The minimum deposit is quite low at just $200. With the Capital One Secured MasterCard, a student can pay a refundable $49/99/200 security deposit, to begin with, and use the card like any other credit card. However, there are a few things to know: If you and your student feel she’s ready for a credit card, it’s now time for some ground rules. Your email address will not be published. To find the perfect card meant for you, consider taking our fun and fast Rate Your Wallet quiz and see what kind of results you might get. Some don’t. Co-signing makes her equally responsible for the bills, even if it’s the friend’s car. Even if there’s no falling out between them, your student can easily lose track of whether the payments are being made on time and only get the bad news after the account has gone in arrears. Whatever your comfort level, you can help them in a big way, whether it’s making them an authorized user or just sharing a few valuable tips. This compensation may impact how and where products appear on this site, including, for example, the order in which they appear within listing categories. Your email address will not be published. Earn 2% cash back at gas stations and restaurants for up to $1,000 a quarter (then 1%), perfect for a student on the go. One thing to note: Student cards are typically unsecured, which means no security deposit is required, the credit limit is usually lower, and the average APR on student cards is 17.79%. $20,000. If you apply for a credit card, the lender may use a different credit score when considering your application for credit. Up to $60 in streaming subscription credits. That’s why she needs to get a card of her own when she can. So you could turn $50 cash back into $100. Fifth Third bank doesn’t offer a student-specific credit card. as I can see here. Manage and track your spending, set automatic payments and securely freeze your card all through one easy to use app. Capital One Secured Mastercard As explained earlier in the article getting secured credit cards for students makes a lot of sense for a number of reasons. Earn up to $60 in streaming subscription credits when you pay on time. That’s where student credit cards come in. Occasionally charged by the merchant, you can end up paying about 3% for tuition by using your credit card, so ask your school first. Bank information must be provided when submitting your deposit. . The bad? What should you do with your credit card when you graduate? The offers that appear on this site are from companies from which CreditCards.com receives compensation. Another great benefit – it’s easy to be placed on the account and even easy to be taken off. Luckily, there’s a way to help your student improve her credit relatively easily – make her an authorized user. Rewards include cash back, points, and sign-up bonuses. Pay your balance in full each month. In some cases, they have rewards and even no annual fee. How Are Secured Credit Cards Different Than Unsecured Credit Cards? Balance transfer fees. If you can’t pay in full each month, you’ll do better to find a credit card with a low interest rate. To apply for a student credit card is quite simple – all you have to do is research the credit card you’re interested in, and click on the big “Apply Now” button. There's no minimum spending or maximum rewards. Journey Student Rewards from Capital One : As with most student cards, you may be able to get this card even with little to no credit, and you don’t actually have to be a student to apply. To qualify for the full bonus you may need to make purchases, meet minimum spending requirements, or complete special actions. It's a real credit card. Plus, earn unlimited 1% cash back on all other purchases - automatically. There's no minimum spending or maximum rewards. If you’re looking to spend your hard-earned money by getting away on vacation or online shopping in a foreign currency, getting a credit card with no foreign exchange fees is crucial. Budget. the "Apply Now" button, you can review the credit card terms and conditions on the issuer's web site. If you don’t qualify for a student card, a secured credit card may be a better choice for you. Discover it Student Cash Back has one of the highest earn rates available, earning you 5% cash back on your first $1,500 spent each quarter on rotating categories, and then 1% on all other purchases after that. Here are the best credit cards for no credit of 2020: Discover it® Student Cash Back- Cash back; Discover it® Secured – Everyday spending; Capital One Platinum Credit Card – No annual fee; Secured Mastercard® from Capital One – Credit line growth; Deserve® EDU Mastercard for … Student credit cards differ from regular credit cards in a couple ways. See if you prequalify with no impact to your credit score in minutes. Our credit card scores and rankings are based on our Rating Methodology that takes into account 126+ features for each of credit cards. Student credit cards usually have lower credit limits, higher APRs and they tend to offer fewer rewards. Set up a system in which you pay the same time every month, like a bill. APR: Most student