A lot of people say that banks want to issue credit cards to only those who can pay back; well, that makes sense. This, therefore, explains why students think getting a credit card is the most difficult thing. You may find it interesting to know that a student’s credit card is even easier to obtain if you know the best credit cards for you as a student. Some student credit cards, among many other perks, provide rewards for students with high grades. This article will give you insights on the best credit cards for you as a student, where to get them, and how to get them without breaking a sweat.
What Is a Good Credit Card for an 18-Year-Old With No Credits?
The credit card company has made some credit cards easy to get. And this is usually to meet the needs of students with limited credit history. These cards usually have no annual fees, and they report to the major bureaus on a monthly basis which is what makes them good for an 18-year-old with no credit. Here are the best credit cards that suit 18-year-old students;
Pay On-Time Bonus (Pay on Time Bonus)
This student credit card has an annual fee of $0. You can also earn 1% cash back on all purchases. The card issuers allow you to pick your monthly due date. This makes it easy for you to get your cashback which can increase by 1.25% when you pay on time. You can use your reward to make purchases in places like Amazon. The annual percentage rate on purchases ( APR) is 29.99% (V).
Pay On-Time Bonus ( Pay on Time Bonus)
This student credit card is very suitable for students who might want to study abroad or overseas. Also, for students who are earning flat-rate rewards points with flexible trip redemption, this credit card will suit their needs. Students with this credit card will not be charged international transaction fees or an annual fee while studying abroad. Additionally, the introductory annual percentage rate (APR) rate makes this a perfect card for any students who need to transfer debt from another card or make a large purchase. The regular APR on this card ranges from 17.74% to 27.74%. You do not need any credit score to apply for this card.
Capital One Platinum Secured Credit Card (Best for Credit Building)
This is the best credit card for students who want to build their credit score. Here is how it works, to obtain a $200 initial credit limit, just place a refundable security deposit starting at $49 today. When you use your card properly (making payments on time), you could receive your security deposit back as a statement credit. In as little as 6 months, you can automatically be considered for a greater credit line without requiring a further deposit. This credit card does not charge annual or monthly fees. However, APR on purchases is 29.99% (V).
Discover It® Student Cash Back (Earn Rewards for Purchase)
Cash Back is designed for students who want to earn cash-back rewards while building credit. When you activate the card, you get an offer of 5% cash back on regular purchases made at a variety of locations, including Amazon.com, dining establishments, and gas stations, up to the quarterly maximum. Additionally, it automatically receives 1% cash back on all other transactions. At the end of your first year as a cardholder, the cash back you’ve earned will be matched dollar for dollar. Cardholders can use Discover’s Freeze. It is like an on-off switch for the account. Lastly, they are given free access to their FICO credit score if the card is lost or stolen.
Card From Chase Freedom® for Students
As you may guess, there is no annual fee. This card offers a 1% cash back on all purchases. There are bonus rewards on some accepted travels and drugstores. Due to its status as a student card with a rewards program, the Chase Freedom Student may be suitable for 18-year-olds. Interestingly, after five consecutive on-time monthly payments within the first 10 months of account establishment, you are eligible for an automatic credit line increase. If you have any missed payments, you won’t be eligible for this raise, but making the minimum payment for each billing cycle is acceptable.
The Capital One Platinum Secured Credit Card gives you the purchasing power of a standard credit card while also potentially helping you raise your credit score.
Which Credit Card Is Very Easy to Get?
Here are two students’ credit cards you can get without stress;
Discover It Student Cash Back
This card is not only very easy to get it is also cost-efficient. This means there is less to worry about.
At the conclusion of your first year, Discover will automatically match all the cash you have accrued back to you. There is no minimum or maximum prize amount, just a match dollar for dollar.
When you activate this card, you can earn 5% cash back on regular purchases at a variety of locations every quarter, including supermarkets, restaurants, and gas stations, up to the quarterly maximum. Additionally, you can automatically receive limitless 1% cash back on all other purchases.
Discover It Secured Credit Card
This card provides information on when you might be able to move up to a standard card and receive your deposit back., which is rare to find. At seven months, Discover will evaluate your account to see if you qualify for an upgrade. The card also has rewards, something secured credit cards don’t typically offer, and a $0 annual charge. It demands a $200 minimum security deposit, but you can get your money back if you switch to a standard credit card or shut the account in good standing.
What Students Should Look For in a Credit Card?
As a student with not much experience with credit cards, you need to get it right when you are ready to get one. Here are things to look out for in a credit card;
Annual Percentage Rate (Apr)
APR, or annual percentage rate, is the annual interest rate that takes into account all fees and other transaction-related expenses.
