A student credit card is a starter card that can be used to pay for emergency needs like textbooks while also allowing college students to start building credit. Yes, as a college student, having a credit card can be a useful tool for building credit, managing expenses, and earning rewards. However, with so many options on the market, it can be challenging to know which card is the best fit for your needs. In this article, we will explore the best college student credit cards in 2023. We also get to discuss how you can get a student’s credit card without a job, how much you will need, and how to get your student’s credit card approved.
Best College Student Credit Cards 2023
Student credit cards, with lower credit limits and incentives suited to college students, can serve as a bridge to more valued credit offers in the future. You can build a credit profile by paying your bills in full and on time every time, which will make getting other types of loans, such as another credit card, a car loan, or a mortgage, much easier and less expensive when you need it.
There are many different college student cards that each offer special advantages for certain types of students, from commuters and foodies to travelers and international students. Some cards have flexible credit history requirements, so you might be eligible even if you have no credit history at all. Below is a list of the Best College Student Credit Cards in 2023.
#1. Discover it® Student Cash Back
The Discover it® Student Cash Back is one of the best credit cards for college students due to its generous rewards program and lack of fees. Cardholders can earn 5% cash back on rotating categories each quarter, such as gas stations, restaurants, and grocery stores. Plus, they earn 1% cash back on all other purchases. Discover will also match all of the cashback earned during the first year, making it a great card for maximizing rewards.
In addition to the rewards program, the Discover it® Student Cash Back has no annual fee, no foreign transaction fees, and no late fee on your first late payment. Discover also offers a free FICO credit score to cardholders, helping them monitor their credit as they build it.
#2. Bank of America® Travel Rewards Credit Card for Students
The Bank of America® Travel Rewards Credit Card for Students is an excellent choice for college students who love to travel. Cardholders earn 1.5 points per $1 spent on all purchases, and these points can be redeemed for statement credits toward travel purchases. Additionally, Bank of America offers a 10% bonus on points redeemed into a Bank of America® checking or savings account.
There are no annual fees or foreign transaction fees with this card, and cardholders can enjoy additional perks such as travel accident insurance and auto rental collision damage waiver.
#3. Capital One SavorOne Student Cash Rewards Credit Card
The Capital One SavorOne Student Cash Rewards Credit Card provides exceptional rewards, including terrific cash back in high-spend categories such as dining, entertainment, and grocery shopping. It offers a better deal than many other cards with annual fees or strict credit requirements, earning 8% cash back on Capital One Entertainment purchases and 3% back in a number of popular student spending categories like dining, entertainment, eligible streaming services, and grocery shopping.
There are no annual or foreign transaction fees with this card. Simply make sure to pay off your account in full each month because the card has a high-interest rate and late payment fines of up to $40.
New cardholders can now receive $50 after spending $100 in the first three months. Additional benefits include *extended warranty coverage on certain items, free concierge service, and access to premium activities like sporting events.
#4. Journey® Student Rewards from Capital One®
The Journey® Student Rewards from Capital One® is another great option for college students who want to build credit and earn rewards. Cardholders earn 1% cash back on all purchases, and an additional 0.25% cash back bonus when they make their payments on time. This can be a helpful incentive for students who are working on establishing good credit habits.
The Journey® Student Rewards from Capital One® has no annual fee, no foreign transaction fees, and no penalty APR if a payment is late. Cardholders can also enjoy access to a higher credit line after making their first five monthly payments on time.
#5. Citi Rewards+℠ Student Card
The Citi Rewards+℠ Student Card is a unique credit card option that rounds up the points earned on every purchase to the nearest 10 points. Cardholders earn 2 points per $1 spent at supermarkets and gas stations and 1 point per $1 spent on all other purchases. Additionally, cardholders can earn 5,000 bonus points after spending $500 within the first three months of opening an account.
The Citi Rewards+℠ Student Card has no annual fee, and cardholders can redeem their points for a variety of rewards, including gift cards and travel. This card also offers benefits such as extended warranty coverage and worldwide travel accident insurance.
In conclusion, as a college student, it’s essential to choose a credit card that suits your lifestyle and financial goals. Consider factors such as rewards, fees, and credit-building opportunities when selecting a card. With the above credit cards, you can enjoy great rewards and benefits while building your credit history responsibly.
Which bank is best for a student credit card?
Choosing the best bank for a student credit card depends on your individual needs and preferences. However, here are some factors to consider when selecting a student credit card:
- No Annual Fees: As a student, you likely want a credit card that doesn’t charge an annual fee, as you’re still building credit and probably don’t want to pay extra fees.
- Low-Interest Rates: Look for a credit card with a low-interest rate, in case you carry a balance on your card.
- Rewards: Many credit cards offer rewards for spending, such as cashback or points. Consider what rewards you would like to earn and which credit card offers the best rewards for your spending habits.
- Credit Limit: Make sure the credit limit on your credit card is reasonable based on your income and spending habits.
Some banks that offer student credit cards with favorable terms and conditions are Discover, Capital One, and CitiBank. It’s always a good idea to compare different student credit cards from various banks and pick the one that best suits your needs.
How much can a college student credit card limit?
The credit limit for a college student credit card can vary depending on several factors such as the student’s credit history, income, and creditworthiness. Generally, the credit limit for a college student credit card can range from $500 to $5,000.
