6 Best Student Credit Cards of This Month

The Bank of America® Travel Rewards for Students card is quite ideal and features many benefits. With this card, students can earn up to 25,000 bonus points by spending a certain amount in the first 90 days. It also offers an intro 0% APR for first 12 months and 3x points on select travel and dining purchases.

Pros:

• 3x points on select travel and dining purchases
• You can earn up to 25,000 bonus points on qualifying purchases
• An introductory 0% APR for the first 12 billing cycles

Cons:

• Limited rewards on certain categories such as groceries and gasoline
• High balance transfer fees
• Limited access to Bank of America Cash Rewards program unless you have a qualifying account with them.

It is hard for students to have good credit at the start and Discover it Student Chrome is great for students with no credit.  Since this card does not require a minimum credit requirement you can easily apply for it and it can then help you build your credit. The Student Chrome card offers 0% introductory APR for the first few months so you can save up on the interest rate. Moreover, students can get different types of cash backs by using the card.

Pros:

• No annual fee
• No minimum credit requirement
• 0% APR for the first 6 months
• 1% cash back on all purchases
• Cashback bonus after first year, matching all the cash back rewards earned
• No late payment penalty on the first time you miss the date
• No foreign transaction fee

Cons:

• Balance transfer fee of 5%
• Late payment penalty of up to $41 (first late payment is dismissed)
• Up to $41 for returned payment penalty
• Either $10 or 5% of cash advance fee

The Discover it® Student Cash Back card is a popular choice for students in the U.S. It offers many benefits like cash back rewards at restaurants, gas stations, and online shopping sites. Plus, it gives a special benefit of $20 credit for good grades and free access to FICO® credit score. For the first 6 months the intro offer includes 0% APR on purchases and balance transfers.

Pros:

• Good Cash back rewards at various restaurants, gas stations, and online shopping websites
• A $20 credit benefit for students that get good grades and free access to FICO® credit score
• For the first 6 months 0% Intro APR on purchases and balance transfers 

Cons:

• There is No sign-up bonus that is provided by some competitors
• This card is not accepted internationally
• Higher than average interest rate after the 0% APR period ends

The Citi Rewards+℠ Student Card is a good option for college students and it has various benefits like no annual fee and cash back earnings. You will earn 2 points per $1 spent at supermarkets and gas stations and 1 point per $1 spent everywhere else. The 0% intro offer is valid for 7 months and an additional 10% points back up to 100,000 points each year. 

Pros:

• You will earn 2 points per $1 spent at supermarkets and gas stations
• 0% intro APR on balance transfers for the first 7 months
• Additional 10% points back up to 100,000 points each year

Cons:

• Citi does not give any sign-up bonus
• The card is not accepted internationally
• The interest rate is high after the 0% APR period is over

The Capital One Journey® Student Credit Card is a good starting card for students that want to build their credit history along with earning rewards. This card features no foreign transaction fees, making it a great option for students who frequently travel abroad. This card also allows you to earn rewards on everyday purchases. 

Pros:

• It has no annual fee
• Also has a rewards program that allows you to earn cash back on everyday purchases
• No foreign transaction fees

Cons:

• No introductory bonus or sign-up offers
• Limited rewards associated with specific merchants
• Potential for a higher rate if payments are not made on time or in full.

The Chase Freedom Student card can get students many rewards managing their finances. This card offers up to 5% cash back on select categories such as groceries and gas, 1% cash back on all other purchases, and a 0% intro APR for the first 6 months. It also gives $20 cash back for good grades. 

Pros:

• Students can earn up to $20 cash back each school year for good grades
• Rewards up to 5% cash back on select categories
• Intro APR is for the first 6 months

Cons: 

• Limited rewards on certain categories such as groceries and gasoline
• High balance transfer fees
• Limited access to Chase Cash Rewards program unless you have a qualifying account with them

Following are the general eligibility requirements for getting a student credit card along with steps to apply for one.

Although each financial institution has their own specific requirements, here are some general criteria that all credit card issuers look for.

1. Must be 18 years or older; and have a valid Social Security number;
2. Must have a valid form of identification; 
3. Must be a US resident;
4. Must have a good credit score or establish credit history; 
5. Must provide evidence of current income and employment status;
6. Must not have any negative credit events in the past 12 months, such as bankruptcy or foreclosure;
7. Must not have any outstanding balances with other lenders or credit card companies.

There are other requirements like the minimum income and credit score which you can review on the specific card before applying.

