 spent on all purchases and your points don't expire. Among the situations in which good credit comes in handy: Whether youre applying for a credit card, car loan, personal loan, mortgage or other loan, good credit can be the difference between approval and rejection. If you're a student with a credit history that's a work in progress, the Petal 2 "Cash Back, No Fees" Visa Credit Card could help you graduate to the next level. Plus, earn 8% cash back on Capital One Entertainment purchases and tickets at Vivid Seats. The Senate voted to repeal . How can a student with no income get a credit card? Bankrate follows a strict editorial policy, so you can trust that were putting your interests first. Previously, she led insurance content at, How to choose the best student credit card, The benefits of building credit in college. The main difference between student credit cards and traditional credit cards is that student credit cards are easier to get approved for with limited or no credit history. Bank of America Unlimited Cash Rewards credit card for Students. Read our full Discover it Student chrome review. The card works like any other credit card you charge purchases and then pay them off but if you fail to pay your bill, the issuer can take your deposit to satisfy the debt. Bankrate.com does not include the entire universe of available financial or credit offers. This compensation may impact how and where products appear on this site, including, for example, the order in which they may appear within listing categories. You'll earn bonus cash back at restaurants and gas stations with no activation required and no rotating categories to keep track of. Some employers check credit, especially for jobs that require handling other people's money. You instruct Us to do this each time you return to our sites to view product offerings and up to once per month so you can be provided up-to-date results. MORE: 5 questions on applying for a student credit card. If you can't (or choose not to) upgrade the card but you aren't paying an annual fee, it's smart to keep the account open even after you apply for other cards. ALSO CONSIDER:Best credit cards of 2022||Best starter cards for no credit ||Best secured credit cards ||Best unsecured cards for short credit histories. In that case, consider a secured credit card. Plus, earn unlimited 1% cash back on all other purchases automatically. This card is also one of the few that offers more than 1 percent back on general purchases as well as bonus rewards in other categories. When you close or upgrade the account, you can get your deposit back. FULL LIST OF EDITORIAL PICKS: He has also contributed to over 100 of the leading personal finance and travel outlets. After seven months, Discover automatically evaluates your account for possible upgrade to an unsecured card. Our writers, editors and industry experts score credit cards based on a variety of factors including card features, bonus offers and independent research. Plus, earn unlimited 1% cash back on all other purchases automatically. This is a requirement in federal law, designed to prevent issuers from giving credit cards to young people who have no means of paying for their charges. Sometimes a student credit card isnt the best fit. With prepaid debit, you "load" money onto the card, and your purchases are paid for out of that money. You can also snag $20 Good Standing Rewards each account anniversary for up to 5 years. We maintain a firewall between our advertisers and our editorial team. Snapshot of Card Features. Our mission is to provide readers with accurate and unbiased information, and we have editorial standards in place to ensure that happens. Now might be a great time to investigate getting one to jumpstart your journey on the road to financial health. Building good credit might not seem like a priority when you're still in school, but you'll need it down the road if you want to finance a car, buy a house or qualify for the best credit card offers. Cardholders can redeem their rewards at any time and at any amount, including when shopping on Amazon. If you have bad credit or no credit history, your power company or water utility might require you to pay a deposit or get a letter of guarantee from someone who agrees to pay your bill if you can't. If you dream of starting a business or want to keep the door open to this possibility, a good credit score can keep interest rates affordable. It can be tempting to charge a night out with friends, for example, when you don't have the cash on hand to cover it. INTRO OFFER: Unlimited Cashback Match only from Discover. (A. is someone who agrees to pay your bill if you dont.) Enjoy a safe and seamless experience that wont affect your credit score. That's as good a combo as you'd find on even a lot of, With its rewards and bonuses, its relatively low APR, its, annual fee and its upgrade possibilities, the. 5 questions on applying for a student credit card, Who should apply for a student credit card, isn't enough by itself to qualify for a student card. Seeing your results won't hurt your credit score. For more, check out this gui de to personal finance for the recent college . The scoring formula takes into account the type of