Getting a credit card as a student can be difficult. Banks don’t want to give credit to people that aren’t able to pay it back. That’s why the student credit card was created. These cards typically have smaller limits, rewards, and are a way for students to build credit for the future. As long as you pay on time, you can build a credit score–something essential for getting a loan or mortgage down the road.
The Credit Card Act of 2009, however, made it so that one can’t be issued a credit card under 21 unless a parent and/or guardian cosign or the student has their own income. Here is a list of some of the student card options.
The Bank of America Travel Rewards Credit Card (for students)
With this card, you can earn 1.5x the points for every $1 spent on purchases. These points don’t expire, and as a bonus for signing up, you automatically get 25,000 points. In addition, there is no transaction fee. However, there are no bonuses to increase rewards, high balance transfer fees, or high penalty APR and late fees. There is even no introduction APR offer on balance transfers.
The Discover it Student Cash Back Card
With this card, you can earn 5% cashback on rotating bonus categories. This includes a $20 statement credit each school year, one’s GPA is higher than 3.0, and a first-year cashback match. There are some cons such as a low 1% base reward rate, that one’s bonus categories must be activated quarterly, and that 5% cashback is limited to $1500 spending per quarter.
Bank of America Cash Reward Credit Card for Students
With this card, you earn a welcome bonus, competitive cashback reward rates, a free FICo score, and a 0% intro APR offer with a generous term. However, you can get a high penalty APR and late fee, 3% foreign transaction fee, and high standard APR depending on your credit.
Discover it Student Chrome
With this card, you can double your rewards with a cashback match after the first year and get bonus rewards categories. It is also easy to get approved. However, some rewards categories have earning limits and many places outside of the United States do not accept Discover.
Chase Freedom Student Credit Card
With this card, there is no annual fee, a free credit score, a $20 reward every year for five years if you’re in good standing, and a 1% cashback on all purchases. There is also a credit limit increase after making five payments on time and a $50 welcome bonus if you make your first purchase within three months. Some cons, however, are that there is no 0% APR promotion for balance transfers or purchases and no bonus categories on spending.
Deserve EDU Mastercard for Students
With this card, there are no foreign transaction fees, no social security number required, and no cosigner or deposit required. There is also a free one-year Amazon Prime Student membership. Some cons, however, are that there are high regular APRs, you must have a US bank account with a certain balance, and there are no balance transfers of cash advances.