credit cards have a minimum APR of 18% or lower, but 20% have a minimum APR higher than 25%. How do student credit cards work? CreditCards.com does not include the entire universe of available financial or credit offers.CCDC has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover. Finally, student cards will sometimes have special features specific to the needs of college students. If you don’t make sure of this, then her credit may not benefit. This is a lower credit limit than standard credit cards, to help ensure any debt built up is manageable. These student cards may require a co-signer, if you don't have income, and may offer rewards tied to textbook or entertainment purchases. Most student credit cards also require you to have a student bank account with the lender offering the card. They’re designed for people with little to no credit history, which is common among college students who haven’t had many opportunities to establish credit yet. It’s a time when a lot of the decisions you make will affect you for the rest of your life (no pressure). Maybe lose the card you have? No annual fee. Foreign transaction fees. Taking control of your credit history early on in life is the best way to save major headaches and roadblocks in the future. When you click on This card’s meager reward rate isn’t huge, but for an unsecured card that’s available with no … And what do these actions do to your credit? Many of these cards are designed and marketed specifically for college students, and they may often include features tailored to their needs. Good Grades Rewards: $20 statement credit each school year your GPA is 3.0 or higher for up to the next 5 years. Secured Mastercard® from Capital One: Best for Higher Approval Odds. to maintain accurate information. No Annual Fee, earn cash back, and build your credit with responsible use. ADVERTISER DISCLOSURE CreditCards.com is an independent, advertising-supported comparison service. These credit cards fit the bill for best student cards and offer no- or low-fees, everyday rewards, and they have no- or low-minimum income requirements. An authorized user benefits from your credit habits, but she isn’t responsible for the balance. Typically about 3%, these can put a crimp in your plans to travel abroad for Spring Break or to study, so check for this. There are also fees to be aware of, including: There are also penalty APRs that can come into effect when minimum payments are not met. Make sure she understands that this is a monthly affair, not a one-time endeavor. Credit limit – The credit limit is the maximum dollar amount you can charge at any point. Generally, debit and prepaid cards can't help you build a credit history. These cards allow you to use your time in college to build up credit so that once you graduate you'll have a good credit foundation. No Co-Signer Today many student credit cards do not require a co-signer which would be responsible for any debt if the student defaults. Comparing Student Credit Cards. Discover will automatically match all the cash back you've earned at the end of your first year! Ideally, you want a student card with no annual fee that isn’t secured, but a secured card is a good Plan B. Rewards: All but one of the student cards surveyed earn rewards, but earning rates vary. $12,000. Privacy Policy, Essential news and expert tips in your inbox every week. We’re taking a look at the best student credit cards, whether you’re looking to: Related: Pocket The Most Rewards Possible – Credit Cards With No Annual Fee. Intro Offer: Unlimited Cashback Match - only from Discover. You can build a credit history with the three major credit bureaus. Unless you have an annual fee, there is pretty much no reason to get rid of the credit card, and even then you want to make sure there are no benefits to counterbalance getting rid of the card. This keeps you from spending recklessly and falling in a debt trap. Other perks include no foreign transaction fees, price protection, travel assistance, extended warranty and ID theft protection. check your credit score and credit reports. For example, unlike most rewards cards, student cards may not have sign-up bonuses. Every time you apply for a credit card (this is called a “hard pull”), it’s noted on your credit report. “Typically, student credit cards have much lower credit limits than other credit cards,” he says. Earn 5% cash back on everyday purchases at different places each quarter like Amazon.com, grocery stores, restaurants, gas stations and when you pay using PayPal, up to the quarterly maximum when you activate. And as a bonus, for every school year your GPA is a minimum of 3.0, you’ll get a $20 statement credit. Required fields are marked *. The lower your credit score, the higher the interest you’ll pay on your loans, making your monthly bills that much higher. This card offers some benefits that are hard to come by – for instance, one year of Amazon Prime Student after spending $500 in the first 3 billing cycles, a unique feature perfect for the student who buys textbooks on Amazon. A student credit card caters for college and university students who