Level Info – AU – These are our favorite student credit cards

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CNN Underscored is your guide to the everyday products and services that help you live smarter, simpler, more fulfilling lives. Content is created by CNN Underscored. CNN News employees are not involved. When you make a purchase, we get Revenue

When you’re just starting out, your credit is one of your most important financial assets.It can help you in the future if you need to buy a car, get a loan, or eventually get a mortgage on your first home, even if those things are still far off in the future it is never too early to start building your credit

One of the best and easiest options is a student credit card. A credit card can help you build good credit early on and get you on your way to financial success. But there is a catch: you usually need a credit history in order to be approved for a credit card but you will need a credit card to build your credit history

Because of this, student credit cards tend to have slightly lower approval requirements.Even if you have no credit, low income, and no one to sign your application, you can still apply for student credit cards to help build your credit

Bank of America® Cash Rewards Credit Card for Students: Best for Flexible Bonus CategoriesBank of America® Travel Rewards Credit Card for Students: Best for Simplification Credit CardDeserve® EDU Mastercard for Students: Best for International StudentsPetal® 2 Visa® Credit Card: Best for those without credit

The Bank of America Cash Rewards Student Credit Card enables savvy college students to earn lots of bonus money as the card earns 3% cashback in a category of your choice.These categories include gasoline, online shopping, restaurants, travel, drug stores, and home improvement

Best of all, you can change your category monthly depending on your spending habits, which is a benefit that is hard to find even with regular credit cards Therefore, when you can maximize your cashback based on your spending habits, it is a big win

For example, if you’ve been planning a road trip for a month, this is the perfect opportunity to switch your bonus category to gasoline and earn 3% cashback every time you top up your tank.If the next month is over the holidays, you can get your bonus category Change into online shopping and make more money on your vacation purchases

In addition to 3% cashback for your selected bonus category, you will receive 2% cashback for groceries and wholesale clubs and 1% cashback for all other purchases but there is a cap of 2$ 500 for your purchases in the bonus category per quarter (this is a combination of the 3% and 2% cashback categories) If you hit that maximum, you will get 1% cashback on everything for the remainder of the quarter

In addition to the monthly bonus potential, new card members can also earn USD 200 bonus cashback after they have paid for at least 1 month within the first 90 days of opening the accountSpent $ 000 on purchases That sounds like a lot, but it averages $ 333 per month

If you put all of your daily purchases on Bank of America Cash Rewards for students – including textbooks and off-campus restaurants – you may find that this spending requirement to get the bonus isn’t as scary as it seems

For the college student willing to invest some time making sure they get as much money back as possible, this is a great card, especially since there is no annual fee, but note that there is a $ 3 fee for this card % applies to foreign transactions So you shouldn’t use this card when traveling abroad after the pandemic has ended

If you don’t want to worry about bonus categories and prefer a simpler approach, Bank of America’s Travel Rewards student credit card might be the perfect choice for you

This card gives you a flat 15 points for every dollar you spend on it, regardless of the type of purchase you make.This is better than the standard 1% cashback, but you will miss out on some of the other cards’ bonus categories with that you can earn two to five times as much

It’s also important to note that unlike some of the other cards on our list, the Bank of America Student Travel Rewards earn points instead of direct cashback, while you can redeem your points for cash at any time, as you lose some value as you do Get the best for your points when you use them while traveling

Fortunately, it’s easy to redeem your points for travel using this card. Every time you make a purchase that falls under the Travel category of the card, you can redeem points to cover the cost of that purchase. Travel includes flight, Hotels, buses, taxis, and more. In fact, Bank of America even counts a lot of entertainment purchases, which means your points can be used on amusement parks and museums

Related: Having a credit card with travel insurance can save you thousands on your next vacation

Best of all, this card has no annual fee and a bonus of 25000 points for new cardholders, which can be redeemed for $ 250 credit towards travel purchases. To receive the bonus, you must have 1Spending $ 000 on the card, however, if you have expenses to deal with, this may be the perfect opportunity to offset the cost of your next spring trip

Bank of America Travel Rewards for Students also offer 0% APR on purchases for the first 12 billing cycles, which increases to a variable of 1499% -2299% after the introductory period ends, so if you have large expenses that you don’t pay off right away can e.g. B. Furniture for your off-campus apartment, this is a great way to carry on debt without paying interest on it just make sure you can pay off your purchases before the introductory period ends and the interest rate jumps

And while most of the overseas study programs are currently on hold, when college programs return to normal, make sure you have a card that won’t charge you for your international transactions and Bank of America Travel Rewards for Students have no fees for overseas transactions, which makes them ideal for overseas travel

If you’re a student who may not have been the most responsible cardholder in the past, you may have a higher chance of getting approved for the Capital One Journey Student credit card – as this is a card aimed at students with fairer credit

With this card with no annual fee, you receive 1% cashback on all purchases However, if you pay on time, your cashback will increase to a total of 25% cashback for the month, which means that if used responsibly, the card can not only help rebuild your creditworthiness but also make extra money back

Related: Cut your spending by getting one of these credit cards with no annual fee

Another special feature of the Journey Student credit card is that it allows you to receive a virtual credit card number that allows you to receive a randomly generated temporary card number for your online purchases instead of using your actual card number.This additional layer of security protects your card from fraudulent purchases

