The final year of college should be the time when one should start preparing for the life ahead. And building good credit is an essential part of the remarkable journey that starts right after you post your final graduation day picture on Instagram. Having a credit card in college, along with developing good credit habits will go a long way in your professional life. Here’s a list of top four credit cards that are designed for students.
DISCOVER IT® STUDENT CHROME
With no late fees on your first last payment, no introduction APR rate for the first 6 months, and its acceptability merchant rate of 97% discover it student credit card tops the list of the best credit card for students. With this card in your pocket, you could pay your bills online with a breeze and earn cash back rewards at an incredible 2 points for every dollar spent. Other credit card rewards and features include;
- Earn $20 each academic year scoring a G.P.A of 3.0 and above
- Unlimited dollar –for –dollar match
- Earn 2% on gas stations and restaurants up to $1000 in each quarter
- Earn 1% on all other purchases
- 0% introductory APR for 6 months since account opening
- Transfer balance at an APR of 10.99% for 6 months since the date of first transfer
- FICO Credit card score alerts; enabling build your credit card score
- Comes with a ‘Freeze it’ option, preventing unauthorized
- No annual fees
A Cashback MatchTM is being offered as of May 2018. New cardholders will be the benefit from this. All the cash back rewards earned within the first 12 months will be matched by Discover and applied to your account the next one or two billing periods.
Journey® Student Credit Card from Capital One
This is one of the many credit cards issued by Capital One bank. You won’t pay: annual fees, foreign transaction charges, and to make it a good student’s credit card; there’s a credit limit increase after making five timely payments. Other Journey Students Reward credit card advantages include:
- 1% cash back on purchases, which could increase to 1.25%, if you pay on time.
- Zero annual transaction fees.
- Zero Fraud Liability in case the card gets stolen or lost.
- Monitor credit score with a clink of a button with CreditWise® app
- No foreign transaction fee making it great for students studying abroad.
Discover it® Student Cash Back
Having promising potential for returns, this credit card by Discover can be used in multivariate areas. Not only does it promise rewards at college but could be used beyond college. With every dollar that you spent, you will earn rewards, redeemable for cash. The credit card is similar to Discover it Students chrome card, which is best for dining out and gas, while this is perfect for earning rewards at higher percentages, and at more places. Other credit card perks include:
- Earn a 5% cash back on purchases at the grocery stores, gas stations, restaurant, and on Amazon.
- Earn 1% cash back on all other purchases.
- Get $20 statement credit if you score a GPA of 3.00, and above.
- Redeem any sum anytime.
- Rewards can be redeemed instantly at Amazon.com checkout.
- No charge on overnight card replacement.
At the end of the first 12 months, all the cash back earned throughout the year is doubled. Therefore, how much bonus you want to earn at the end of the year depends on how much you use the card throughout the year.
Capital One Secured Master Card
With no annual fees, that most college students can’t afford, Capital one secure master card is excellent for students that want to take the first step towards building a good credit card history. Just as with other secure credit cards, you must pay a security deposit for account approval, which can be $49, $99 or $200. How much deposit to put down depends on the current credit score.
However, the credit line can be increased by making a larger security deposit – up to $3000.
- Get qualified with low or limited credit.
- It can be used globally, and perfect for students studying abroad.
- Get an emergency replacement card and a cash advance in case the credit card gets lost or stolen.
- Get a higher credit line after making 5 monthly timely payments.
- Choose your monthly due date plus preferred payment method.
- You can be covered for damages due to theft or collision if a car is rented through this credit card.
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