Which Bank Is The Best For Students - To determine the best student credit cards, we evaluate APRs, foreign transaction fees, and welcome bonuses, among other features.
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Which Bank Is The Best For Students
Student credit cards are a great way for students to secure credit and can make paying for things like books and groceries much easier. But students who have never managed credit before may be wary of using something as powerful (and scary) as a credit card, especially if they've heard horror stories about credit card debt.
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To help, we've compiled a list of the best student credit cards available. Whether you're trying to earn rewards, finance your education abroad, or just start building your credit history, one of these credit cards might be perfect for you.
Save time and hassle by using this handy tool to find the best credit card for your needs.
The Discover it Student Cashback Credit Card tops our list of the best student credit cards because of its high rewards potential and low barrier to entry. Prize amounts vary; For example, you'll earn 5% at grocery stores and gyms from January to February, and then 5% at gas stations from April to June. And you will always earn 1% on everything.
The variable rewards on this student credit card can lead to high earning potential if you pay attention to how you use the card. However, first-time credit card users can be overwhelmed trying to track rewards. The 1% cash back on everything else is also less than the other credit cards on this list, but still a decent amount for a student credit card.
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Welcome Match is an attractive offer. Discover will match whatever cash rewards you earn in the first year. This is double the amount with no strings attached.
When you graduate, Discover will automatically convert this card to a standard credit card. You'll keep all your rewards, but you can increase your credit limit. Although you may be able to find credit cards with lower APRs after graduation, you can avoid accumulating credit card debt by paying it off each month.
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The Capital One Quicksilver Student Cash Rewards Credit Card might not top our list of the best student credit cards, but it comes pretty close. This card is definitely easy for students to keep track of. Everything earns 1.5% cash back. In addition, Capital One continues to win awards for its leading mobile app. Managing credit card payments in the app is intuitive and easy.
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The flat 1.5% cash back is easy for cardholders to track, and it's still a competitive (and unlimited) cash back offer for a card with no annual fee. In fact, non-student Quicksilver also pays the same 1.5% cashback. You can earn 5% on travel purchases (hotels and car rentals) when you book through Capital One Travel in the app.
The APR is higher than the Discover it Student Cash Back (and the other Discover it Student card, the Discover it Student chrome, which isn't on the best student credit cards list), but has fewer annual fees, foreign transaction fees, and balance transfers. A fee is charged for this.
Capital One is currently offering a limited-time bonus: spend $100 within three months of account opening to receive a $100 cash bonus.
Getting a Bank of America Travel Rewards student credit card is more difficult: You'll need to already have good credit, which you can get by becoming an authorized parent cardholder while in high school. But if you do manage to get approved, you'll need this study abroad card — it racks up travel points with every move, and the welcome offer includes 25,000 bonus points.
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If your goal in getting a student credit card is to build your credit history, this card is not for you. You'll likely need a credit score of 670 or higher to qualify for this student credit card. College students who have established good credit during their early years on campus, or college students whose parents have benefited from being an authorized card user, should consider applying.
Not only will you earn 1.5 points per dollar spent, but you'll also earn 25,000 bonus points if you spend $1,000 within 90 days of account opening. That's $250 for travel and meals.
Bank of America also offers an unlimited cashback student credit card with 1.5% cash back, but if you're looking for cash back rewards, there are better options like the Capital One Quicksilver. But for students studying abroad and looking for travel points, you can't do better than the Bank of America Travel Rewards Card.
While the Capital One SavorOne Student Cash Rewards Credit Card can't match the 5% cash back offered by the Discover it Student Cash Back, Capital One offers 3% cash back all year in select categories. This can make it more attractive depending on your spending habits.
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With this student credit card, you can earn 3% cash back on groceries, select streaming services, dining and entertainment — and you don't have to figure out what month it is. If this is where the bulk of your expenses fall, SavorOne may be perfect for you.
However, you'll only get 1% cashback on everything else, which makes it less attractive than Capital One Quicksilver. College students with good credit may want to open multiple rewards credit cards to take advantage of each one's special rewards.
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The 1% flat rate on the Chase Freedom® Student Credit Card isn't appealing, but the $50 welcome bonus and $20 annual bonus make up for it when maintaining a good account balance. Chase also allows responsible borrowers to increase their credit limit over time, which is an important part of improving your credit report. However, the fees on this card may be enough to convince you.
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It is not an easy card to apply for. Like Bank of America's student credit cards, Chase wants an excellent credit report, making the Freedom Student Credit Card less affordable for newcomers. We also don't like the flat 1% fee. You can do much better with the other credit cards on this list.
So why did we include it in our list of the best student credit cards? Because it has the best bonuses available. You'll get a $50 welcome bonus just for making purchases within three months of opening your account. After that, for the next five years, you can earn an annual $20 good standing bonus for keeping your account in good standing.
We also like the Chase Freedom® Student Credit Card because of its lower APR than the competition—and the ability to increase your credit limit if you use your student credit card responsibly.
The Deserve® EDU MasterCard for Students is a great deal for first-time borrowers. Free Amazon Prime Student and free cell phone protection coverage are hard to miss for college students, but don't let these gimmicks be the only reason you apply for a card. Instead, we like this card because it's easy for international students to apply for. No social security number required!
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If you're a US student, there are better credit cards available for you – with lower APRs, balance transfers, and better cash back rewards. But if you're an international student studying in the US, applying for a card from Deserve® EDU is easier than anywhere else.
Plus, because Deserve® doesn't charge international transaction fees, international college students can continue spending with the card when they get home for break.
Secured credit cards aren't just for students, but if you're a student with no or bad credit, secured credit cards may be a better option than student credit cards. The Discover it Secured Credit Card is the best secured credit card for students because it still allows you to earn rewards. Just be aware of the high APR.
If you're just focused on building your credit history and don't really care about rewards, credit cards with better protections (like the Secured Chime Credit Builder Card reviewed below) may be for you. . But if you want to take advantage of the rewards while repairing your credit report, there's no better card than the Discover it Secured Credit Card.
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In fact, you'll get just over 2% cash back at gas stations and restaurants and 1% cash back everywhere else. At the end of your first year, Discover will match all rewards you've earned to date. This
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