Ultimately, this card doesn’t offer the highest payouts or benefits However, if you fall into the « fair » credit category, you may have a better chance of getting approved for it

If you can’t even get approval for a student credit card designed for those with fair credit, a secured credit card like Capital One’s Secured Mastercard might be the perfect solution.This card isn’t specifically aimed at students, but there are no exclusions about who can apply

With a secured credit card, you must first make a cash deposit before you can use it Capital One’s Secured Mastercard requires either a minimum refundable deposit of $ 49, $ 99, or $ 200 so the bank can already have your money in case you default on payments, the more you put on your deposit, the higher is the line of credit

Once you’ve been approved for the card, you can ultimately get your first deposit back by taking responsible action such as: B. punctual payments Your account is closely monitored and as soon as the bank has your account ready, the deposit will be refunded to you as a bank statement balance. If you close your account for good, your deposit will be refunded

Getting approved for a secured credit card is much easier than getting a regular credit card and can ultimately help you build a credit history.The downside of this card is that there is no welcome bonus, no rewards like cashback or travel points, and your credit limit is quite low

However, if you need to build or rebuild your bankroll, you can get back to good credit with a card that routes your payment history to all three major credit bureaus just make sure you are in charge with the card and you should be on top of that be the way to apply for more desirable cards in the future

The Deserve EDU Mastercard for Students is not a standard credit card, which means it uses a slightly different method of approving applicants. You also don’t need a social security number to apply for the card This means that international students studying in the US can apply for them

While you only earn 1% cashback for every dollar you spend on the Deserve EDU Mastercard for students, the other perks of this no-annual fee card can really make up for the lower premium rate.For starters, this card offers cell phone protection to keep you going while you study Save hundreds – maybe even thousands – of dollars

As long as you use your card to pay your monthly cell phone bill, you are covered for up to $ 600 if your phone is stolen or damaged $ 50 is deductible per incident covered, with a maximum of $ 12 per 12 months Of course, this is a benefit that hopefully you will never have to take advantage of, but if an unfortunate event occurs, a credit card that covers unexpected repair costs out of pocket a big advantage

Other advantages of the card include car rental insurance and no fees for international transactions This makes it a great choice for overseas travel.You also receive one year of Amazon Prime Student after spending $ 500 on the card (worth $ 59) as a new cardholder within the first three billing cycles.

Another perk of the Deserve EDU Mastercard for Students is the Friend Referral Program, so if you receive the card and then convince your college friends to apply for it too, you’ll earn $ 30 for every friend who approves and uses the card There is no limit to the number of friends you can recommend So the possibilities are endless – especially if you have a lot of social media friends

The WebBank that issues the Petal 2 Visa Credit Card takes an extremely unusual approach to approving applicants. Instead of just looking at your FICO credit score to determine if you should be approved for the card, Petal will use your bank history, to create a ‘cash score’ « This takes into account your income, expenses and savings Even if you are a student with no income, your banking history can help you get approval »

You will also find that this card rewards you a little differently than you might be used to.First, you get 1% cashback on all purchases, however, after six months of on-time payments, your premium rate increases to 125% and then 15% after 12 on-time payments Payments

In addition, there are selected retailers where you can earn between 2% and 10% cashback. These bonus cashback options change regularly and are listed in the Petal app. Customers will also appreciate that this is a truly “free” card is – no annual fees, no late fees, and no international transaction fees

All you need to know is that the Petal 2 Visa credit card is not for those with bad credit, but mostly for those with no credit.And while this card is not limited to students as most students have limited or no credit, she is a perfect card to get you on the right foot

With so many different student credit card options available, you’ll want to apply for a card that suits you – you really need to look at where you stand in terms of creditworthiness – if you have any – and what is most important to you in terms of benefits

If you’re starting college with no credit, consider Capital One’s Secured Mastercard, Petal 2 Visa, or Deserve EDU Mastercard.With these three cards, your chances of getting approved are much higher, and all three will help you get yours Improve creditworthiness by reporting your responsible actions – like paying your bills on time – to all three credit bureaus

The Journey Student credit card may be a good option if you fall into the fair credit category, meaning you already have some flaws in your credit history and the added level of security for your online purchases can save you time and money as well by limiting fraudulent activity

However, if you can be approved for the Bank of America Cash Rewards Student Credit Card or the Bank of America Travel Rewards Student Credit Card, you will receive the most rewards for your daily purchases, especially if you are able to meet the spending requirements complete to earn the sign-up bonuses

Ultimately, finding a credit card that fits your needs – and your chances of approval – as a college student is a great way to start building your credit early on just making sure that you are always in charge with all of your credit cards and you will find that financial doors are open to you for life

Looking for the best credit card overall? Find out which cards CNN Underscored selected as the best credit cards of 2021

CNN Underscored Money is the place to go for the latest in personal finance offers, news and advice

EDITORIAL DISCLAIMER: The opinions expressed here are solely those of the author, not those of a bank, credit card issuer, airline, or hotel chain, and have not been reviewed, approved, or otherwise endorsed by any of these companies

Note: While the above listings are accurate as of the time of posting, they are subject to change and may have changed or may no longer be available

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Source: https://www.cnn.com/2021/01/13/cnn-underscored/best-credit-cards-college-students/index.html

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