card being reviewed (such as cash back, travel or balance transfer) and the card's rates, fees, rewards and other features. The Petal 2 is another great credit-building card that rewards good financial habits, boosting your rewards rate after you make 12 on-time monthly payments. If you do choose a student credit card with rewards, use it only for those purchases you already make within your budget. offers a compelling combination of benefits to students looking for their first card. lower than on many other cards for credit newcomers. But what really makes it stand out from the competition is its upgrade possibilities. Newbies to credit may find that keeping track of multiple bonus categories can be a challenge. No annual fee and build your credit with responsible use. If you're having a hard time qualifying for a student credit card, consider a secured card. It requires good credit, however, which can be a significant barrier to those just starting out with credit. It earns 8% cash back on Capital One Entertainment purchases and 3% back in a variety of popular spending categories for students including dining, entertainment purchases, eligible streaming services and grocery store purchases which is a better deal than you'd find on many cards requiring annual fees or sterling credit. No fees whatsoever. It requires a security deposit, but it has a. annual fee, earns rewards and offers a clear path to an upgrade to a regular card. 2% - 10% cash back at select merchants. No late fee, foreign transaction fee, annual fee, or any-other-kind-of-fee, fee. You'll earn 1% cash back on all purchases and enjoy bonus opportunities $50 Bonus after first purchase made within the first 3 months from account opening, plus an annual $20 "good standing" bonus for up to five years. Our partners compensate us. Without an annual fee, you can keep your original credit card open to keep the length of your credit history and benefit your credit score. Earn 10% cash back on purchases made through Uber & Uber Eats, plus complimentary Uber One membership statement credits through 11/14/2024. 25,000 online bonus points after you make at least $1,000 in purchases in the first 90 days of account opening - that can be a $250 statement credit toward travel purchases. 2. The best credit cards for students offer generous rewards, 0% intro rates and low fees, and they are pretty easy to get approved for, even with no credit. Earn unlimited 5% cash back on hotels and rental cars booked through Capital One Travel, where you'll get Capital One's best prices on thousands of trip options. You earn 1.5 points per dollar on spending (rising to 3 points per $1 on eligible travel booked through the issuer), and points can be redeemed for a penny apiece against travel and restaurant purchases. Unlike most others,it offers rewards. Depending on your profession, you might need good credit to pass an employment screening. Students could get approved for a wallet full of cards even without income. You must be 18 or older and enrolled in school (college, vocational or trade school) to qualify for this card. You understand that this is not an application for credit and CardMatch offers and Approval Odds do not guarantee you will be approved for a partner offer. Plus, earn unlimited 1% cash back on all other purchases - automatically. Instead, issuers hold on to it in case you are unable to pay off your debt (and will return it to you when you close your account or upgrade to an unsecured card). Terms apply. Your credit can even affect your job prospects and your ability to rent an apartment. This is a secured credit card, so you must put down a deposit of at least $200. Your credit can even affect your job prospects and your ability to rent an apartment. Cashback. When evaluating offers, please review the financial institutions Terms and Conditions. If you pick a student card that offers rewards on certain purchases, strategize your spending to get the most out of your rewards rates. 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. If you find discrepancies with your credit score or information from your credit report, please contact TransUnion directly. Best for everyday spending: Capital One Quicksilver Student Cash Rewards Credit Card Best for flexible bonus categories: Bank of America Cash Rewards Credit Card for Students Best for. Bankrate.com is an independent, advertising-supported publisher and comparison service. Use it for small purchases you can afford to pay back on time and in full every month to keep your cards. Knowing your credit scorecan help you avoid applying for a credit card you have little chance of getting approved for or a card youre overqualified for and isnt worth your time. People with no credit or a limited credit history who want to avoid a security deposit and annual fees. This card charges a foreign transaction fee, making it a poor choice for studying abroad. Having a clearer picture of your credit profile will help us ensure that your approval odds are as accurate as possible. You just need an active college email address and enough income for monthly payments to get one of the best student cards 4 Best Student Credit Cards of June 2023 Winner: From travel and cash rewards