Introduction
Are you a student looking to make your financial life easier? These cards provide additional benefits and might be useful for budgeting and building good credit. The best student credit card that fits you and encourages smart spending is covered in this post. If you merely want to start developing credit and are eager to receive cash back and travel bonuses, you can also profit from the rewards.
Let's first discuss the positive aspects of owning a student credit card before delving deeper into the realm of them.
Why Do Students Need Credit Cards?
Many young individuals start handling money in college, where they might have to manage their finances independently for the first time. A credit card may be a very useful tool for students for a variety of reasons:
1. Credit Building: Using a credit card responsibly will help you create a credit history, which may be required in the future when taking out personal loans.
2. Emergency Savings: A credit card is often a good fall-back option for urgent emergencies or major unexpected expenses that occur spontaneously.
3. Convenience: Using credit cards enables you to buy things online, pay bills, and even run your money management needs.
4. Rewards and Benefits: Many student credit cards also have rewards programs allowing you to save money through cashback and other incentives that ultimately reduce your overall expenses.
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Now that you understand why having a student credit card is beneficial let's dive into the top options available in the market.[1]
The Top Credit Cards for Students
1. Discover it® Student Cash Back
- Annual Fee: None
- Rewards: Up to 5% cash back in revolving categories (with enrollment up to a quarterly maximum; other transactions get 1% back)
The Discover it® Student Cash Back card is an excellent choice for students with average or limited credit scores. With no annual fee and no penalty APR, it's a fantastic way to gain experience managing credit. The cashback rewards program distinguishes this card, allowing you to earn up to 5% cashback in rotating categories when you enroll, with a 1% payback rate on all other transactions. Furthermore, Discover will double whatever cashback you earn in your first year, making it even more profitable.[1]
2. Bank of America® Customized Cash Rewards credit card for Students
- Annual Fee: None
- Intro APR: 0% for 12 billing cycles on purchases and balance transfers made in the first 60 days
- Rewards: You will receive 3% cash back on purchases made in a category of your choice, 2% on groceries or wholesale clubs purchases that do not exceed $2,500 in a quarter, and 1% on other purchases. [1]
The Bank of America® Customized Cash Rewards credit card for Students offers a flexible cashback rewards program. You get to pick your 3% cashback category, making it simple to earn rewards in areas that are important to you. Furthermore, with a 0% initial APR for 12 monthly payment cycles, it's a great option for students who need to make a large purchase or transfer debt from another card.
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3. Bank of America® Travel Rewards credit card for Students
- Annual Fee: None
- Intro APR: 0% for 12 billing cycles on purchases
- Rewards: 1.5 points for every $1 spent on all purchases
The Bank of America® Travel Rewards credit card for Students is an excellent alternative for students who want to travel the world. It's ideal for students studying abroad because there are no international transaction costs. You will receive 1.5 points for every $1 spent on all transactions, and your points may be redeemed for a range of travel-related charges. The intro APR offer on purchases makes it even more attractive.[1]
Read More: 5 top credit card tips for students
4. Bank of America® Unlimited Cash Rewards Credit Card for Students
- Annual Fee: None
- Intro APR: 0% for 15 monthly payment cycles on purchases and balance transfers
- Rewards: 1.5% cashback on all purchases
The Bank of America® Unlimited Cash Rewards credit card for Students is designed for those who prefer simplicity. It provides a flat 1.5% reward on all purchases, with no categories to keep track of. Furthermore, you may benefit from a welcome bonus, making it an excellent alternative for students searching for extra perks.[1]
5. Discover it® Student Chrome
- Annual Fee: None
- Rewards: 2% cash back at gas stations and restaurants (up to a quarterly cap with enrollment), 1% back on other purchases
If you're a student who wants to build credit while enjoying some rewards, the Discover it® Student Chrome is an excellent starting point on your credit journey. With a respectable rewards program that includes 2% cashback at gas stations and restaurants, it can help you save on everyday expenses. Additionally, there's no annoying annual fee to worry about.[1]
Get cashback on gas stations and enjoy your road trips stress-free by choosing the right credit line with Bright Money.
6. Capital One Quicksilver Student Cash Rewards Credit Card
- Annual Fee: None
- Rewards: 1.5% cashback on all purchases
The Capital One Quicksilver Student Cash Rewards Credit Card is ideal for students who wish to earn cash back and establish credit. It doesn't charge an annual fee and gives a simple 1.5% reward on all transactions. This card makes it easy to enjoy rewards while establishing a good credit history.[1]
Read More: Top 10 Starter Credit Cards to Start Building Credit
7. Capital One SavorOne Student Cash Rewards Credit Card
- Annual Fee: None
- Rewards: 3% cash back on dining and entertainment, 2% at grocery stores, 1% on other purchases
If you're a student who loves dining out, going to concerts, and enjoying entertainment, the Capital One SavorOne Student Cash Rewards Credit Card is a fantastic choice. With 3% cashback on dining and entertainment, 2% at grocery stores, and 1% on other purchases, it offers impressive rewards in categories that align with a college lifestyle. Plus, no annual fee means more money in your pocket.[1]
Conclusion
A good credit card choice can greatly affect a student's financial path. There is a credit card for any goal – building your credit history, gathering benefits and reward points, or enjoying low introductory fees. The fundamental idea is to utilize the card wisely while taking advantage of its benefits.
Consider all the features of each card mentioned in this article and choose the one most suitable for your financial objectives before taking any action. Remember that with responsible use of your credit card, you can get advantages during college and establish a solid financial foundation once you graduate.
The Bright Money app is an easy option for utilizing your credit card while managing your expenses. This is an excellent tool that you can use to combine all credit card debts in one, organize your spending well, and make maximum profits out of your money.
FAQs
1. Why is the intro APR important to students?
Intro APR stands for an introductory annual percentage rate, a term credit card issuers use. This is the time that low-interest rates or no interest at all on purchases and balance transfers prevail. Students may consider this important since they can make big purchases with zero percent interest charges, hence being economical.
2. What process must one follow when applying for a standard student credit card?
A person must be eighteen years or older and possess some income to qualify for a student credit card. This can be done by applying online on the credit card issuer’s website or even in person at a local branch establishment. Ensure you are ready with personal details such as your social security number, income statement, and college data
3. Should students be allowed to own credit cards?
Students can use the credit card only if they are cautious and responsible. Being responsible entails paying on time, maintaining credit balances low, and avoiding too much spending. Credit cards can help students build credit and provide financial security in emergencies.
Reference
https://www.forbes.com/advisor/credit-cards/best/student/
https://www.cnbc.com/select/best-college-student-credit-cards/
