Best Credit Card For Students and existing variations of it
Many new things appear in the life when young people go to college. It is a time of growing up and a period in life when the responsibility of independent living appears. This also applies to the finances in their life. A lot of people at this time get their first loans as well as credit cards. So they learn to handle finances and build both credit rating and credit history. The beginning of the last one can have a significant impact on future success and opportunities in life. That is why it is worth to use best credit card for students to secure a successful future at financial side. For supporting young people to deal with credit cards, we have prepared this guide.
Should I get a credit card for student?
One credit card can be an excellent tool to build a good credit, which bring a significant impact on your life. High credit score and a good credit history give you many benefits. Such an impact will positively affects on your life only if you successfully raise and maintain a high level of the credit rating. One must carefully select the creditor as well as the credit card type which best suits for both your lifestyle and circumstances. Many various offers best credit card for students with a variety of terms exist.
A high interest rate can be unbearable for students, so when choosing the best credit card for students you need to point out the payments that need to be paid as well as the interest rate. When you choose a credit card with acceptable conditions, you may build your credit in the future, so as you will receive more favorable conditions from lenders.
Not all credit card types will be relevant for students. Some credit cards will cost you too much, so as you will not have the possibility to fully use their advantages. Therefore, we made a selection of best credit card for students that fit their needs.
The Discover it Student Cash Back Card
This option every quarter provides rewards for making purchases and payments with its help up to 5% cashback for a certain category of expenses. The holder of it will need to spend $ 500 a quarter on this particular category in order to take the maximum benefit from it. When spending on either goods or services from different categories the owner of the Discover it Student Cash Back Card will receive 1% reward as a cashback.
In addition, as one of the best credit card for students The Discover it Student Cash Back Card offers the first six months of free use at an APR of 0%. It is ideal for those who use the credit card for the first time, as it is possible to to correct the mistakes made during these first six months.
The Discover it Student Chrome Card
Chrome Card for students also gives you the opportunity to receive cashback rewards for using this card when paying in restaurants and buying fuel for a car. With spending up to a thousand dollars per quarter for these categories you will receive 2% cashback to your special bonus account and just like using the Discover it Student Cash Back Card 1% of the cost for all other categories.
In addition to stimulating purchase, the credit card will encourage college students to learn well. If one’s GPA score is above 3, then he or she will receive a $ 20 credit line. The Discover it Student Chrome Card, just like the Discover it Student Cash Back Card, provides the first six months of free use, after which it sets a variable interest rate.
The Deserve Edu Mastercard
Deserve Edu Mastercard provides excellent loan facilities for international students without American social insurance who are enrolled in one of the US educational institutions, as well as for those who have not large credit history, or even completely have no last. Thus, a credit card provides rewards from any kind of purchases and payments in the amount of 1% cashback. An added bonus will be to get a subscription to Amazon Prime Student in the amount of $ 49.
For those who have enough credit history and social insurance this offer is not the most attractive, since the reward is rather low and the interest rate is slightly more than 20%. For international students, people with a small credit history or a low credit rating, this would be the best credit card for students option.
Travel Rewards Card by the Bank of America
Travel Rewards Card offers to earn 1.5 points for every dollar spent for those, who are going to travel a lot. Points earned in this way can be used to pay for hotel rooms, buying air tickets and other tickets for trips using various means of transport.
For registering a card, when you spend $ 1,000 in the first 3 months you will receive 20,000 points, although such expenses in the short term can be overwhelming for college students. There is a chance to use this opportunity by registering a Travel Rewards Card at the very beginning of the semester, when you have a lot of initial expenses for tuition and accommodation. Points from using The Bank of America Travel Rewards Card can be used as a gift card. The big advantage of this card is that you will not pay a commission for transactions in other countries.
The Journey Student Rewards Card
This card from Capital One encourages students to pay off their debts on time, increasing the cashback reward from the amount of purchases for each timely payment. The basic reward is 1%, but this percentage increases and you earn more when you close your debt on time every month. You can also get an increase in the available credit limit by making the first five monthly payments on time.
This way brings students the skills to properly handle their finances and obligations, which will help them in the future to build a great credit and have great financing opportunities. On the other hand, The Journey Student Rewards Card has a fairly high floating interest rate, which can reach more than 26%. This can make it difficult for you to pay off your debt in time. The initial credit limit is quite low and amounts to only $ 300. This may not be enough to cover all necessary expenses at the beginning of studying.
The Citi ThankYou Preferred Card
The preferred Citi ThankYou card offers active students to earn points for every dollar spent in entertainment or catering establishments, the owner of such a card will receive two points. For all other expenses one point per dollar will be awarded. Points earned in this way can be used to purchase tickets for various events and concerts, also they can be used as gift cards.
More points can be obtained by spending $ 500 for the first three months of using the card. For this you can get 2500 bonus points. The disadvantages of The Citi ThankYou Preferred Card include the presence of a commission when paying abroad, as well as the initially low level of remuneration.
There are many details that should be considered when choosing a credit card. This is not easy, especially if you do not have experience with them. Visit our blog and find out the maximum information you need regarding credit cards. You can also write to us and get full advice from our financial experts.
How do student credit cards work?
Student credit cards are one of the main directions of banks, which gives them to students even with a zero credit rating. In the first six months, students can use borrowed funds at a rate of 0% per annum, then it is 14.74-23.74%.
What credit cards are best for a student?
The fees for opening and servicing accounts, issuing cards, and financial transactions will be different. Students can turn to the International Student Office of their college and ask if any special conditions are offered to students.
How to use Citi ThankYou Preferred Card for College Students?
Citi ThankYou Preferred Card for college students can add special points and real cashbacks on various purchases without any annual commission. For the first half a year, the APR is 0%, then it raises to 14.49% - 24.49%, depending on your creditworthiness.
Where can I use my Discover it Student cashback card?
Discover it Student Cash Back is the optimal solution for beginners in credit matters. The card provides no annual service fees, APR penalties, commissions for transactions. Also, Discover it Student Cash Back has no fee for exceeding the credit limit.
How to calculate your minimum payment on the discover it chrome card student card?
The conditions for using Discover it Student chrome card are very flexible, so you need to pay the minimum payment on time. The current balance consists of data indicating the amount of all payments and the total balance of outstanding payments.
How much is the credit limit of Deserve Edu Mastercard?
The important thing that sets the Deserve Edu Mastercard special from other student cards is its more compliant approval process. Credit limits can be up to $5,000. The card also provides car rental insurance, roadside and travel assistance, extended warranty, ID theft protection.