Some students’ credit cards have relatively high-interest rates. Sometimes, they are even up to a double-digit. If you get a credit card with a high APR, it will result in more interest accruing if your balance is not paid in full each month. As a result of this, you might find it more challenging to pay off your debt. Therefore, a reduced APR is one of the first things to look out for before opting for a card. opt for a card with a reduced APR if you believe you might carry a balance, for example, due to a big anticipated expense.
Eligibility and Requirements
Eligibility or requirement differs for different credit card companies. You might need to find a credit card that you are eligible for and can meet their requirements. Some credit card issuers don’t require any credit history, while others require social security number. They can even go as far as requesting individual taxpayer identification.
One of the requirements that these card issuers have in common is age and college enrolment. That is not to say you can’t find exceptions. You just need to research a credit card that is tailored to your needs.
Rewards
A good number of student credit cards have a reward feature that allows cardholders to get some rewards when they make specific purchases. Some of these rewards can come in the form of points. While other credit cards have cash-back incentives, with some others, you need to use them for airline miles or baggage fees. As much as they are all rewards, as a student, you need to opt-in for a credit card that gives you rewards you can benefit from.
Annual and Transaction Fees
As a student, it is possible to get a student credit card with no fees. You need to check for the ones that have no additional fee while doing your credit card research. If it’s a decent student credit card, you won’t have to pay a fee to use it. This is crucial both now, when you’re on a tight budget as a student, and later, when you might be able to get a credit card with greater benefits. The length of your credit history, which is a significant element in your credit scores, will be preserved if you keep your initial credit card.
Another aspect you should look out for before getting a student credit card should be fees on foreign transactions, especially if you intend to study abroad or travel overseas. Sometimes credit cards impose taxes on foreign currency purchases. This tax is usually about 1 to 3% of the whole transaction. There are cards that don’t charge for foreign transactions; you need to look out for them.
Report to the 3 Major Credit Bureaus
TransUnion, Equifax, and Experian are the three main credit agencies that your student’s credit cards should ideally report to. These agencies gather the data necessary to determine your credit ratings. Your financial options increase as your credit ratings grow. You can qualify for cheaper interest rates on vehicles or homes. If you have a strong FICO credit score, it can save you money over time. You need to be sure your student credit card reports to these 3 agencies.
Eligibility for Cards After Graduation
The card issuer determines what happens to your account when you graduate. While other card issuers would quickly switch your student account to a normal card, some will ask you to fill out a new application for a different credit card. This is another thing to look out for in your student credit card.
Which Company Gives the Fastest Credit Card
Capital one
You can use your Capital One card before it is in your wallet. But first, you must currently have a Capital One Card and be a cardholder. Second, get the Capital One app for mobile devices.
If not, you will need to wait about a week for your card to come in the mail. The Capital One Walmart Rewards Mastercard is the only card that does not have these conditions which means you can use them right away.
Which bank gives instant credit cards online
Standard Chartered Bank (Virtual Credit Cards)
- Use virtually from anywhere, at any time, with no boundaries.
- Earn points on all purchases, including those for bills, vacation, and recreation.
- Organized spending – Use consolidated statements to keep track of all expenditures.
- Stay informed – Keep up with alerts and payment reminders.
Axis Bank
You can get a cashback on every transaction and voucher upon activation.
HDFC Bank
HDFC NetSafe cards are one-time-use cards. Therefore, you can establish a credit limit for them.
Best credit cards for students in the USA
Bank of America® Customized Cash Rewards credit card for Students
This student credit card has a welcome bonus with no annual fees. It gives a 1 to 3% reward rate and is a cash-back, making it even better and easier. If you can handle your credit card well, you can easily build your credit score as a student.
Best Credit Cards for Student Chase
Chase Freedom Student credit card: Best for a starter card
This is the only credit card from Chase that is tailored to meet students’ needs. This credit card offers 1% cash back on everyday transactions and has no annual fee. Rewards can always be redeemed for statement credits, direct deposits, shopping, travel, or Amazon.com purchases. After making your first purchase as a new cardholder (within the first three months of account setup), you’ll receive a $50 welcome bonus. You’ll get $20 after your account anniversary (for up to five years) for each year your card is active.
Related Articles
- What Is A Good Interest Rate On A Credit Card? (Updated)
- STUDENT LOANS: How to Apply, Benefits, Rates & Federal Loans
- Which Credit Card is Right For Me? How to Find Out!!!
- BEST FIRST CREDIT CARDS 2023
- Student Finance: A Complete How-to-Apply Guide
Best Credit Cards for Students: References
