Chase Student Credit Card Full Review
Chase Student Credit Card offers many beneficial features for students and comes at no annual fee. We have given you an in depth review here.
Table of Contents
- What is Chase?
- Chase Freedom Student Credit Card
- Pros & Cons of Chase Freedom Student Card
- Chase Freedom Student Vs Other Student Cards
- Final Thoughts
When you are ready to get started with a credit card it is important to compare different options to get the one that fits your needs. Chase offers a great student credit card if you are just starting out. With no annual fee, low-interest rates, and rewards that can help you save money while shopping or building your credit history, you can start building good financial habits. Whether you’re a college student or just starting out, the student credit card by Chase can help you reach your financial goals.
Read more about this student credit card by Chase, its features, benefits, and drawbacks before making the final decision.
What is Chase?
Chase is one of the most popular, largest and most well-known financial institutions in the United States. It offers many different financial products and services for its customers. From personal banking to mortgages and business loans, Chase caters to individuals, businesses or organizations. They also offer a student credit card designed specifically for young adults with tailored benefits and features. Chase Freedom Student Credit Card is one of the best student credit cards by Chase.
Chase Freedom Student Credit Card
Chase Freedom Student
Lender Scholaroo Our view APR Rates % Minimum Credit Score Learn more Build Credit & Earn Cash Back 19.74 660 Visit website
Chase Freedom Student
Chase Student Credit Card Features
Student credit card by Chase provides a host of benefits and features for its customers. Some of its key features include:
Access to Credit Education Tools: The Chase student credit card gives access to credit education tools and resources that can help students to understand how to use credit wisely & responsibly. The tips and tools include budgeting tips, money management advice, and other helpful information about understanding the terms and conditions of your card.
Low introductory APR: Chase student credit card comes with an introductory APR offer as low as 0% for the first 18 months. This can help students save money on interest in the first few months.
Cash back rewards: As a student, you can utilize the cash back rewards offered by Chase. It has 1% cash back on all purchases and 5% cash back in select categories, like gas stations, restaurants, and online shopping. Moreover, after your first purchase within the first 3 months of opening our account, you earn a $50 bonus.
Anniversary Rewards: Chase gives a $20 anniversary bonus every year for up to 5 years for accounts that are in good standing.
No Annual Fee: The card has no annual fee and which makes it affordable for students on a low budget
Flexible Payment Options: The student credit card by Chase offers flexible payment options like setting up an automatic payment or using the mobile app for convenience. These options make it super easy to manage the payments each month.
Contactless Payment: You can tap and pay for quick and easy payment that is also secure. You can use this feature wherever you see the contactless symbol.
Security Features: Chase Student Credit Card is very secure and comes with chip-enabled technology, fraud protection, and zero liability.
Customer Support: Their customer service is good and can assist you 24/7.
Eligibility Criteria to Get Student Credit Card by Chase
If it seems like the Chase student credit card is the right option for you, here is a list of all the eligibility criteria that you must meet while applying.
- You must be 18 years of age or older to apply and have a valid Social Security number or Individual Taxpayer Identification Number.
- A credit history is not required, but you may need to provide proof of income and other financial information to qualify.
- You must be a US citizen, permanent resident, or non-resident alien with a valid US address.
- You have to give proof of enrollment in an accredited college or university.
- There should not be any delinquent accounts with Chase or other financial institutions.
- You must not have declared bankruptcy within the last 7 years.
- If you have other cards they should not be over-the-limit in the last 6 months.
- You have not opened more than 5 cards within the past 24 months.
- You must not be listed as a minor account holder on another person’s Chase card.
- There should not be any past due balances on other Chase cards within the last 12 months.
- Residents of Puerto Rico, Guam, or the US Virgin Islands cannot apply.
These are the general eligibility requirements for the Chase Student Credit Card. There can be restrictions or other eligibility requirements by State, so check with your local Chase branch for detailed information before you apply.
Pros & Cons of Chase Freedom Student Card
As with any credit card there are some pros and cons that you should consider before applying. We have listed them out below:
Introductory annual percentage rate (APR): With this offer you don’t have to pay interest in the first 18 months which is a big help when as a student you are only starting to manage your finances.
Low Interest Rates: Even after the introductory period is over, the Chase card offers a low fixed rate. This makes it a great option for students who will sometimes carry a balance from month-to-month or need to borrow money for tuition and other expenses.
Rewards Program: Chase Student Credit Card has a good rewards program that allows you to earn points for many purchases. These points can be used for discounts on things like groceries, entertainment, travel and more.
Fraud Protection: Chase Student Credit Cards come with fraud protection and that means any unauthorized purchases made with the card won’t be your responsibility.
Easy-to-Understand Terms: All of the terms and conditions are clearly stated so you know exactly what to expect from your student credit card. Chase also offers 24/7 customer service so can ask any questions or discuss concerns.
High Late Fees: While the Chase student credit card has low interest rate, the late payment fee is quite high. This can be avoided if you make payments on time or set up auto pay on your account.
Low Limits: The student credit card by Chase has a lower credit limit due to the fact that students don’t have an established credit history or income source.
Low Rewards: The Chase student credit card has lower rewards compared to other student credit cards in the market.