to a lower interest rate, we have credit cards for students with a variety of features. Variable APRs range from 17.49% - 31.49%. Rates & Fees. The offers that appear on this site are from companies from which Bankrate.com receives compensation. This student card offers largely the same features and benefits as the regular version for non-students including a good sign-up bonus and a lengthy introductory APR offer. Earn 2X ThankYou points at supermarkets and gas stations for the first $6,000 per year and then 1X points thereafter. As a student, you probably wont get a high credit limit anyway, so use your card primarily for smaller purchases. Using a prepaid debit card. Credit cards branded as student credit cards may sometimes have flexible credit requirements for approval, but usually feature lower . A full year of no interest is a great way for you to pay off new purchases over time, without incurring interest charges. Increase non-taxbile income or benefits included by 25%. If a card is completely out of the question, there are alternative methods available for measuring your creditworthiness. If you need to finance textbooks or dorm room essentials, you can take advantage of the introductory 0% APR for the first six months on new purchases. Most of the cards on our list are open to new-credit, fair-credit or limited-credit applicants. Secured credit cards are another excellent option. If you have negative marks on your credit report and struggle to qualify for student cards, there are a number of secured and unsecured. The White House said it will veto the measure. Cardholders with a Bank of America checking or savings account can see added value with this card. NerdWallet Compare, Inc. NMLS ID# 1617539, NMLS Consumer Access|Licenses and Disclosures, California: California Finance Lender loans arranged pursuant to Department of Financial Protection and Innovation Finance Lenders License #60DBO-74812, Property and Casualty insurance services offered through NerdWallet Insurance Services, Inc. (CA resident license no. Up to 1.5% cash back on eligible purchases after making 12 on-time monthly payments. Compare cards in one place to find the one for you. Earn a $50 bonus after making your first purchase within the first 3 months of account opening. Your answer should account for all personal income, including salary, part-time pay, retirement, investments and rental properties. Prior to the Credit CARD Act in 2009, card issuers descended on college campuses, handing out free food and . With prepaid debit, you "load" money onto the card, and your purchases are paid for out of that money. Show less. Your redemption options for your earnings are flexible and theres no minimum amount you need before you can redeem. A student credit card is a type of credit card designed and marketed towards students and recent graduates by banks and financial institutions. They may also come with a free credit score and tools to help you learn to manage credit responsibly. Put $0 if you currently dont have a rent or mortgage payment. requires good credit, which can be a significant barrier to those just starting out. Because it's unusual for college student cards to have robust rewards programs, we did not analyze how many rewards points you can earn in the first year. For some, a credit-builder loan is one of the best ways to build credit without a credit card. Having good credit will be important down the road when you want to buy a home or get a car loan, but there are even more immediate benefits. Here are a few tips to help you maximize your student card and avoid credit card debt. gives students the same excellent rewards as the regular. Rewards Rate. Am I required to have a job to get a student credit card? Check the banks website for the most current information. Previously, she led insurance content at Reviews.com and worked as the loans editor at The Simple Dollar. Capital One SavorOne Student Cash Rewards Credit Card. Bankrates editorial team writes on behalf of YOU the reader. Your credit score will benefit. Types of credit card accounts for college students. If youre hoping to earn points or cash back for your spending, look for a card that offers a rewards rate of at least 1%. strategy to keep your account active with one purchase or several throughout the year. Determining your credit scorewill let you know which cards you are likely to be approved for. It also doesn't require applicants to have any credit history or a social security number, so it's a good option for students who lack these typical application requirements. The earlier you start building credit, the better. He was one of the original contributors to The Points Guy, and his work has been appearing there since 2011. Jason Steele is a professional journalist and credit card expert who has been contributing to online publications since 2008. Using a prepaid debit card. Other financial factors, such as income, will also come into play. After you graduate and begin working (or move on to. The information, including card rates and fees, is accurate as of the publish date. Once you enter your email and agree to terms: A personalized list of cards ranked by order of approval will appear. If you dont have much