Top 10 Credit Cards for Students: Building Credit and Earning Rewards
Why Students Should Consider a Credit Card
Entering college is a significant milestone, and it often comes with new financial responsibilities. For students, getting a credit card can be an excellent way to build a credit history, learn money management skills, and even earn rewards. In this guide, we’ll explore the top 10 credit cards for students, each offering unique benefits tailored to young adults.
Benefits of Student Credit Cards
Student credit cards typically offer lower credit limits and are designed to help young adults establish credit without falling into debt. Many come with rewards programs, no annual fees, and tools to help track spending. Building credit early can pave the way for future financial opportunities, such as loans or mortgages.
Top 10 Credit Cards for Students
1. Discover it® Student Cash Back
The Discover it® Student Cash Back card offers 5% cash back on rotating quarterly categories and 1% on all other purchases. It also matches all the cash back earned at the end of the first year, making it a rewarding choice for students.
2. Chase Freedom® Student Credit Card
The Chase Freedom® Student Credit Card provides a $50 bonus after the first purchase made within the first three months and 1% cash back on all purchases. It also offers credit limit increases after five on-time payments.
3. Journey® Student Rewards from Capital One
The Journey® Student Rewards from Capital One offers 1% cash back on all purchases, with an increase to 1.25% if you pay on time. There’s no annual fee, and Capital One reports to all three major credit bureaus.
4. Bank of America® Cash Rewards for Students
This card offers 3% cash back on a category of your choice (such as gas or online shopping), 2% at grocery stores and wholesale clubs, and 1% on all other purchases. It’s an excellent option for students who want customizable rewards.
5. Citi Rewards+℠ Student Card
The Citi Rewards+℠ Student Card rounds up to the nearest 10 points on every purchase, which is great for small purchases. It also offers double points at supermarkets and gas stations for the first $6,000 per year.
6. Deserve® EDU Mastercard for Students
The Deserve® EDU Mastercard is designed for international students as it doesn’t require a Social Security number. It offers 1% cash back on all purchases and a complimentary Amazon Prime Student subscription.
7. Bank of America® Travel Rewards for Students
For students who love to travel, this card offers 1.5 points per dollar spent on all purchases. Points can be redeemed for travel expenses, and there’s no annual fee or foreign transaction fees.
8. Discover it® Student Chrome
The Discover it® Student Chrome card provides 2% cash back at gas stations and restaurants (up to $1,000 in combined purchases each quarter) and 1% on all other purchases. Like the Student Cash Back card, it matches all the cash back earned at the end of the first year.
9. Wells Fargo Cash Back College Card
The Wells Fargo Cash Back College Card offers 3% cash back on gas, grocery, and drugstore purchases for the first six months and 1% thereafter. It includes tools for managing credit and budgeting, making it ideal for students new to credit.
10. Petal® 2 “Cash Back, No Fees” Visa® Credit Card
The Petal® 2 Visa® Credit Card offers 1% cash back on all purchases, increasing up to 1.5% after 12 on-time payments. It has no fees, making it a straightforward and rewarding option for students.
Tips for Using Student Credit Cards Wisely
- Pay On Time: Always pay your credit card bill on time to avoid late fees and interest charges.
- Stay Within Your Limit: Avoid maxing out your credit limit. Aim to keep your balance below 30% of your limit.
- Track Your Spending: Use budgeting tools or apps to keep track of your expenses and stay within your budget.
- Monitor Your Credit: Regularly check your credit score and report to understand your credit health and identify any errors.
Conclusion
Student credit cards can be a powerful tool for building credit and learning financial responsibility. By choosing one of the top 10 credit cards for students and using it wisely, you can set yourself up for a strong financial future. Remember to pay on time, manage your spending, and monitor your credit to make the most of your student credit card.
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