Getting a credit card acknowledges that you’ve taken a big step in securing your financial future. When you get a credit card, you’re acquiring a newfound freedom to make responsible purchases on items you might need. At the same time, you’re also agreeing to make your monthly payments on your purchases so you can avoid credit card debt and a bad credit score. Getting a credit card is something that can either help or hinder you in the long run, which is why it might be tough to choose the best credit card for college students.
If you pay your bills back on time every month, then you’ll have a good credit score which will help you to get a car loan, mortgage, and bank loan in the future. If you have a bad credit score, you’ll collect debt, interest, and a bad credit rating. College students start with a clean slate, however, the only downside to this is it’s harder to get approved for a credit card if you have no credit rating to show. There are many things to look for when choosing a credit card. You’ll want to keep an eye out for an annual fee, as some credit cards charge annual fees which may hurt your budget in the long run. Additionally, the chance to receive rewards when you spend will help you reap extra benefits of using a credit card. These credit cards have zero or minimal APR, small penalties for late payments, and low interest rates.
This credit cards offers the best cash back rewards. You’ll get 5% at grocery stores, restaurants, and gas stations. Better yet, you’ll get a $20 statement credit each year your GPA is a 3.0 or above for 5 years. They’ll also match the cash back you’ve earned at the end of the first year, with no limit. There’s no annual fee, no late fee on your first payment, and no APR charge for paying late. This is a great way to get into the habit of paying your credit card on time with little penalties. However, there is a 3% balance transfer fee and a 5% fee on future balance transfers. This is one of the best credit cards for college students with no credit history.
There’s no annual fee with Citi Secured Mastercard. You’ll also get access to Citi perks, like $0 fraud liability and Citi Price Rewind, a price protection perk. You can use their free online banking tools to check your balance and view your transactions. You’ll also need to provide a security deposit of $200-$2,500, similarly to the OpenSky Secured Visa Credit Card. There’s an 18-month upgrade cycle, so you might be eligible to upgrade to an unsecured credit card after some time. This is a great no history credit card, as you can quickly build your credit score with the Citi Secured Mastercard.
You’ll be able to earn 1% cash back on all your purchases, and if you pay on time, you can earn up to 1.25% back for that month. For example, if you spend $500 per month, you’ll make back $75 at the end of the year. There’s no annual fee, no foreign transaction fee, and you have maximum flexibility by being able to pick a monthly payment date that works for you. If you make a payment late, you won’t raise your APR. They also have $0 fraud liability if your card is lost or stolen. However, compare this card to the Discover It Student Cash Back, which gives you cash back for good grades and a 5% cash back when paying at grocery stores and restaurants. Unfortunately, you cannot pay your credit card bill up to midnight the day it’s due, unlike the Discover It Student Cash Back and Citi Rewards+ Student Card. This no history credit card is a good credit card for young adults.
This is the only student card that automatically rounds up to the nearest 10 points with every single purchase. After you spend $500, you can earn up to 2,500 points within the first 3 months of opening up your credit card. With the first $6,000 per year, you can earn up to 2X Thank You Points when you spend at grocery stores and gas stations. There is 0% APR fee within the seven months, however it increases to 16.49% – 26.49% depending on your creditworthiness. You can also use your rewards instantly on the Amazon.com checkout, similarly to the Discover It Student Cash Back card. This is one of the best credit cards for college students
One of the best perks about this credit card is its diverse rewards categories. You can also earn up to 3X points for every dollar that you spend. There’s no annual fee, which makes this one of the best credit cards for college students especially if you’re on a budget. There’s a 0%APR for balance transfers and purchases for the first 12 months will give you just enough time to get into the habit of using your credit card and making payments on time without any penalties. This is one of the best credit cards for college students with no credit history.
There is no annual fee, and you’ll receive 0.5 points for every $1 that you spend. This will add up quickly, so you end up receiving a lot of points! You’ll also earn 3 points for every $1 that you spend on insurance premium payments, and 1 point for every $2. There are also many student discounts that are provided by Visa, so you’ll end up saving money by taking advantage of these discounts. It works with Apple Pay, and you’ll have online mobile access anytime, similarly to the Discover It Student Cash Back and Citi Rewards+ Student Card. This is the best credit card for college students if you wish to build up your credit history. You can use points as a gift or as a gift card. Unfortunately, there is a 17.24%- 25.24% APR, which is based on your creditworthiness and balance transfers. The rewards on this credit card are not as big when compared to the US Bank Cash+ Visa Signature Card, which allows rewards of up to 5% cash back when spending at various places.
One of the benefits of this credit card is that there is no credit check necessary to apply. You must put in a refundable deposit that becomes your credit line limit on your visa card, from as low as $200. You’ll be able to build your credit score quickly in as little as 6 months, making this a great no history credit card. Unfortunately, they have a regular APR of 19.64% and an annual fee of $35, unlike the State Farm Bank Student Visa Credit Card and Capital One Journey Student Card, which have no annual fees.
You’ll be able to select your own bonus categories, one of the only credit cards to allow you to do so. This will inevitably give you more control over your spending’s and the rewards that you receive. You can choose between two different 5% cash back categories, plus an extra 2% bonus category. You’ll also get a 1% cash back on all other purchases. The 5% rewards include fast food, department stores, and streaming. After every quarter, you can activate the bonus rewards so you can receive even more rewards over time. There’s no annual fee, which makes this a good credit card if you’re on a strict budget. The rewards on this card allow you to earn even more while you spend, unlike the other credit cards such as the OpenSky Seured Visa Credit Card.
With a $0 annual fee and a 3% cash back category, this is one of the best credit cards for students with no credit history. You can earn 2% cash back at grocery stores and gas stations, and 3% on online shopping, dining, travel, and home improvement. This is beneficial for college students since you’ll be able to rack up points when you go out to eat or buy items for your college dorm room. There’s also no foreign transaction fee if you make purchases in a foreign currency, making it a great credit card to use if you go on a trip. You can quickly earn points on this credit card, unlike the Capital One Journey Student Rewards card.
There are many different credit cards to choose from. Picking the right credit card as a college student might seem tough, but when you look at the APR, interest rates, cash back, points, and foreign transaction fees, you’ll want to decide on a credit card that suits your budget and spending. The best credit card for college students with no credit history is the Discover It Student Cash Back. With no annual fee, the ability to collect cash back on good grades, and a 5% cash back at grocery stores, this credit card will help you stick to a budget, collect points and cash rewards, and quickly build up your credit history.