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5 Best Student Credit Cards For Building Credit And Saving Money
Best Student Credit Cards: If you are a student, you know how tough it is to manage finances while juggling studies, social life, and other expenses.
But did you know that using the right credit card can help you build credit and save money? Yes, you heard that right!
With a student credit card, you can earn rewards, cashback, and discounts on various purchases, and at the same time, establish your credit score, which will benefit you in the long run.
But with so many options available in the market, it can be overwhelming to choose the best one.
Don’t worry; we’ve got you covered. This article will discuss the top student credit cards that offer the best deals and benefits.
Best Student Credit Cards: Top Picks
Here are some of the best student credit cards you can consider:
1. Discover it Student Cash Back
Discover it Student Cash Back is an excellent option for students who want to earn cashback and rewards while building credit.
You can earn 5% cashback on rotating categories such as gas, groceries, restaurants, Amazon.com, and more, and 1% cashback on all other purchases.
Plus, Discover will match all the cashback you’ve earned at the end of the first year.
2. Citi Rewards+ Student Card
The Citi Rewards+ Student Card is a unique card that rounds up your rewards points on every purchase to the nearest ten. For example, spending $24 on a purchase will earn ten points instead of just 24.
Additionally, you can earn 2x points on supermarkets and gas stations for the first $6,000 per year, and 1x points on all other purchases.
3. Journey Student Rewards from Capital One
Journey Student Rewards from Capital One is an excellent option for students who want to build credit and earn rewards. You can earn 1% cashback on all purchases, which increases to 1.25% if you pay your bill on time.
Plus, there is no annual fee or foreign transaction fees.
4. Bank of America Cash Rewards Credit Card for Students
The Bank of America Cash Rewards Credit Card for Students is an excellent option for students who want to earn cashback on various purchases.
You can earn 3% cashback on a category of your choice such as gas, online shopping, dining, travel, drug stores, or home improvement/furnishings.
Additionally, you can earn 2% cashback on groceries and wholesale clubs and 1% cashback on all other purchases.
5. Capital One Secured Mastercard
The Capital One Secured Mastercard is an excellent option for students who have no credit history or bad credit. With this card, you can establish credit by making on-time payments and keeping your balance low.
Additionally, you can increase your credit limit by making the first five monthly payments on time.
How to Choose the Best Student Credit Cards?
Choosing the right student credit card can be tricky, but picking the one that suits your financial needs and goals is crucial. Here are some factors you should consider before applying for a credit card:
1. Rewards and Benefits
Look for a card that offers rewards, cashback, or discounts on purchases you make frequently. Some cards also offer sign-up bonuses or welcome offers that can help you earn more rewards.
2. Interest Rates and Fees
Make sure to read the fine print and understand the interest rates, fees, and penalties associated with the card. Look for a card with a low-interest rate and no annual or foreign transaction fees.
3. Credit Limit
Consider the credit limit of the card and make sure it’s suitable for your spending habits. Don’t apply for a card with a high credit limit if you can’t manage your expenses and end up in debt.
Keeping your credit utilization ratio low is essential to maintain a good credit score.
4. Credit Score Requirements
Most student credit cards are designed for individuals with no credit history or limited credit, so they have relaxed credit score requirements.
However, some cards may require a higher credit score or income level to qualify. Check the requirements before applying for a card.
5. Card Issuer
Consider the card issuer and their reputation for customer service and support. Look for a company that offers online account management, fraud protection, and 24/7 customer service.
Conclusion
Using a student credit card can be a great way to build credit, earn rewards, and save money on various purchases.
When choosing the best student credit card, consider the rewards and benefits, interest rates and fees, credit limit, credit score requirements, and card issuer’s reputation.
Discover it Student Cash Back, Citi Rewards+ Student Card, Journey Student Rewards from Capital One, Bank of America Cash Rewards Credit Card for Students, and Capital One Secured Mastercard are some of the top student credit cards you can consider.
Remember, using a credit card comes with responsibility, and it’s essential to use it wisely and avoid overspending.
By making on-time payments, keeping your balance low, and maintaining a good credit score, you can establish a healthy credit history that will benefit you in the long run.
Thank you for reading, and we hope this article helped you find the best student credit card that suits your needs and goals.
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