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Best Student Credit Card For 2023

Do you want a credit card for students? If you want to buy something big, get a loan after college, or rent an apartment, you need good credit. Some companies even check your credit before they hire you, so make sure it’s good. When you have no money, it can be hard to build credit. The system for student credit cards was made to help you. Check out the best deals down below.

A student credit card can help a young person start building credit and learn how to use credit cards. It’s like having training wheels on a bike. Limits on spending aren’t as high as they would be on a normal credit card. With a student card, your debt is less likely to get out of hand and hurt your credit. It is also easy for students to pay for essays online with this kind of card. There are some good credit cards for students, but they are not all good. We’ve made a list, and we’ll keep adding to it, of some that will help you choose the right one. We’ll keep it up to date.

The Best Student Credit Card Overall

Standard APR: 12.99% to 21.99% variable (0% intro APR on purchases for the first 6 months)
Penalty APR: None
Late payment fee: Up to $40
Annual fee: $0
Cash-back rewards: 2% on gas stations and restaurants, up to $1,000 in combined purchases each quarter; 1% on all other purchases
Foreign transaction fee: 0%
Standout feature: No late fee for the first late payment (up to $40 after that)
Eligibility requirements: No credit history required, proof of income

The Discover It Student Chrome has a great mix of cashback and other rewards, and the terms are easy for people who have never had a credit card before. As long as you pay your credit card bill on time, the company won’t take any action against you. And getting 1–2% back in rewards every month is a nice bonus. The Discover It Student Cash Back credit card is a student credit card that Discover offers. For first-time cardholders, the fact that the bonus categories change makes things too complicated.

Features and Rewards

Most credit cards for students give you back 1% of the money you spend. This is no contest: You get 2% cash back on gas and restaurants with the Discover It Student Chrome card, and at the end of the first year, you get a big cash-back match. If you get $75 in cash-back rewards in the first year, Discover will give you an extra $75. With the Chrome student credit card, you can get a $20 statement credit if you get good grades. You can get it if your GPA for the whole school year is 3.0 or higher (up to five years).

Rates and Fees

Most of the time, Discover’s rates and fees are less expensive than those of its rivals. At first, the APR is 0% for the first six months. The APR on purchases can be anywhere from 12.99% to 21.99 %. Also, students with Discover It Student Chrome don’t have to worry about a “penalty APR,” which some credit card companies charge if a cardholder doesn’t pay their bill on time. If you make two late payments in a row, your credit card company could charge you up to $40. Most credit cards charge about that much.

At this point, most programs to study abroad have been put on hold for a little while. But the Chrome student credit card doesn’t charge foreign transaction fees, even though Discover isn’t as widely accepted outside the U.S.

Best For Students Without a Credit History

Standard APR: 18.74% variable
Penalty APR: None
Late payment fee: Up to $25
Annual fee: $0
Cash-back rewards: 1% on all purchases
Foreign transaction fee: 0%
Standout feature: Low late payment fee
Eligibility requirements: No credit score is required; no Social Security number is required for international students

Deserve Edu Mastercard wants to be an alternative to traditional banks and credit card companies. It focuses on giving out credit cards to students and people who have never had one before. And the Deserve Edu credit card for students checks a lot of the boxes: It gives you 1% cash back on everything you buy, has a fairly low late payment fee, and has a flat 18.74% APR. Even though it has a lower student rewards rate than others, its easy-to-meet requirements make it a good choice for students with short or no credit histories or other things that could make them ineligible, like being an international student without a Social Security number.

Features and Rewards

When you buy things with your Deserve Edu student credit card, you get 1% cash back on everything you buy. You can turn that cashback into a $25 credit on your account. As a bonus for having a card, you get a free year of Amazon Prime Student, which is worth about $40, and when you pay your monthly cell phone bill with it, you can get up to $600 worth of cell phone protection coverage.

Rates and Fees

The variable APR of 18.74% is a very low rate for a student credit card. It has nothing to do with your credit score, so you know the APR immediately. That is not what you meant at all. The APR is “variable” because it is tied to the “prime rate,” which is a rate that lenders use as a benchmark that changes over time. Other cards don’t tell you the exact APR until you get the card. If you don’t have much or any credit history, it could be on the higher end of what they say. You won’t be charged a penalty APR if you don’t pay your bill on time. You might have to pay a $25 late fee, though. Still, the cost of a student ID is about $15 less than what most other student IDs cost. When you make transactions in other countries, Deserve doesn’t charge fees, so you don’t have to pay anything extra.

