Writer: CardRates.com Staff
Editor: Lillian Guevara-Castro
Reviewer: Ashley Fricker
The best credit cards for students are only a few clicks away if you’re in school and ready to get started. A student credit card can help you begin building credit history and set yourself on a smart financial path. When you use credit wisely, you can build a strong score early that may help you land a job, rent an apartment, and qualify for better insurance rates.
But with so many to choose from, how do you begin your search for the best student credit card?
Here are some tips to make your search a little easier, along with some recommendations on credit card plans designed specifically with students in mind.
How to Qualify
A few years ago, it was common for students graduating from high school to receive dozens of credit card offers in the mail.
That all changed when the Credit Card Accountability Responsibility and Disclosure Act passed by Congress in 2009. This law says anyone applying for a credit card must demonstrate they have the means to pay back any debts they incur — this means showing you have a job and that your expenses don’t exceed your income.
Some cards let you apply with a co-signer, which can make it easier to qualify. Still, if you can, it’s usually better to get a card in your name alone.
Plenty of lenders actually offer credit cards for people with no credit history or a limited history — perfect for students just starting out on their own.
Look For a Low Interest Rate
The interest rate for first-time cardholders can be pretty steep. Some student cards charge as much as 25%. The good news is that others come with much lower APRs. If that doesn’t sound like a big deal yet, let’s look at a simple real-world example.
Let’s say you charge $250 on your card and take six months to pay it back. On a card with a 12% interest rate, you’ll pay around $9 extra over that period, but a card with a 25% rate will cost you more than $22 in interest.
Keep in mind it can add up to even more if you delay paying it back for longer.
Be sure to check out our extensive collection of low APR credit cards to find the best rates currently available.
Avoid the Annual Fee
With so many student cards available, you really don’t need to consider one with an annual fee. Some issuers count on first-time cardholders to think this charge is just part of getting a card — but it isn’t.
There are far more cards out there with no annual fee than there are cards that charge one, so don’t fall for it. If you’re coming across student credit cards that require annual fees, just keep looking. It shouldn’t be too hard to find a card without this fee.
Top Student Credit Card Recommendations:
Below are some of our expert’s favorite cards for students, all with no annual fee and nice rewards programs.
Discover now offers free FICO credit scores to its members, which is a nice way for students to track their credit. The issuer is also forgiving on late payments — another attractive feature for young adults new to managing their finances. This card has particularly generous cash back rewards, especially in quarterly rotating categories.
Another Discover card, the issuer’s student cards offer valuable perks for those enrolled in school, including free FICO scores, no penalty for paying late, and cash back rewards. This card is a winning offer for anyone who qualifies.
The following card gives you unlimited cash back, and the rewards you earn never expire.
Photo source: swaphr.com
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