8 Best College Student Credit Cards 2023: Comparisons & Benefits
Reviewed by Jazmin Castello - MBA
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One thing that credit card issuers do is give out those credit cards fast. If you qualify, then you can be assured of one very fast. However, a card issuer is not willing to give someone a credit card knowing they cannot pay. That is what happens to students. Not many institutions might offer the best credit cards for students.
However, if you are a student, it is still possible to get a credit card. We look at which institutions are willing to give you a credit card even if your credit score or history might not be the best. Continue reading for more.
8 Best College Student Credit Cards of 2023
- Discover it Student Cash Back Credit Card
- Deserve EDU Mastercard for Students
- Bank of America Credit Card Customized Cash for Students
- Capital One Quicksilver Student Credit Card
- Chase Freedom Student Credit Card
- Discover it Student Chrome
- Bank of America Travel Rewards Credit Card
- Capital One SavorOne Credit Card
Features Of The Best Student Credit Cards
Discover it Student Cash Back Credit Card
Here are a few to consider:
- No penalty on delaying the first payment
- Good for those with no credit history
- The card is widely accepted
8 Best College Student Credit Cards of June 2023
Discover It Student Cash Back Credit Card
Even if your credit score is fairly new or you have no credit history, this would be a great choice generally. You also get that the APR does not change even with late payments.
- Low foreign transaction fees
- Alerts you incase your SSN is used for fraud
- Has no annual fee
- Bonus categories require activating quarterly
Annual Fee: $0
Regular APR: 12.99 to 21.99%
Credit Score: No credit history
The company offers dollar-to-dollar matches so that the students can get unlimited cashback matching. This is where DIscovery would always match the cash back you have earned during the first year. In case you had a $50 cashback, it is matched to $100 and so much more.
Other than the student cash rewards credit system, you will get no annual fee from the company. Also, no late fee when you are a bit late with the first payment. The APR does not change just because you had a late payment. These are all important features for every student to like.
The card is accepted in over 99% of the stores. This even includes grocery stores. This card still has a safety feature where you can switch off the account and present cash advances or balance transfers within seconds.
Deserve EDU Mastercard for Students
Since there can be international students in an institution, it is good to know they will not require an SSN to apply. Also, there are no foreign transaction fees.
- No foreign transaction fees
- Unlimited referral bonuses
- No deposit required
- Cash back rewards are not more than 1%
Annual Fee: $0
Regular APR: 18.74%
Credit Score: No credit history
Students can enjoy Amazon Prime Student with the card. This only applies when you spend over $500 during the first three billing cycles while using your card. The MasterCard platinum benefits also include earning an average of 1% cashback on the various purchases you make with the card. It includes the grocery stores too.
In addition to being a cash rewards credit card, it will still offer cell phone protection of up to $600. Another important feature for students is that there is no deposit required and also no annual fees too.
How about the international students? They will not need a social security number to apply. So, it makes it so easy for different categories of students to get the card. We also advise that you take advantage of their refer-a-friend bonus. There is no limit to the amount of bonus you will get.
Bank of America Credit Card Customized Cash for Students
Anyone in a higher education institution should consider this credit card. With its zero annual fees and also a welcome bonus, it will be great for students.
- Get FICO to score free
- Offers competitive cashback rewards
- Get a welcome bonus easily
- Charges 3% as foreign transaction fees
Annual Fee: $0
Regular APR: 13.99% to 23.99%
Credit Score: 650 to 699
This cash rewards credit card is definitely what a student needs. Even if the credit history is fair, there is a chance of easily being approved for the card. The bank claims to offer a great cash reward of $200 in case you make up to $1,000 purchases within the first 90 days of opening the account.
The cashback earnings depend on where you spend the money. You will get a 3% cashback on purchases such as gas, dining, travel, online shopping, and more. Always check the official bank website to understand more about what you will earn as the cash backs.
When shopping online, you are advised to use a temporary credit card number the system generates for you. It should help in maintaining the safety of your card. You would also get an updated FICO store done monthly for free.
Capital One Quicksilver Student Cash Rewards Credit Card
Its cashback system applies to all purchases you make every day. This is better, unlike some credit cards that only specify a few categories.
- There are no foreign transaction charges
- Easy to earn cash backs
- No annual fee
- Higher APR
Annual Fee: $0
Regular APR: 26.99%
Credit Score: Average
If you enjoy using a cash rewards credit card, this is also another popular choice. You will earn a 1.5% cashback reward on everyday purchases. This is unlike some credit cards that would be specific with where you can spend and earn cashback.
Students with a fair credit history should find this a great option to consider. They also use it to help in building their credit. All you have to do is use it responsibly and it will be good for improving your credit score.
Students will like that there is no annual fee, no foreign transaction fees, or any other popular hidden fees. What you see is what you get. Also, you can automatically be considered for a higher credit line within just 6 months of using the credit card.
Chase Freedom Student Credit Card
You will receive cashback on all your purchases. Even though it might not be much, it will be good to know it is there each time you make a purchase.
- Free credit score update
- There is no annual fee
- Earn rewards for a good standing account
- Not the best for those with poor credit history
Annual Fee: $0
Regular APR: 14.99%
Credit Score: 700 to 749 (Good Credit)
This student cash rewards credit card will be great for various students depending on their needs. One thing to note is that it will come with a $50 bonus. This is effective after making a purchase with the student credit cards in the first three months. So, go ahead and use it to earn more cash backs.
No worries about when you will earn cash backs unlike any other credit card for students. This one offers 1% cashback on all the different purchases you will make using the card. Also, there is a chance of earning a $20 good standing reward after using the card on an ongoing basis.
The credit history required for this card is from good to excellent. As such, those with bad credit history might not be easily approved. However, just give it a try and see how it goes. It will still charge foreign transaction fees although it is not too much.