Best For Students Who Plan to Carry a Balance

Standard APR: 14.99% variable
Penalty APR: None
Annual fee: $0
Late payment fee: Up to $39
Cash-back rewards: 1% on all purchases; 4% cashback on Lyft until 2022
Foreign transaction fee: 3%
Standout features: Free, unlimited access to credit score; Earn a credit limit increase after making five monthly payments on time
Eligibility requirements: No co-signers, proof of income

One of our favorite credit cards for young people that gives cash back is the Young people can get the Chase Freedom Student credit card. It has a lot of things they will like. The variable APR of 14.99% is the lowest that student credit cards can offer. You can also get a $50 credit when you sign up, a $20 bonus every year, and an increase in your credit limit after making five payments on time.

Features and Rewards

If you have a Chase credit card, you can always and for free check your credit score. This can help people who are just starting to build their credit a lot. The use of credit is a big part of a credit score, which is another good thing about the credit limit increase. Most people who know about credit say that you shouldn’t use more than 30% of the credit you have. If your credit limit is high, it will be easier to keep your credit use low.

It gives 1% cash back on all purchases, which is the same as the average for the category. It gives back 4% on Lyft rides, which is a nice perk (though less practical for many in the coronavirus era). You’ll get a $50 bonus if you make one purchase in the first three months. Not much money is needed to get it. You can use the $20 reward every year for five years as long as your account is in good standing.

Rates and Fees

All cardholders start out with a variable APR of 14.99%, so you know what to expect right away. It’s best not to carry a balance from month to month, but if you do it once or twice, the interest rate will be lower than with other cards, so it’s better to keep it low.

Most other student cards have lower penalties for first-time offenders or none at all. If you’re going to study abroad, this card has a 3% foreign transaction fee, but most other student cards don’t charge fees for first-time offenders.

Best for students who have a co-signer

Standard APR: 14.99% to 22.99% variable
Penalty APR: Up to 29.99%
Late payment fee: Up to $40
Annual fee: $0
Cash-back rewards: 1.5% on all purchases
Foreign transaction fee: 0%
Eligibility requirements: Allows co-signers

Co-signers are only allowed at Bank of America. They can be a parent, guardian, or anyone with a good credit score who is willing to share legal responsibility with the person who has the credit card. On the other hand, it will hurt their credit score if the co-signer doesn’t pay on time or has a lot of debt.

Features and Rewards

This student credit card is almost the same as the Travel Rewards credit card from Bank of America. It comes with more risks and benefits than most student cards. If you don’t have much credit, you get more cash back, but you have to follow stricter rules. You get 1.5% back on everything you buy. Spend 1.5% of your money on taxis, Uber, Lyft, flights, baggage fees, hotels, rental cars, buses, trains, amusement parks, or campgrounds. The perks of this card won’t be worth much to you.

If you sign up for a Bank of America account and spend $1,000 in the first three months, the bank will give you $250. That’s a higher requirement than most other student cards, but the reward is better. If you want to get the best deal, you should apply for a credit card at the same time you buy something big.

Rates and Fees

This student credit card is almost the same as the Travel Rewards credit card from Bank of America. It comes with more risks and benefits than most student cards. For people who don’t have a lot of credit yet, you get more cash back, but you have to follow stricter rules. You get 1.5% back on everything you buy. Spend 1.5% of your money on taxis, Uber, Lyft, flights, baggage fees, hotels, rental cars, buses, trains, amusement parks, or campgrounds. The perks of this card won’t be worth much to you.

If you sign up for a Bank of America account and spend $1,000 in the first three months, the bank will give you $250. That’s a higher requirement than most other student cards, but the reward is better. If you want to get the best deal, you should apply for a credit card at the same time you buy something big.

Best student credit cards compared

Best overall Best for students without a credit history Best for students who plan to carry a balance Best for students with a co-signer
Discover It Student Chrome Deserve Edu Credit Card Chase Freedom Student Bank of America Travel Rewards Credit Card for Students
Annual percentage rate (standard/penalty) 12.99% to 21.99% variable, with 0% intro APR on purchases for the first 6 months / None 18.74% variable / None 14.99% variable / None 14.99% to 22.99% variable
Late payment fee Up to $40 Up to $25 Up to $39 Up to $40
Cash-back reward rate 2% on gas stations and restaurants (up to $1,000 in combined purchases each quarter), 1% on all other purchases 1% on all purchases 1% on all purchases; 4% cash back on Lyft until 2022 1.5% on all purchases
Eligibility requirements No credit history is required, proof of income required No credit score is required; no Social Security number is required for international students Co-signers are not allowed, proof of income required Co-signers allowed
Annual fee $0 $0 $0 $0

What’s the best student credit card right now?