Limited Customer Service: Even though Chase has 24/7 customer service, their support options are limited. For instance, they don’t have a phone number or email address to contact them directly.
Comparing Chase Freedom Student with Other Student Cards
There are other cards designed specifically for students like student credit cards by Discover it. Following are the two Discover it student credit cards.
Discover it® Student Chrome Discover it® Student Cash Back
Lender Scholaroo Our view APR Rates % Minimum Credit Score Learn more Good for No Credit 17.99 – 26.99 Not Required Visit website Good for Cash Back Rewards 17.99 – 26.99 Not Required Visit website
Discover it® Student Chrome
Discover it® Student Cash Back
The following table helps to compare the Freedom student credit card by Chase to two student cards offered by Discover it.
|Chase Student Credit Card||Discover it Student Chrome Card||Discover it Student Cash Back Card|
|APR Rates||19.74%||17.99% – 26.99%||17.99% – 26.99%|
|Minimum Credit Score||660 – can get approved with lower limits but with higher interest rates and lower card limit||Not required||Not required|
|0% APR Introductory Offered?||Yes – for the first 18 months||Yes – for the first 6 months||Yes – for the first 6 months|
|Cashback Rewards||1% on all purchases|
2% at Gas Stations and restaurants on up to $1,000 in combined purchases quarterly
|1% cash back on all purchases|
2% Cashback Bonus at Gas Stations and Restaurants quarterly
|1% cash back on all purchases|
5% cash back on everyday purchases at different places each quarter
Chase Freedom Student vs Discover it Student Chrome
We are comparing Chase Student Credit with the Discover It Student Chrome, as these are two cards that can be directly compared and they are both good for students that are just starting out. We have given the key differences below:
The Chase Student Credit Card offers 0% introductory APR on purchases during the first 18 months and no annual fee. It also offers cash back rewards on all purchases and the ability to access Chase Ultimate Rewards Points, which can be used for travel, merchandise, or gift cards.
The Discover It Student Chrome Card features an introductory APR of 0% for 6 months on purchases along with no annual fee. The Cash back rewards are provided at 2% at select merchants and 1% on all other purchases. Plus, the Discover it Student Chrome Card offers an extra cashback bonus at the end of your first year that matches all the cash back rewards you have earned during that period.
To sum it up, if you are looking for a card with more cash rewards then Discover It may be a better option for you. And if you want a card with low interest rates and a longer 0% APR period then the Chase Student Credit Card is good for you.
For students, both cards offer a great way to save money while enjoying the convenience of having a credit card and are an excellent choice for college students who want to earn rewards, build credit, and stay within budget.
Chase Freedom Student vs Discover it Student Cash Back
Chase Student Credit and Discover It Student Cash Back are both good student credit cards. Those who don’t have a credit history or a good credit score, to begin with, might prefer the card by Discover it as it does not require any minimum credit to apply.
Moreover, The Discover it Student Cash Back Credit card is great for rewards on purchases which can help save up money. Some students however may find the cash back system of the Discover it a little complicated to follow which is why they might prefer the Freedom student credit card by Chase over the other one.
The Chase Student Credit Card offers 0% introductory APR on purchases during the first 18 months and no annual fee. The same is offered by Discover it Student Cash back, however, the Discover it card introductory APR offer is for 6 months only. Therefore, the longer introductory offer of 18 months by Chase Freedom can help students save up considerably on interest rates.
Another difference is that with Chase Freedom, there is one APR rate offered whereas with Discover it cards, there is a range and a high possibility of getting an interest rate quote that is higher than the one offered by Chase. But then, depending on your situation, you can qualify for lesser too.
To sum it up, both cards are good for students in different ways. The final choice you make depends on what you want to get out of your credit card. Those preferring more cashback can opt for the card by Discover it and if you prefer a longer 0% APR period ad lower rates then the student credit card by Chase would be the better option.
Following are FAQs related to the student credit card by Chase
What is the credit limit of Chase Student Credit Card?
Students that don’t have any credit history will get an initial limit of $500 up to $2000 based on credibility and eligibility. Students with credit scores may be eligible for higher limits. The exact amount will depend upon a variety of factors and is determined by Chase.
Is Chase student credit card hard to get?
No, the Chase Student Credit Card is not hard to get. However, the approval is based on creditworthiness and income. Usually, students with no past credit history or limited income find it more difficult to obtain approval for a card or they get a lower limit.
Which is better: Chase Student Credit Card or Discover It Student Chrome?
Chase Student Credit Card and Discover it Student Chrome Card are both great credit cards for students that are just starting out. If you are looking for more rewards then Discover It Student Chrome will be more attractive to you and if you prefer a lower interest rate then Chase Student Credit card is a good choice.
What is the credit score required for Chase Student Credit Card?
Generally the Chase Student Credit Card requires a credit score of 660 or higher. However you can still get approved for the student credit card without a credit history but you will received a lower credit limit that is decided by Chase.
To summarize, the Chase Student Credit Card is a great option for those students looking to build their credit and reap the rewards of using a credit card responsibly. With its competitive rates, rewards program, and low minimum credit score requirement, Chase Student Credit Card is an excellent choice for college students or anyone just starting out with credit cards.