The best credit card for new college students will be a great help for them. It helps them pay for textbooks or emergency expenses and begin to build credit. they might also need it to finance a car, buy a house or qualify for the best credit card offers.
The question here is, which credit card is best for new college students? Credit cards are small plastic cards issued by a bank, to make purchases, balance transfers, and cash advances.
Best Credit Card for New College Students
Applying for a credit card is one of the nice decisions to take in the credit building process. Because some credit cards are pitched to college graduates who are starting to build credit cards for the first time.
However, if you are new college student planning of signing up for a credit card, you should take time to learn more about the top offers and how to use them to your advantage.
7 Best College Student Credit Cards for August
Discover it Student Chrome
- 0% intro APR† for 6 months on purchases.
- 49% to 23.49% Standard Variable Purchase APR
- Earn a 1% cash back reward for each $1 spent
- 4% cash back on qualifying Lyft rides through 03/2022
- 2% at the grocery store
- 1% on all other purchases
Discover it student chrome card is one of the best credit cards for new college students. It is a Bank of America that customized cash rewards credits for students. They offer capital one quicksilver reward for students.
They also offer capital one savorOne rewards for students and chase freedom student cards. You earn 2% cash back at gas stations and restaurants on up to $1,000 in combined purchases each quarter.
You can redeem it for cash in any amount, at any time. You can also use your rewards to shop for whatever you need at Amazon.com or at millions of online stores with PayPal.
Discover it Secured Credit Card
- Reward rate: Cashback 1%-2%
- The annual fee is $0
- Intro offer: cashback match
- 49% standard variable purchase APR
- Balance transfer fee: 3%
The Discover it secured credit card requires a cash security deposit. It offers rewards, but what makes it stand out from the competition is its upgrade possibilities. Using your secured credit card will build a credit history with three major credit bureaus.
With this credit card as a new college student, you will enjoy a lot of benefits. It is fast and easy to pay with your countless Discover card at million of places. It is also accepted by 99% of the places across the country that take credit cards.
Chase Freedom Student credit card
- Annual fee: $0
- Reward rate: 1% cashback
- Into offer: $50
- No minimum to redeem
- $20 good standing reward
Chase Freedom credit card for college students is no annual fee credit card with $50 bonus earned after purchases are made within the first 3 months from account opening. The credit journey offers you personalized insights to help you build, monitor and protect your credit health.
This card built in features that will make you smile. It features fraud alerts. Lock/unlock your credit right from the Chase mobile app or Chase.com to instantly block new purchases, cash advances, and balance transfers.
Journey Student Rewards from Capital One
- Balance Transfer Fee
- $0 at this Transfer APR
- Cash Advance Fee
- 3% of the amount of the cash advance, but not less than $10
- Foreign Transaction Fee
The Journey Student Rewards from Capital One offers simple rewards, with a bonus for paying on time. You don’t even have to be a student to apply, so consider it if you have average credit.
The rewards are easy to understand and can help you develop good credit habits. You earn 1% cash back on all purchases; when you pay your bill on time, you’ll receive an extra 0.25% cash back as a bonus.
And you can be automatically considered for a higher credit limit with no additional deposit in as little as six months.
You benefit a lot from this credit card. You will earn unlimited 5% cash back on hotels and rental cars booked through Capital One Travel, where you’ll get Capital One’s best prices on thousands of trip options. Terms apply.
Enjoy no annual fee and no foreign transaction fees and it also helps build your credit with the responsible use of a card like this.
Deserve EDU Mastercard for Students
The Discover EDU Mastercard for college students is an amazing option for those new college students. Especially those who can’t qualify for a credit card because they lack a U.S. credit history, an SSN (social security number), or both.
After spending $500 in the first three billing cycles, cardholders get unlimited 1% cash back on all purchases, a statement credit for a 12-month Amazon Prime student subscription. The annual fee is $0.
Capital One QuicksilverOne Cash Rewards Credit Card
- Purchase APR: 26.99% variable APR
- Annual Fee: $39
- Transfer Info: 26.99% variable APR; No Transfer Fee with this Transfer APR
- Bonus Offer: None
- Rewards Info: Earn unlimited 1.5% cash back on every purchase, every day
This credit card is good for student with less-than stella credit. It offers a gateway to building better credit while earning a respectable 1.5% cash back rewards rate. It comes with unlimited 1.5% cashback rewards.
There is no foreign transaction fee and you will also enjoy peace of mind with $0 fraud liability so that you won’t be responsible for unauthorized charges. You can as well check out quickly and securely with a contactless card, without touching a terminal or handing your card to a cashier.
Amex EveryDay Credit Card
- Welcome Bonus: Earn 10,000 points
- Annual fee: %0
- Regular APR: 14.49% – 25.49% variable
Amex EveryDay® Credit Card is another good card for new college students. As a new student, it is possible to earn a 20% bonus on all points earned. And also 2 membership rewards points per dollar on up to $6,000 spent annually at U.S. supermarkets.
You can use Membership Rewards® points towards eligible charges you make on your Cards, such as retail, dining, entertainment, and more. Payment Flexibility: Your Card gives you the option to carry a balance with interest or pay in full each month.
Who Should Apply for A Student Credit Card?
There are some things you need to get to be able to apply for the best student credit card. Here are what you need to know:
- Federal law limits who can get credit cards under the age of 21. Issuers are forbidden from providing cards to people under 21 unless they have proof of independent income or a co-signer — someone who agrees to be responsible for the debt if the primary cardholder doesn’t pay the bill.
- Student status may or may not matter, but you can check the card terms and conditions on the issuer’s website for application eligibility.
- A bad credit score is usually a dealbreaker. If you have a bad credit card due to missed payment or other missteps, you will not qualify for a student card on your own.
How to Choose New College Student Credit Cards?
Keep in mind that student credit cards generally don’t offer the same rewards as perks as regular credit cards. A good student credit card will save you money and report to all three credit bureaus. Here are some factors to consider as you shop around:
It is good you avoid a credit card with an annual fee when you have a budget. However, a low, a no-annual-fee card makes it easier to keep an account open once you build enough credit to move on to better credit cards.
Introductory and Ongoing Interest Rates
Cards designed for people new to credit tend to have higher interest rates, so it’s best to pay your bill in full each month, which allows you to avoid paying interest entirely. In addition, student card with $0 interest helps them have a big purchase they need a few months to pay off.
If you’re hoping to earn points or cash back for your spending, look for a card that offers a rewards rate of at least 1%. Some student credit cards are more generous, but 1% is a decent rate for a starter card.
Foreign Transaction Tees
If you plan to travel, go for a card with no foreign transaction fees. However, foreign transaction fees are surcharges on purchases made outside the country, usually 1% to 3% of the total amount of a transaction. That can represent a serious hit to a student budget if you’re spending a full semester in a study abroad program.
Security Deposit (for secured cards)
If you’re having a hard time qualifying for a student credit card, consider a secured card. These cards require a security deposit, which is usually equal to your credit limit. Minimum deposit requirements tend to be $200 to $300, but some can be as high as $500.
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