of a credit history if youre a so-called thin file consumer youll have trouble getting approved for many credit cards. Once youre approved, make note of your payment due date so you can always pay on time. You also get a free FICO score, low fees, and forgiveness for your first late payment. With no foreign transaction fees, this card could be a solid study abroad tool. The Capital One SavorOne Student Cash Rewards Credit Card stands out for offering high rewards on some of the most common spending categories for students. When you submit an application to rent an apartment, the landlord may look at your credit score to gauge how likely you are to pay your rent on time. All of our recommended student cards report to all three bureaus. That's beneficial to your credit score because it helps preserve the length of your credit history. Our experts have been helping you master your money for over four decades. Read our full Petal 2 "Cash Back, No Fees" Visa Credit Card review. The cards competitive flat-rate on all purchases is one of the highest base rates available on a student card. No annual fee and build your credit with responsible use. The lack of an annual fee is ideal for budget-conscious students. Terms apply. There's no foreign transaction fee, but Discover isnt as widely accepted overseas something to keep in mind if you're studying abroad. The study abroad student's guide to credit cards. Whether you want to pay less interest or earn more rewards, the right card's out there. (People younger than that can be an authorized user on someone elses account.) If you cant pay your full balance, pay more than the minimum. You can take advantage of this offer when you apply now. Like traditional credit cards, student cards give you access to a line of credit you can use to make purchases. or limited credit. Do not sell or share my personal information. This is a requirement in federal law, designed to prevent issuers from giving credit cards to young people who have no means of paying for their charges. But if such spending becomes a habit, it will be costly. Notable benefits on this card include a good standing bonus on your account anniversary, trip cancellation insurance and trip interruption insurance. What should I do if I can't get a student credit card? someone who agrees to be responsible for the debt if the primary cardholder doesn't pay the bill. Best for studying abroad: Bank of America Travel Rewards credit card for Students. If your student credit card offers a sign-up bonus, planning your application around upcoming expenses can help you meet the bonus requirements without additional spending. If eligible, we'll create your Cash Score instead. Discover could help you reduce exposure of your personal information online by helping you remove it from select people-search sites that could sell your data. Earn a credit limit increase in as little as 6 months. Each credit card will come with its own set ofcredit card fees. 1. * See the online application for details about terms and conditions for these offers. That increases the rewards rate to 1.65 points per $1 spent. Just a dollar-for-dollar match. Use your card as a tool for building good credit, not for spending money you don't have. Best unsecured cards for short credit histories. INTRO OFFER: Unlimited Cashback Match only from Discover. The approval process for a student card, on the other hand, might de-emphasize credit history in favor of other criteria that suggest youre a good credit risk, including your income and the fact that youre in college studying toward a career. Petal reports to all 3 major credit bureaus. There are no foreign transaction fees, which makes it a good choice for students studying abroad. You can earn a credit-limit increase with a pattern of on-time payment (see terms), and Chase has great cards to potentially upgrade to after you graduate. Click through to Discover's website to see terms and conditions. If you are younger than 21, you must show proof that you can independently pay your bills or have a willing co-signer if youre at least 18. Some employers check credit, especially for jobs that require handling other people's money. It has a relatively low barrier to entry and is accessible to students and other people with a limited credit history. See if you're pre-approved within minutes without impacting your credit score. Unlimited 1.5 points for every $1 spent on all purchases, 25,000 bonus points after you spend at least $1,000 in purchases in the first 90 days of account opening, which can be redeemed for a $250 statement credit toward qualifying travel purchases, 0% APR for the first 18 billing cycles on purchases, Rewards totals incorporate the points earned from the welcome bonus. If your credit card doesnt charge an annual fee, keep it open to maintain the length of your credit history and your credit score. Once you have your student credit card, its best to find the balance between maximizing this new financial tool and avoiding falling into excess credit card debt. Every reasonable effort has been made to maintain accurate information. We also considered any special student-centric programs that offer incentives or extra rewards. Applying for a secured