If the student has a good credit history, a steady source of income, and has shown responsible credit behavior, they may be approved for a higher credit limit. On the other hand, if the student has a limited credit history or a low income, they may be approved for a lower credit limit.
It’s important to remember that a credit card is a form of debt, so you’d need to use it responsibly. A high credit limit does not necessarily mean that a student should spend up to their limit. Students should only charge what they can afford to pay off each month to avoid falling into debt.
How to get approved for student credit cards?
Getting approved for a student credit card typically involves meeting certain criteria set by the credit card company. Here are some tips to help you increase your chances of approval:
- Meet the age and income requirements: You must be at least 18 years old to apply for a credit card. If you are under 21, you will need to show proof of income or have a co-signer.
- Have a good credit score: Even though you are a student, having a good credit score is important when applying for a credit card. If you don’t have a credit history, consider applying for a secured credit card, which requires a deposit that becomes your credit limit.
- Apply for a card designed for students: Many credit card companies offer student credit cards that are designed specifically for college students. These cards typically have lower credit limits and fewer rewards than traditional credit cards, but they may be easier to qualify for.
- Provide accurate information on your application: Make sure to provide accurate information on your credit card application, including your name, address, and income. Inaccurate information can lead to a denial of your application.
- Consider a co-signer: If you are unable to qualify for a student credit card on your own, consider asking a parent or other trusted adult to co-sign on your application.
Remember to use your credit card responsibly, pay your bills on time, and keep your credit utilization low to build a strong credit history.
Can I open a credit card as a college student?
Yes, as a college student, you can open a credit card, but you’ll need to meet certain requirements.
Firstly, you need to be at least 18 years old to apply for a credit card. Secondly, you’ll need to have a source of income or someone who is willing to co-sign on the account for you. Many credit card issuers have specific credit cards designed for students, which may have lower credit limits, lower fees, and other benefits aimed at helping students build their credit history.
Before you apply for a credit card, it’s essential to understand how credit cards work and how to use them responsibly. You should also compare different credit card offers to find the one that best fits your needs and offers the most favorable terms, such as low-interest rates, no annual fees, and rewards programs. Additionally, it’s crucial to make your payments on time and avoid carrying high balances, as this can hurt your credit score and lead to expensive fees and interest charges.
How much money do you need to open a student credit card?
The amount of money required to open a student credit card will vary depending on the credit card issuer and the specific credit card you are applying for. Generally, most credit cards do not require a minimum deposit to open an account.
A student could have a discretionary income of just $100 and still have a chance of getting a credit card. Generally speaking, applicants have a better chance of being authorized for a card and a higher credit limit when their income is higher.
However, you will need to provide information about your income or have a co-signer with good credit history and income to qualify for a credit card. Some credit card issuers may have specific requirements for student credit cards, such as being enrolled in college or having a certain credit score.
It’s important to read the terms and conditions of any credit card you’re considering to understand the fees, interest rates, and rewards programs associated with the card. Additionally, you should always use credit cards responsibly and make sure to pay your bills on time to avoid late fees and interest charges that can negatively impact your credit score. Lastly, when applying for a credit card, don’t inflate your salary. False information on a credit card application is a fraud, which carries a prison sentence or significant financial penalties.
How does a college student get a credit card without a job?
If you’re a college student without a job, you may still be able to get a credit card, but you’ll need to provide other sources of income or have a co-signer on your account.
Some options for demonstrating income may include:
- Scholarship or grant money: If you receive financial aid in the form of scholarships or grants, you can list this as income on your credit card application.
- Allowance or support from parents or guardians: If your parents or guardians provide you with an allowance or support, you can list this as income on your application.
- Income from a part-time job: If you work part-time or have a side gig, you can list this income on your application.
If you don’t have a source of income, you may need a co-signer who has a good credit history and sufficient income to guarantee your credit card debt. Keep in mind that the co-signer will be equally responsible for the debt you incur on the credit card.
Is it smart to get a credit card in college?
Getting a credit card in college can be a smart financial decision for students with a job or other sources of income. A credit card can help you establish a credit history and improve your credit score, which can be beneficial in the long run. Additionally, some credit cards offer rewards and cash back on purchases, which can be a nice perk if you pay off your balance in full each month. Yet, it’s as crucial to understanding how to appropriately use a student credit card.
However, it’s important to use a credit card responsibly. This means only charging what you can afford to pay off in full each month, making payments on time, and keeping your balance low. If you use a credit card to finance purchases you can’t afford, you could end up with high-interest debt that’s difficult to pay off. Look for a card with no annual fee and a low-interest rate, and make sure to read the fine print to understand the consequences of late payments or missed payments.
Overall, getting a credit card in college can be a smart decision if you use it responsibly and understand the risks involved.
Conclusion
We hope our guide to the best college student credit cards helps you in making a choice. Do note that before opening your own credit card account, make sure you’re already paying your bills and utilities on time, as late payments can impact your credit regardless of whether you have a credit card.
Next, try adding yourself as an authorized user to a parent’s or guardian’s bank account. This is an excellent strategy to build credit. As an authorized user, you can also take advantage of credit unions’ reduced interest rates and favorable terms compared to commercial banks. Yet, having a student credit card as long as you handle it wisely will help you take a significant financial step ahead.
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