The best credit cards for students are only a few clicks away for certain secondary education pupils out there. Student credit cards are a great way to begin building credit history and start off on the right financial path. Wise credit use can establish a good credit score early that will help you get a job, rent an apartment, and get good rates on insurance.
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 allow for a co-signer who will help a student to qualify. However, if you have the means, try to get one 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 a first-time cardholder can be pretty hefty. Some cards charge as much as 25% for students. Fortunately, there are other cards with much lower APRs. This may not mean a lot to someone who is just learning about interest charges, so let’s use a real money 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
There are so many cards out there for students that you shouldn’t even consider one that comes with an annual fee. Many card issuers hope first-time credit cardholders will assume annual fees are a standard part of the process — this is not so.
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 3 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.
- INTRO OFFER: Unlimited Cashback Match – only from Discover. Discover will automatically match all the cash back you’ve earned at the end of your first year! So you could turn $50 cash back into $100. Or turn $100 into $200. There’s no minimum spending or maximum rewards. Just a dollar-for-dollar match.
- Earn 5% cash back on everyday purchases at different places each quarter like Amazon.com, grocery stores, restaurants, and gas stations, up to the quarterly maximum when you activate. Plus, earn unlimited 1% cash back on all other purchases – automatically.
- No credit score required to apply.
- Discover could help you reduce exposure of your personal information online by helping you remove it from select people-search sites that could sell your data. It’s free, activate with the mobile app.
- No annual fee and build your credit with responsible use.
- 0% intro APR on purchases for 6 months, then the standard variable purchase APR of 17.49% - 26.49% applies.
|
Intro (Purchases)
|
Intro (Transfers)
|
Regular APR
|
Annual Fee
|
Credit Needed
|
|---|---|---|---|---|
0% Intro APR for 6 months
|
10.99% Intro APR for 6 months
|
17.49% - 26.49% Variable APR
|
$0
|
Fair/New to Credit
|
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.
- INTRO OFFER: Unlimited Cashback Match – only from Discover. Discover will automatically match all the cash back you’ve earned at the end of your first year! So you could turn $50 cash back into $100. Or turn $100 into $200. There’s no minimum spending or maximum rewards. Just a dollar-for-dollar match.
- Earn 2% cash back at Gas Stations and Restaurants on up to $1,000 in combined purchases each quarter. Plus, earn unlimited 1% cash back on all other purchases – automatically.
- No credit score required to apply.
- Discover could help you reduce exposure of your personal information online by helping you remove it from select people-search sites that could sell your data. It’s free, activate with the mobile app.
- No annual fee and build your credit with responsible use.
- 0% intro APR on purchases for 6 months, then the standard variable purchase APR of 17.49% - 26.49% applies.
|
Intro (Purchases)
|
Intro (Transfers)
|
Regular APR
|
Annual Fee
|
Credit Needed
|
|---|---|---|---|---|
0% Intro APR for 6 months
|
10.99% Intro APR for 6 months
|
17.49% - 26.49% Variable APR
|
$0
|
Fair/New to Credit
|
The following card offers cash back rewards with no limit to the amount of cash back you can earn, and your rewards never expire.
- Earn 1% cash back on all your purchases. Pay on time to boost your cash back to a total of 1.25% for that month
- Enjoy peace of mind with $0 Fraud Liability so that you won't be responsible for unauthorized charges
- Enjoy no annual fee, foreign transaction fees, or hidden fees
- Lock your card in the Capital One Mobile app if it's misplaced, lost or stolen
- Earn up to $500 a year by referring friends and family when they're approved for a Capital One credit card
- Pick the monthly due date that works best for you
|
Intro (Purchases)
|
Intro (Transfers)
|
Regular APR
|
Annual Fee
|
Credit Needed
|
|---|---|---|---|---|
N/A
|
N/A
|
29.74% (Variable)
|
$0
|
Average, Fair, Limited
|
Make your first six payments on time and earn access to a higher credit limit — all with no annual fee or foreign transaction fees.
Photo source: swaphr.com
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