Best Credit Cards for College Students
Applying for a credit card requires the applicant to have a credit history and stable income. College students are ineligible for most standard credit cards since they having no consistent job and no credit story. A credit card can help students to pay for things like a concert ticket or an electronic equipment by installment. More importantly, using cards responsibly during school is a big step toward establishing a good credit score. To satisfy students' needs and build brand loyalty, many credit networks launch cards with cash back, rewards and other perks tailored to appeal to college students.
Like other regular credit cards, student credit cards also come with different features like 0% introductory offers, no annual fees, high rewards and more. To help students pick the best card, here we've rounded up some of the best cards in the student card category with detailed evaluations.
- No.1 Discover it® for Students
- No.2 Journey® Student Rewards from Capital One®
- No.3 Citi ThankYou® Preferred Card for College Students
- No.4 Discover it® chrome for Students
- No.5 Wells Fargo Cash Back CollegeSM Card
- No.6 BankAmericard Cash Rewards Credit Card for Students
No.1 Discover it® for Students
- Cash back match all you’ve earned the first year
- 0% intro APR on purchases for six months
- 5% cash back each quarter in particular categories
- No annual fee
- No penalty interest rate
Pros
You can earn 5% cash back on up to $1,500 purchases every quarter in specific categories. It also pays 1% cash back on all the other spending. There’s no annual fee, no foreign transaction fee and no penalty fee for paying late once. Late payments will not increase your annual percentage rate. Additionally, if you get at least 3.0 GPA for a school year, you will get an extra $20 cash back from Discover.
Cons
If you want the 5% cash back, you need to activate the bonus categories every quarter by logging in to your account online or calling Discover, or you will just earn 1% cash back in the qualifying categories.
Summary
The Discover it for Students credit card offers great cash back rewards for college students who have no credit history. With no annual fee and no late payment penalty interest, the card is an excellent choice.
No.2 Journey® Student Rewards from Capital One®
- Bonus cash back for on-time payments
- Higher credit lines after on-time payments
- No annual fee
- No foreign transaction fee
Pros
Normally, users can earn 1% cash back on all purchases they make, and Capital One will reward users with a 25% bonus on earned cash back each month they make payments on time. Plus, the card charges no annual fee or foreign transaction fees. Your card is under fraud coverage in case it's lost or stolen.
Cons
The interest rate is fixed at 20.99%, which is almost twice as high as other student credit cards. Also, you may also be given a credit limit as low as $300 based on your credit profile.
Summary
With its 25% cash back bonus, it's a great card for students who pay on time. However, if you cannot make your payment on time, the high-interest rate will cost you a lot of money.
No.3 Citi ThankYou® Preferred Card for College Students
- Great rewards &extra perks in many forms
- Redeem points for travel, cash and more
- 0% APR on new purchases for seven months
- No annual fee
Pros
With 1 point for every dollar spent on general purchases and 2 points for every dollar on restaurants and entertainment, Citi ThankYou® Preferred Card for College Students is a great choice for students who like to go out for fun after school. If you spend $500 within the first three months, you can earn 2,500 bonus points. All the points you earn can be redeemed for cash, gift cards, travel, and more.There’s also no annual fee, and no expiration date to the points users can earn. The card also has some extra perks including travel insurance and purchase protection.
Cons
With a regular APR of 14.99-24.99%, the card will cost much money on interest for people carrying a large balance. Even worse, the card has a strict penalty rule which will raise your APR to 29.99 percent if miss a payment or pay late.
Summary
The Citi ThankYou® Preferred Card for College Students is a good choice for college students who enjoy eating out and looking for fun during off-school days. People who carry a large balance or make late payments should consider other cards.
No.4 Discover it® chrome for Students
- Good grades cash back rewards
- 2% cash back on gas and restaurants
- Cash back match the first year
- 0% intro APR on purchases for six months
- No annual fee
Pros
Discover it® chrome for Students has similar features with Discover it® for Students like cash back for good grades, a dollar-for-dollar match and other features. The difference is that Discover it® chrome for Students give you 2% cash back on gas and restaurants spend up to $1,000 each quarter.
Cons
If you have no car or eat at home, you may benefit less from this card than the Discover it® for Students card which will earn you 5% cash back in rotating categories. You can redeem the rewards you get for a gift card, but you need to have at least $20 in your account.
Summary
It depends on your daily spending habit to decide which card is best for you, Discover it® chrome for Students or Discover it® for Students. If you often drive to school and eat out a lot, this card can earn you great rewards.
No.5 Wells Fargo Cash Back CollegeSM Card
- 0% APR for 6 months
- Generous intro cash back rewards
- Flexible rewards redemption options
- No annual fee
Pros
The Wells Fargo Cash Back College℠ Card offers 0% APR on new purchases and balance transfers for 6 months, and then a variable ongoing rate from 12.15% to 22.15% based on your creditworthiness. You can earn 1% cash back rewards on all of your purchases. Moreover, for the first six months, you can earn 3% cash back reward on gas, grocery, drugstore. All the cash rewards are redeemed in $25 increments, and you can choose to have them deposited into your Wells Fargo account or apply the rewards as a credit to Wells Fargo products.
Cons
If you want to apply online, you need to open a checking account first with a minimum deposit of $25.
Summary
With a great 3% cash back bonus for the first six months and a comparatively low ongoing APR, the Wells Fargo Cash Back College℠ Card is highly recommended for university students especially those who carry large balances.
No.6 BankAmericard Cash Rewards Credit Card for Students
- 1% cash back on all purchases
- 3% cash back on gas
- Bonus rewards in first 3 months
- No annual fee
- Long 0% APR period
Pros
Cardholders of BankAmericard Cash Rewards Card for Students can earn 3% cash back on gas and 2% at grocery stores and wholesale clubs for the first $2,500 spent per quarter, plus 1% cash back on the other purchases. Moreover, if you make $500 or more purchases in the first 90 days, you will be given $150 online cash rewards bonus. Every time you redeem cash back into your Bank of America® checking or savings account, you will get a 10% customer bonus. There's no annual fee and no expiration on rewards.
Cons
It charges a 29.99 percent penalty APR and a $37 late payment fee whenever cardholders miss a payment. Also, the 13.99% - 23.99% APR range is relatively high compared to other cards.
Summary
For cash-strapped students, this BankAmericard Cash Rewards card will definitely be a lifesaver with its large percent cash back rewards. But it's not a good choice for people carrying a big balance.