A student getting a credit card for the first time can get confused as there are many options to choose from and it will be hard to know what to look for and which credit is the best one for them. The best student credit card will have a competitive interest rate, low or no annual fee, and many other perks that the students can enjoy. Some credit cards have cash back programs which give rewards on purchases of gas, dining out, groceries, and many other routine purchases. Some of the best credit cards are listed below.
Top 5 Credit Cards for Student
Discover it for Students
This is the best card for you if you want to earn rewards. With this card, you will earn 5% cash back on quarterly rotating categories and also 1% cash back on everything else. You will have to sign up if you want to earn 5% cash back in bonus categories. Discover It will also match dollar for dollar the cash that you have earned at the end of your first year. There is also a $20 cash back bonus for you each school year if you have a GPA of 3.0 or higher. The credit card has no annual fee, it also has no introductory APR for six months before you will then pay the regular APR of 14.49 to 23.49%.
Journey® Student Rewards from Capital One®
This is a low fee student credit card and it is best for students with decent credit and also a penchant for cash back program. You are also going to earn 1% cash back on all purchases that are made and also get a 0.25% cash back bonus each month when you pay your statement credit or check at any time. The card also has automatic credit line increment after five months if you are able to pay on time, there are minimal fees. The card has no early spend bonus and your accumulated cash can be redeemed in any amount at any time. The card has no annual or foreign transaction fee while late payment will cost up to $38. The card also has no introductory APR.
Citi ThankYou Preferred for College Students
This is best for college students as it offers a nice signup bonus. You are going to get 2,500 bonus points after you have spent $50 on purchases in the first three months that you opened the account and the 2500 points worth $25 in electronics, gift cards, and so on at thankyou.com. You are also going to earn two points per dollar on dining and eating out and one point on other purchases that you make. The card has no annual fee and there is zero percent introductory APR on purchases for the first seven months you get the card before you then pay a regular APR between 16.24 and 26.24% according to your creditworthiness.
Discover it® Chrome for Students
This card is similar to the regular Discover it Chrome card but the cash back is a little different. Although, you are going to earn 25 cash back up to $1000 in spending per quarter on dining and gas purchases dining and gas purchases above this spending cap are going to earn you an unlimited 1% cash back while other purchases will earn you an unlimited 1% cash back. The card also pays students $20 cash back if you can stay above 3.0 GPA for up to 5 years. It has no sign-up bonus and your cash back will be automatically doubled after your first year. There is no annual or foreign transaction fee but there is a balance transfer cost of 3% for the transferred amount. The card has no late fee and it has zero percent APR for 6 months and it has a 10.99% balance transfer APR for 6 months from the date that you made your first transfer and this will happen within 3 billing cycles of the day that you open your account.
Capital One® Secured Mastercard®
It has no annual fee and this card is quite different from the ones listed above as the membership is not limited to the registered student alone. Although before you can spend, you will have to make a cash deposit of $49, $99, or $200 and this deposit will make you entitled to a credit limit between $200 to $1000 based on your creditworthiness. If you make an additional deposit you will be able to raise your credit limit and if you have a pattern of timely payments over many months, your credit limit can also be raised. It has a significantly higher APR than many other student credit cards but the fees are manageable and the card is also useful for students that want to track and build their credit over time. There is also a late payment cost of up to $38 each.