card. Discover will automatically match all the cash back you've earned at the end of your first year! Replace it. Typical fees to watch out for include annual fees, late fees, cash advance fees and balance transfer fees. Student credit cards also provide more security through their various built-in protections. Some of our selections for the best college student credit cards. No credit score? That's OK the main purpose of student cards is to build credit with the goal of qualifying for better cards down the line. If there's no annual fee on the card, there's no harm in keeping the account open and continuing to use it. Having to activate bonus categories every three months can be a hassle, especially when you're just getting started with credit, and some of the categories might be a poor fit for a student's spending. Therefore, this compensation may impact how, where and in what order products appear within listing categories, except where prohibited by law for our mortgage, home equity and other home lending products. This card offers 5% cash back in rotating categories that you activate, on up to $1,500 in spending per quarter; all other spending earns 1% cash back. Information about the Capital One SavorOne Student Cash Rewards Credit Card has been collected independently by Select and has not been reviewed or provided by the issuer of the card prior to publication. In that case, look to a card specifically designed for people with bad credit. Automatic reviews starting at 7 months to see if we can transition you to an unsecured line of credit and return your deposit. No fees whatsoever. Capital One Quicksilver Student Cash Rewards Credit Card review, Capital One SavorOne Student Cash Rewards Credit Card review, Petal 1 "No Annual Fee" Visa Credit Card review, Petal 2 "Cash Back, No Fees" Visa Credit Card review, Petal 2 Cash Back, No Fees Visa Credit Card, Bank of America Customized Cash Rewards Credit Card for Students, Petal 1 No Annual Fee Visa Credit Card review, Petal 2 Cash Back, No Fees Visa Credit Card review, best ways to build credit without a credit card, apply for a credit card as an international student, Do Not Sell or Share My Personal Information, California Consumer Financial Privacy Notice. If your credit card doesnt charge an annual fee, keep it open to maintain the length of your credit history and your credit score. Capital One Quicksilver Student Cash Rewards Credit Card: Best for studying abroad. Our goal is to give you the best advice to help you make smart personal finance decisions. offers a combination of features that's hard to beat, especially among student cards: triple rewards in a variety of popular categories, for a. offers rich rewards in quarterly bonus categories, although it requires more work than your typical student card. There are other cards that pay a higher cash-back rate on all purchases or offer richer rewards in specific categories. With the ability to create and track monthly budgets, calculate interest costs and monitor your credit score, Petal gives you all the tools you need to build a positive credit history. . However, be aware that you may be charged a, Credit cards reviewed by Bankrate receive scores based on a unique. Many student cards also have sign-up bonuses that offer a decent windfall of rewards after you spend a certain amount. MORE: What to do if you can't get a student credit card. 1%-5 %. are surcharges on purchases made outside the country, usually 1% to 3% of the total amount of a transaction. If youre a non-traditional or international student, there are still credit cards that could work for you. Cards designed for people new to credit tend to have higher interest rates, so it's best to pay your bill in full each month, which allows you to avoid paying interest entirely. Add to compare. If youre under 21, youll need to show that you have independent income (such as from a job, allowance or scholarships and grants), or youll need to get a co-signer for your application. Redeem points for a statement credit to pay for travel or dining purchases, such as flights, hotel stays, car and vacation rentals, baggage fees, and also at restaurants including takeout. These cards require a security deposit, which is usually equal to your credit limit. Student travelers looking for a hassle-free way to earn rewards on all purchases. Good . If you have bad credit because of missed payments or other missteps, you probably wont qualify for a student card on your own. Building credit might not seem like an urgent priority when you're still in school, but the earlier you start the clock on your credit history, the better. This online only offer may not be available if you leave this page or if you visit a Bank of America financial center. Youll maintain control of your budget and save money on interest. If you plan to travel internationally, make sure you have a backup plan. Get a credit-builder loan. For example, good credit can improve your chances of landing a job or renting an apartment. Read our review. Terms and conditions apply. If youre 21 or older, you can include any income that you have access to. Well explore what you need to know about student credit cards, how to choose the best card for your