It’s the best student credit card because it has lenient terms for first-time cardholders, like no penalty for the first late payment and cashback and other rewards. This is why we think it’s the best one right now. You should get  Deserve Edu Credit Card for students who don’t have a credit history. If you plan to pay off your balance, you should contact the Chase Freedom Student Credit Card instead. In this case, we recommend the Bank of America Travel Rewards.

How does a student credit card work?

They give people who have little or no credit the chance to start building credit and making money. For the most part, they don’t charge annual fees, so they have lower credit limits than most credit cards. They also often have good features for people who aren’t very good at paying their bills, like late payment forgiveness and credit education resources. In general, student credit cards are less risky and less rewarding than other credit cards, like cash-back and travel credit cards.

Are student credit cards a good option for first-time credit cardholders?

Student credit cards give people who don’t have a lot of money or credit a way to start building credit and making a credit history. Credit cards usually have lower credit limits and don’t charge annual fees, but they don’t always have that. They also often have good features for people who aren’t very good at paying their bills, like late payment forgiveness, gradual increases in credit limits, and credit education tools. In general, student credit cards are less risky and less rewarding than other credit cards, like cash-back or travel credit cards.

How is a student credit card different from a secured credit card?

Some people choose to build their credit with a secured credit card, a card where you back your credit limit with a cash deposit. Student credit cards, on the other hand, work a little differently. Most of the time, these cards only have a small credit line, which can be just a few hundred dollars. The student can use the card to build credit without risking lousy credit. In contrast, the card issuer hopes that the cardholder will get a job and use their card for everyday purchases for years to come.

What do you need to qualify for a student credit card?

If you want to get a credit card, you need to have a good credit score, around 650 or so, and at least a few years of credit history. However, you don’t have to have either of these things to get a student credit card. Having proof of financial experience and responsibility helps you get a credit card offer. The card issuer looks at the applicant’s sources of income, even if they work part-time or get money from their parents. They also look at information about checking and savings accounts to understand how the applicant saves and spends. Students are lucky because they can get their credit cards once they’re old enough to do so. Making regular purchases is a simple way to build credit (so long as the student can pay off their assets).

What are the benefits of a student credit card?

The best student credit card will also have a lot less strict eligibility rules, like:

  • Credit rules for people who have never used it before, like low late fees and no-penalty APRs.
  • Lower credit limits, usually between $500 and $2,000, and a cashback reward system for spending.
  • A “reasonable” APR is usually between 15% and 20%.

How do cash-back rewards work?

For all the cards above, “cash back” refers to a statement of credit put on your account to help you pay off your debt. For example, if you have a Bank of America Travel Rewards card, you can only use your rewards to pay for travel. But for most other cards, cash rewards can be used to pay off a balance, no matter what kind of money was spent.

How we choose the best student credit cards

We looked at 19 credit cards specifically for students. We chose four that stood out for various reasons: APR, forgiveness for credit mistakes, cash rewards, and easy eligibility rules. We want students to think about essential things like the interest rate, whether the card has an annual fee, and whether the card can be used for a cash advance before choosing.

Cards we researched

  • CapitalOne Journey Student Rewards
  • Discover It Student Chrome
  • Discover It Student Cash Back
  • Deserve EDU Student
  • Bank of America Cash Rewards for Students
  • CapitalOne Secured Mastercard
  • Bank of America Travel Rewards for Students
  • Citi Rewards + Student
  • OpenSky Secured Visa
  • BankAmericard for Students
  • StateFarm Student Visa
  • Wells Fargo Cash Back College
  • Petal Visa
  • Chase Freedom Student
  • CapitalOne Platinum
  • Discover It Secured
  • Chase Freedom Unlimited
  • Citi Double Cash Card
  • CapitalOne Quicksilver Cash

Disclaimer: In this article, you’ll find information about how programs work, how much they cost, and how to use your credit cards to pay for them. This information may change at any time and is not guaranteed. The credit card company’s website and terms and conditions should be checked when comparing offers. This way, you can be sure to see what’s new. The opinions expressed here are not those of any bank, credit card company, hotel, airline, or other business. This post has not been approved, reviewed, or otherwise endorsed by any of the organizations that appear in it.

The bank mentioned in this article did not write or choose the comments on this article. Responses haven’t been checked, approved, or endorsed by the ad’s bank. It is not the bank advertiser’s job to ensure that all posts and questions are answered.

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