Discover it Student Chrome
This credit card will help you earn rewards while at the same time building credit. You also get an introductory APR offer when picking the credit card.
- Can help in building credit
- Easy to earn rewards
- There is an introductory APR offer
- Cash backs are only on two types of purchases
Annual Fee: $0
Regular APR: 12.99% to 21.99%
Credit Score: Fair or New to Credit
Like the other Discover credit cards, this one would also be one that gets unlimited cash back matching. That is enough incentive for most students seeking credit cards to consider it. Also, there is a good cashback reward of 2% when you use it at restaurants and gas stations.
Other than spending to earn cash rewards, this credit card for students will also give you a bonus if you get a friend to sign up for one. There is no limit to how much you can earn as the referral bonuses.
Even if you have no credit history, it will still be a good choice for a credit card. The company claims that you get a 0% intro APR on the various purchases during the first 6 months. Thereafter, the standard APR is then applicable.
Bank of America Travel Rewards Credit Card
The idea that you can earn unlimited 1.5 points for each dollar spent, it helps you easily get cash backs faster. Also, you can earn yourself a welcome bonus.
- It is easy to earn points
- You get a welcome bonus
- No foreign transaction fee
- Has high balance transfer fee
Annual Fee: $0
Regular APR: 13.99% to 23.99%
Credit Score: Good to Excellent
This is also among the best student credit cards to get today. It can offer a higher credit line, but you also need a good or excellent credit history to get it as the credit card for you. If you can keep using it right, you can get a better credit score and also a free credit scorecard from the bank.
The bank offers unlimited 1.5 points on each dollar you spend. The good thing is that it can be earned with purchases everywhere. There is also no expiration on the points. You are advised to accumulate the points then turn them into cash rewards.
The credit card comes with chip technology. The idea is to enhance security making it hard for unauthorized transactions to go through. Also, you would be able to easily use it in over 130 countries. Since there are no international transaction fees, that is more reason to get it.
Capital One SavorOne Credit Card
Not many companies offer a cashback of 8%. As much as it might be limited to some purchases, it is good to know it exists. You will also find the $0 fraud liability protection.
- It has no hidden fees
- Get a higher credit line in 6 months
- Easy to build your credit
- The APR is high
Annual Fee: $0
Regular APR: 26.99%
Credit Score: No credit history
Getting such credit cards is not hard. So long as you are still a student, you can get one. Even if your credit history is not the best, the bank is willing to get you a good credit card. You will also like the high cashback rates you earn from spending the money. It can go up to 8% on selected purchases.
Other than the possible credit limit increase, you also get no annual fee or hidden fees when using this credit card. That is how people often use it so that they can build their credit. You will be given a credit review within 6 months of getting the credit card.
There is still the $0 fraud liability policy too. This is vital especially when the credit card is stolen or lost. You will not be liable for unauthorized transactions. You can still set up the autopay feature to manage your subscriptions better.
What is a student credit card?
The student credit cards are slightly different from what you as an employed person might get. The student cards are mostly designed for students to help them in building their credit. As much as they can function as regular credit cards, they will have a lower credit limit and sometimes no incentives.
Sometimes you do not have to be a student to get such a card. Some will be based on your age and other eligibility requirements.
Why get a student credit card?
These student cards are now popular and easy to get. You can get most of them so long as you are a student. The biggest question is, why are you even getting one in the first place? Here are the top reasons to get a student credit card.
- The student credit card will help you build your credit score fast. This means you can access other financial packages faster.
- Many student credit cards will be loaded with options to earn rewards. No one would not want cash backs.
- You mostly get $0 fraud liability protection. You can have the unauthorized charges removed
- The credit cards are widely accepted around the country in different stores.
- You can enjoy multiple incentives such as no annual fees for most cards, no foreign transaction fees, and more.
How to Pick a Student Credit Card
Before you can pick a student credit card, there will be a couple of things to consider. They include;
- Look for one with no annual fee or other hidden fees
- The institution should report to major credit bureaus
- Offers impressive cash back rewards
- Has little to no foreign transaction fees
- Easy application process
- Excellent customer support
- Ease of improving your credit line
Making the most of your student credit card
Some might be happy that they now have a credit card, but you need to use it responsibly to improve your credit score and generally manage your finances. Here are the best ways of utilizing your student credit card;
- You should always pay the credit card bill right on time
- Do not charge on the card unless you can afford paying it off
- Keep the crest utilization to a minimum
- Do not go for too many credit cards
- Look for one with affordable fees
Conclusion
Looking at the list of the best card issuers, you should find one that speaks to your needs. No one wants to get a credit card for it to be a burden. It is why you always have to take your time and find the right card for your needs. Also, compare the cards widely to understand their features well. Do not settle for the first credit card issuer you find.
If you can have good financial standings with the company issuing credit, you would get an improved credit line, credit score, among other benefits.
Frequently Asked Questions (FAQs)
We recommend that you compare each of the credit cards mentioned above to see the one that would work great for your needs.
Yes. If it is something you can afford, go for it. It will generally help you to build your credit score faster at a younger age.
Yes. However, you need to check with the credit card issuer. If that is an option, go for it. Just know there might be more checks involved before being issued with a credit card.
It is crucial so that you can have your credit score improved and also credit history updated. This is because the credit bureaus are responsible for collecting and subsequent distribution of credit history information from and to banks, landlords, lenders, and more.
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+ 1 sources
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1. Bernthal, Matthew J., Crockett, D. and Rose, Randall L. (2005). Credit Cards as Lifestyle Facilitators. Journal of Consumer Research, [online] 32(1), pp.130–145. Available at: https://academic.oup.com/jcr/article-abstract/32/1/130/1796318 [Accessed 10 Jan. 2022].