needs and offer up a few alternatives. Up to 8% cash back. Utility companies commonly check customers' credit history. Opening a college student credit card is a smart way to start building credit early while also taking advantage of rewards and special financing offers. NerdWallet's Credit Cards team selects the best credit cards for college students based on overall value, as evidenced by star ratings, as well as their suitability for specific kinds of students. Other factors, such as our own proprietary website rules and whether a product is offered in your area or at your self-selected credit score range can also impact how and where products appear on this site. Learn how NerdWallet rates credit cards. Our editorial team receives no direct compensation from advertisers, and our content is thoroughly fact-checked to ensure accuracy. Upgrade it. Once you've been approved for a credit card, youre ready to get to work building credit. An authorized user is essentially piggybacking on someone else's credit card account (usually a parent's). MORE: How to report income on your credit card application. There's also Discover's signature bonus for new cardholders. Pulling together the deposit can be an obstacle on a student income, so you may have to save up for it, or ask someone to help out. Early Spend Bonus: Earn $50 when you spend $100 in the first three months. When you find your odds, you get: A personalized list of cards ranked by likelihood of approval, Special card offers from top issuers in our network, No credit hits. If youre searching for a way to build your credit with a lower barrier to entry, secured credit cards provide a good alternative. If you cant qualify for an unsecured student rewards credit card, the. You can still use your student credit card. Youll make more progress toward eliminating your debt. Heres how to use your card to your advantage: Buy only what you can afford. Like other secured credit cards for people building or rebuilding credit,the. So you could turn $50 cash back into $100. Looking to build relationships with a desirable demographic college-educated consumers with high earning potential issuers flooded campuses with applications and would even offer incentives like a free pizza or T-shirt for opening an account. The scoring formulas take into account multiple data points for each financial product and service. Our editorial team does not receive direct compensation from our advertisers. Enjoy peace of mind with $0 Fraud Liability so that you won't be responsible for unauthorized charges, Enjoy no annual fee, foreign transaction fees, or hidden fees, Lock your card in the Capital One Mobile app if it's misplaced, lost or stolen, Earn up to $500 a year by referring friends and family when they're approved for a Capital One credit card, Build your credit with responsible card use, Whether you're at a 4-year university, community college or other higher education institution, this card might be an option for you. Secured credit cards are another excellent option. If you're over 21 and still have trouble qualifying: Even with a full-time income, it can be hard to qualify for a traditional credit card if you lack a credit history. Its ideal to avoid an annual fee when you're on a student budget. and protect your score. In general, college student cards can be easier to qualify for than regular cards because they are specifically designed for people just starting out with credit. Student credit cards arent limited to college-aged students. Plus, earn unlimited 1% cash back on all other purchases - automatically. The card earns 1.5% cash back on all purchases, and the annual fee is $0. Earn 2% cash back at Gas Stations and Restaurants on up to $1,000 in combined purchases each quarter. Who's this for? Along with more lenient eligibility requirements, some student cards provide perks like statement credits for good grades, high rewards rates on popular spending categories for students (like streaming, dining and entertainment) and access to free credit-monitoring systems. When used responsibly, a credit card can help college students establish and build their credit scores while benefiting from reward programs and cardmember perks. You will automatically be enrolled for the Petal Perks program with this card: no need to track an enrollment deadline. We are compensated in exchange for placement of sponsored products and, services, or by you clicking on certain links posted on our site. Read our full Petal 1 "No Annual Fee" Visa Credit Card review. Our pick for: Bonus cash back categories that stay the same, Our pick for: Simple rewards + easy-to-earn bonuses. Federal law limits who can get credit cards under age 21. Find the best credit card for you by reviewing offers in ourcredit card marketplaceor get personalized offers viaCardMatch. Doing so allows you to move to a card that better suits your needs while keeping the account open. How old do I have to be to apply for a student credit card? Alternative methods available for measuring your creditworthiness bonus for up to a line of you... Like the signature bonus for new cardholders earn rewards, the into account multiple data for. 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