The Best Options of Credit Cards for College Students
Students have so many options of credit cards to choose from. In fact, the abundance of the options only complicates the process, especially in the case when you as a student want to order a credit card for the first time. It is difficult for many students to know what exactly to look for. The important point is that good credit cards for students have a minimal or low fee, interest rates that are competitive. What is more, they have some perks and rewards the students can enjoy. Here you will learn about selecting the best credit cards for students. They are issued by reputable card providers and usually have attractive packages and offer rewards for students.
Some of them go as far as to offer 0% introductory interest rates. This is a great idea because it gives the user adequate time to familiarize with the credit card without having to incur additional cost as interest. Once a student is approved for this or that credit card, they should ensure that they maintain their balance low and make all their monthly payment on time. In fact, their credit history is enhanced with such a good habit. Besides, it enables one to be easily considered for house, apartment, or car in the future on credit.
The Most Common Types of Credit Cards for Students
Some of the best credit cards suited for students include:
- Capital one student credit card
Capital One issues a Journey Student Credit Card, from which students get 1% cash back for every purchase they make. Capital One provides an awesome incentive that encourages decent credit card habits. There is always an additional reward for making payments on time. One can boost their cash back-up to 1.25% every month if they make a payment in time. There is no limit to the money one can incur, and the cash reward never expires. Good credit card behavior also allows one to earn other rewards, which can lead to increasing the credit limit. When one makes their first five payments on time, they qualify for credit limit increase. The users also have the flexibility of selecting their own due date to ensure they make a timely payment. They also don’t have foreign transaction fees or annual fees.
- Citi student credit card
This type of credit cards is preferred among students due to the Citi ThankYou Rewards Programs with certain signup bonuses. If you spend up to $50 on a purchase within the first 3 months of opening your account, you will get the bonus points of up to 2,500, which are worth up to $25 electronics, gift cards, and so much more at thankyou.com. After the first 3 months following your account opening, you will get 2 points for every dollar on dining and eating out. As for other purchases, you will get one point for every dollar you spend.
- Bank of America student credit card
The bank of America Travel Rewards for Students is a student credit card that offers 20,000 bonus points. One has to spend up to $1,000 on a purchase within the first 3 months after they have opened their account. The 20,000 bonus points are redeemable for $200 statement credit using this card. The money can be spent on the travel purchases made with the help of the credit card. Going forward, one will be earning 1.5 points for every dollar they will be spending on the a purchase. Additionally, students can earn a 10% bonus on the rewards they get if they are holders of active Bank of America savings and checking accounts. The redeemed points can be used on any hotel purchase or airline at any time.
- Visa student credit card
These cards help students with the basics, advantages and the pitfalls of having a bank account so that students they can develop good credit and know how to manage their account responsibly. Such cards presuppose low credit limit and interest rate, cash incentives to enable students to pay their bills on time, and also rewards points that are redeemable in the future for a discount on car loans. The cards can also be monitored online by the students’ parents.
- Chase student credit bank
This credit card is best known for its great sign-up bonuses and its boosted redemption travel rewards.
Features of the Best Credit Cards for College Students.
If you are looking for a good credit card for students, the following are some of the features that you should pay special attention to:
- No annual fee. A good credit card is one that does not require you to be paying an annual fee. At the time of signing up, the Terms and Conditions should be clearly disclosed if there are any annual charges.
- Low introductory interest rate. Choose the cards that have a 0% introductory interest rate for at least 6 months or even longer. It may enable you to save some cash in interest charges if you can clear the balance before the introductory period is over.
- Rewards and cash back. Use credit cards that offer incentives when you use them. To enjoy those benefits, you will be required to make your monthly payments in time since missed payments usually result in the bonus cancellation. It is not advisable though to have student credit cards with no credit.
The Good Thing about a Discover student credit card
This is a good credit card for students with bad credit because it has the greatest potential for earning rewards. If you want to utilize a credit card to finance yourself while in school, go for a card that does not have an annual fee, has low interest rates and bonuses for every purchase. Use the card responsibly because many of the students’ credit cards charge high interest rates.