Once you have decided that you want to open a credit card, you can follow the below steps to apply: 

1. Research: Take some time to do research on the different student credit cards available and make sure you choose one that best meets your needs. 
2. Compare Cards: Once you’ve narrowed down your choices, compare the features of each card, including interest rates and fees, to make sure you are getting the best deal.
3. Submit an Application: Gather all of the necessary documents and fill out the application. Be sure to include accurate information and read all of the terms and conditions carefully before submitting.
4. Wait for Approval: Once your application has been submitted, wait for the issuer to approve or deny your request.
5. Activate Your Card: After you have been approved, you will receive your card in the mail. Follow the instructions provided to activate your card and start using it.

If you don’t want to get a credit card or are not sure how to manage your finances you can choose alternative options that are more secure and will still build your credit history. You can review the alternatives below to see what fits your needs: 

Secured Credit Cards:

If you are just starting out and have no credit score or if you have a poor credit history you can get a secure credit card. A secured credit card requires a cash security deposit, which becomes the credit limit for that card. The payment activity on the card is reported to the three major credit bureaus, so using a secured card responsibly can help build a better credit history.

Prepaid Debit Cards:

When you want to limit your debt and manage your finances then prepaid debit cards are a good option. But keep in mind that prepaid debit cards do not help build credit as they are not reported to the three major credit bureaus.

Store-Branded Credit Cards:

You can also opt for a store-branded credit card which  are offered by major department stores and other retailers. These cards are generally easier to qualify for than other credit cards and can be a great way to start building a solid credit history. However, the interest rates can often be higher than standard credit cards. Another drawback is that  these cards are only accepted at the store that issued them, so it’s important to make sure you shop at that store often enough to make the card worth it.

If you choose the alternatives or a standard credit card it is essential that you keep track of your spending and make payments on time. You can also set up auto pay on usage in your account so that you are not charged interest on late payments. These methods will help you build a good credit history while keeping your finances in check.

Students can greatly benefit from building credit and it is important to establish a good credit history for future stability and success. By building good credit, students can easily get approved for one of the best student credit cards and enjoy the following benefits:

1. You can get lower interest rates when taking out a loan or making large purchases.
2. It will be easier to qualify for credit cards and other financial products.
3. You can have access to multiple financial resources, such as better interest rates on savings accounts.
4. You can negotiate better terms on mortgages, car loans, and other loan agreements.
5. You will get better limits with good credit history and higher loan amounts 

Building credit is a key part of financial success, and it’s important that students focus on developing their credit as soon as possible. Doing so can help ensure that they have access to the resources they need and can enjoy a secure financial future.

Credit cards are a great way to build credit and managing credit card debt responsibly is essential to maintaining a good credit score. Here are some tips for managing your credit card debt:

1. Make Payments On Time: Pay your credit card bills on time, as late payments can hurt your credit score and lead to extra fees. You can set up auto-pay in your account so that you don’t miss any payments. 
2. Pay More Than The Minimum: Paying more than the minimum payment will help reduce your debt and save you money in the long run.
3. Monitor Your Spending: Track your spending and make sure you don’t spend more than what you can afford to pay back.
4. Use Credit Wisely: Don’t max out your credit card every month, and make sure you only use it for necessary purchases. Refrain from spending on unnecessary things. 
5. Don’t Open Too Many Accounts: Having too many credit cards can hurt your credit score and make it difficult to keep track of all your accounts.
6. Ask for Help: If you’re struggling to manage your debt, don’t be afraid to ask for help. There are a variety of resources available to assist with debt management, such as credit counseling services.

Following are answers to the FAQs about the best credit cards for students in America.

The best student credit card depends on your individual preferences. Some of the popular choices are Discover it Student Cash Back, Citi Rewards+ Student Card, Bank of America Travel Rewards for Students and Chase Freedom Student. Each card offers different perks and rewards such as cash back, travel points or statement credits. Take the time to research each card and compare the offers before deciding.

It typically takes 7-10 business days for a student credit card application to be processed and the card delivered. However, this may vary depending on the issuer.

Using a student credit card is an excellent way to build and maintain a good credit score. Additionally, many student credit cards offer special perks and rewards that can be beneficial for students such as cash back or travel points. 

It can be easy to get a student credit card in the U.S as long as you meet all of the eligibility requirements. Some issuers may require applicants to have a co-signer depending on their age and/or income level. Always read the requirements and terms and conditions before applying for any credit card.

Student credit cards are a great way for young people to begin their financial journey. With the right card, you can enjoy the benefits of having access to multiple financial products, lower interest rates, and better terms on loans. Whether you choose from the top 6 best student credit cards we have reviewed or others in the market, student credit cards are a great way to build your credit history and that is important for future financial success.