College students often have to manage a tight budget and may be looking for a credit card to help them build their credit history while providing rewards and other benefits. Here are some top credit cards for college students that are worth considering:
- Discover it Student Cash Back: This card offers a rewards program where students can earn cash back on purchases, with a high cashback rate for certain categories like gas and restaurants. Additionally, it offers a 0% introductory APR on purchases and balance transfers for the first six months and no annual fee.
- Journey Student Rewards from Capital One: This card offers rewards in the form of cashback, which can be redeemed for statement credits, gift cards, and more. It also has no annual fee and access to a higher credit line after making the first five monthly payments on time.
- Citi Rewards+ Student Card: This card offers rewards on everyday purchases, and rewards points round up to the nearest ten on every purchase, which can help students earn points faster. It also offers 0% intro APR on purchases for seven months and no annual fee.
- Bank of America Cash Rewards for Students: This card offers cashback rewards on everyday purchases, with a higher rate for purchases in specific categories such as online shopping and dining. Additionally, it offers a 0% intro APR on purchases for the first 15 billing cycles and no annual fee.
- Wells Fargo Cash Back College Card: This card offers cash back rewards on purchases, with a higher rate for purchases in specific categories such as gas, groceries, and drugstores. Additionally, it offers no annual fee and 0% intro APR on purchases for six months.
It is important to note that college students, like all consumers, should research and compare the terms, fees, and rewards of a credit card before applying. They should be aware of the interest rate, fees, and repayment terms and understand how to use credit cards responsibly to build their credit history. Also, they should know about the Credit Card Act of 2009, which gives some protections to people under 21 who use credit cards. They should be able to demonstrate their ability to make payments if they are under 21 unless they have a co-signer or have a verifiable independent income.
The above credit cards are some popular options among college students, and the list is not exhaustive; students can compare the credit cards, the rewards, fees, and interest rates offered by them with other credit cards to decide which is best for their use. The sources for the above information are the credit card issuer’s website, credit card comparison websites, and personal finance publications.
Credit Cards for Students with Limited or No Credit History
Low credit score credit cards are designed for people with limited or no credit history. These cards can be a good option for college students starting to build their credit. However, it’s important to remember that these cards often have higher interest rates and fees than cards for people with good credit.
Here are a few options for low credit score credit cards for college students:
- Discover it Secured: This card is a secured credit card, meaning you must provide a deposit to open the account. The deposit is used as collateral for the credit line. One of the benefits of this card is that after eight months, Discover will review your account and may convert it to an unsecured card. Additionally, Discover it Secured offers cash-back rewards on everyday purchases.
- Capital One Secured Mastercard: This is another secured credit card option for college students. With the Capital One Secured Mastercard, you can start with a small deposit and build your credit lineup over time. This card has no annual fee, and you may get access to a higher credit limit after making your first five monthly payments on time.
- Journey Student Rewards from Capital One: This card is designed specifically for college students and doesn’t require a security deposit to open. Journey Student Rewards offers cash-back rewards on everyday purchases, and there is no annual fee. Additionally, you can access a higher credit line by making your first five payments on time.
- OpenSky Secured Visa Credit Card: This card is another option for those who want to build their credit history. With this card, you’ll have to provide a security deposit, but OpenSky doesn’t check your credit history when you apply. This card also reports to all three major credit bureaus and has no annual fee.
Please keep in mind these are just a few of the many options available, and you should always read any credit card’s terms and conditions, fees, and interest rates before applying to ensure that it’s the right fit for you. It’s also important to remember that applying for multiple credit cards simultaneously can negatively impact your credit score.
Practicing good credit habits like paying your bill on time and keeping your balance low is also important. This will help you establish a positive credit history and can lead to better credit card options in the future.
Credit Cards for Students with Bad Credit
Credit cards for students with bad credit scores are designed for individuals with a lower credit score or a limited credit history. These types of cards often come with higher interest rates and fees than cards for people with good credit scores. However, they can be a good way for students to start building or improving their credit.
Here are a few options for credit cards for students with bad credit scores:
- Capital One Secured Mastercard: This secured credit card requires a deposit to open the account. The deposit serves as collateral for the credit line. The Capital One Secured Mastercard reports to all three major credit bureaus, and you may get access to a higher credit limit after making your first five monthly payments on time.
- Discover it Secured: Similar to the Capital One Secured Mastercard, this card is a secured credit card that requires a deposit to open the account. One of the benefits of this card is that after eight months, Discover will review your account and may convert it to an unsecured card. Additionally, Discover it Secured offers cash-back rewards on everyday purchases.
- First Progress Platinum Elite Mastercard Secured Credit Card: This secured credit card requires a deposit to open the account but doesn’t have an annual fee. This card also reports to all three major credit bureaus, which can help you to improve your credit score.
- Credit One Bank Platinum Visa for Rebuilding Credit: This unsecured credit card for bad credit offers cash back rewards on eligible purchases and reports to the credit bureaus, which may help to improve credit scores. However, it does come with a high annual fee and interest rate.
- Indigo Platinum Mastercard: This credit card for people with poor credit or bad credit offers a pre-qualification process with no impact on credit score, flexible credit lines, and no security deposit. Also, it reports to all three credit bureaus.
It’s important to read the terms and conditions, fees, and interest rates of any credit card before applying to ensure that it’s the right fit for you. Practicing good credit habits like paying your bill on time and keeping your balance low is also important. This will help you establish a positive credit history and can lead to better credit card options in the future.
Please note that these are just a few options available, and you should research carefully and compare the offers before applying. Also, keep in mind that having multiple credit card applications at the same time can negatively impact your credit score. Also, a good idea to check the credit bureau report and see if any errors or omissions can be resolved.