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The best time to build your credit is when you’re young. As you get older, a strong credit score will become essential when you want to buy a house, a car, or even rent out an apartment.
And it doesn’t stop there. There are actually multiple reasons you might want to get a credit card when you’re young.
Some perks of getting a credit card early include:
Lower interest rates on loans for homes and cars.
Helps with eligibility when renting an apartment or home.
Can help qualify for better credit card features and benefits in the future.
Using credit card benefits such as cash back rewards and travel points.
As long as you’re paying off your credit card balance every month, you can literally earn perks for just spending money like you normally would.
So today, we want to give you a list of some of the best credit cards out there for students so you can feel comfortable entering the world of credit.
If you have no experience with credit cards, don’t worry! With some knowledge, you can turn that fear into excitement. You’ll find that things like cash back rewards and travel points can actually make credit cards exciting.
The cards on this list are designed specifically for students as they have little to no requirements to acquire. Some even have benefits and rewards points for making normal purchases at the grocery store or gas station.
So without any further ado, let’s get started!
7 Best Credit Cards for Students
Discover it Student Cash Back
APR: 12.99% - 21.99 %
Credit history required: Fair/No credit card history required
Annual fee: $0
Sign up bonus: Cashback match
Why this card?
The Discover it Student Cash Back card gives you up to 5% cash back on everyday purchases including grocery stores, gas stations, restaurants, and select online shopping.
This card also offers an “Unlimited Cashback Match” which matches all the cash back you’ve earned at the end of your first year. So if you end the year with $100 in cash back, you can expect an extra $100 just for using this card!
If you’re a first time credit card user, this card may be a great option for you as there is no credit history required to apply.
Discover it Student Chrome
APR: 12.99% - 21.99%
Credit history required: Fair/New to credit (No credit history required)
Annual fee: $0
Sign up bonus: Cashback match
Why this card?
This Discover card has an APR of 0% for your first 6 months. You can get 2% cash back at gas stations and restaurants on as much as $1,000 per quarter.
Just like the Discover Student Cash back, the Discover Student Chrome automatically matches all the cash back you’ve earned at the end of your first year.
The Discover Chrome card is another great option for beginners as there is no minimum requirement to apply.
Chase Freedom
APR: 14.99% variable
Credit history required: Excellent/Good credit (700 - 749)
Annual fee: $0
Sign up bonus: $50 bonus after first purchase
Why this card?
With Chase Freedom, you can earn a quick increase in your credit limit by making 5 monthly payments on time within your first 10 months. This feature can help you build credit since a higher credit limit often helps you keep a credit score.
Bank of America Cash Rewards
APR: 13.99% - 23.99% variable
Credit history required: Fair (650 - 699)
Annual fee: $0
Sign up bonus: $200 cash rewards bonus
Why this card?
This card offers 3 different tiers of cash back rewards: 3%, 2%, and 1%.
3% cash back is for a category of your choice including gas, dining, travel, online shopping or home improvement. 2% cash back is offered at grocery stores and wholesale clubs. And the 1% is for all other purchases.
Bank of America Travel Rewards Card for Students
APR: 13.99% - 23.99% variable
Credit history required: Good / Excellent (700 - 749)
Annual fee: $0
Sign up bonus: 25,000 points
Why this card?
A popular card for students studying abroad as you won’t get charged foreign transaction fees. This card also offers travel redemption options and rewards points.
If you’re a student traveling abroad, this card may serve you the best compared to cards on this list that may charge you extra fees for making purchases outside of the country.
Capital One SavorOne Student Cash Rewards Credit Card
APR: 26.99% variable
Credit history required: Average, Fair, Limited
Annual fee: $0
Sign up bonus: N/A
Why this card?
This card offers 3% unlimited rewards cash back on dining, entertainment, grocery stores, (not including Target and Walmart) and streaming services. It also offers 1% cash back on all other purchases.
If you’re looking to take advantage of high cash rewards, this card may be a great option for you.
Bank of America Unlimited Cash Rewards for Students
APR: 13.99% - 23.99%
Credit history required: Good/ Excellent (700 -749)
Annual fee: $0
Sign up bonus: $200 cash rewards
Why this card?
This card offers unlimited 1.5% cash back on all purchases. Other cards usually have a cap on the amount of cash back bonuses they can offer. So, if you spend a lot throughout the month, this credit card might be a good option for you.
Which credit card is best for you as a student?
After reading this article, we hope that you have an idea of where to start your credit card journey.
You can do further research on whichever of these cards interest you. Many of these cards have been popular options for students for several years now. But note that the sign up bonuses often change throughout the years, so keep this in mind when you’re doing your own research.
At the end of the day, the best credit card for you is going to depend on your situation. After college, you will most likely find that there are better credit card options for you out there.
The list we gave you today is designed specifically for students and people looking to get their first credit card.
As you get older and grow your credit, you’ll find opportunities for cards with better benefits and higher credit limits. So keep in mind that the cards discussed today aren’t designed to take care of you through the rest of your life.
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