don't have the income and credit score needed to be approved for a normal credit card. You can choose to receive a statement credit or direct deposit into most U.S. checking and savings accounts. Other factors, such as our own proprietary website rules and the likelihood of applicants' credit approval also impact how and where products appear on this site. Keep an eye on your inbox—we’ll be sending over your first message soon. Posted by creditcardGenius Team | Jan 28, 2019 Jan 28, 2019. This compensation may impact how and where products appear on this site, including, for example, the order in which they may appear within listing categories. When you pay off your balance each month it helps your credit score and prevents interest from accumulating. Like most secured credit cards, the Discover it® Secured requires a security deposit, which is equal to your credit limit. The Petal 2 Visa credit card comes with no fees whatsoever – no late fee, international fee, annual fee, or any other kind of fee. Earn 1% Cash Back on all purchases with your Deserve EDU Mastercard. Just a dollar-for-dollar match. With a little research, you can find a range of student-centered credit cards with flexible credit requirements that can help you start building your credit profile. It’s basically free money when you think about it. It’s important to start thinking about these things early on so you can get a head-start on life for when it’s time to start your career and making some real money (and spending it all away on bills). These fees can run 3%-5% or $5-$10, whichever is greater. You can reach Laura at laura.mohammad@creditcards.com. If you are preparing to graduate in May, you’ll likely want to think through your credit and credit card. The Capital One Platinum Credit Card has a $0 annual fee, and the Capital One QuicksilverOne Cash Rewards Credit Card gives 1.5% cash back on all purchases (with a $39 annual fee). Just a dollar-for-dollar match. *Exclusions apply. Earn while you learn with student credit card. Here are a few basic things every student should know before you start building your credit with credit cards. In addition, credit cards are safer than debit cards because of federal protections that are in place. *Exclusions Apply, Enjoy no annual fee and no foreign transaction fees, You can help build your credit with responsible use of a card like this, Pick the monthly due date that works best for you, Be automatically considered for a higher credit line in as little as 6 months, $0 fraud liability if your card is ever lost or stolen, Monitor your credit profile with the CreditWise® app, free for everyone. Still not sure why you should get a credit card? Upon approval, card activation and use, you'll receive $30 and so will your referral. Best Student Credit Cards in Canada. 1. Narrow your selection and apply to only one card. That means that if you buy a $100 item with your credit card and you only make your minimum payment (assuming your minimum payment was $10) you’ll be charged $1.50 in interest if your APR is 20% – for just that one month. The student version of one of our favorite cash-back credit cards, the Chase Freedom Student credit card has a lot to offer. With your new salary, you should get a sizeable increase, which helps with your available credit if you have a balance. No Social Security Number required for international students to apply. Both cards have no annual fee and no foreign transaction fees. With the following earn rates, you’re sure to get the most out of your money spent: For both student cards from Bank of America, you don’t have to pay an annual fee. There are a number of moving parts to a credit card, for example: APR – The annual percentage rate is the interest you will be charged on balances carried from month to month. On top of that, they’ll match all the cash back you earn in your first year. When she is removed from your card, the card drops off of her credit files, which means your good habits are no longer there. Griffin Miller is a personal finance writer at Bankrate, specializing in credit cards. Make her responsible for her spending. From cash back on good grades to discounts on streaming services, you can find the perfect card for college life. Deserve Mastercards are issued by Celtic Bank, Member FDIC. Note that there are federal restrictions on issuing credit cards to individuals under 21. CreditCards.com is an independent, advertising-supported comparison service. Some cards offer a monthly reminder to pay on time, but if your card doesn’t offer that feature, designate a day and time each month to pay off your balance. To get a good credit score, first you’ll need to get a credit card, use it, and make your payments on time. Student credit cards are designed for people with limited credit history and it’s a way to build your credit while in school. What are the best credit cards for college students? With her own card, help her set up a monthly reminder to pay the card on time. Your credit cards journey is officially underway. "Annual Rewards" is calculated by combining our default $2,000 in monthly spending ($24,000 annually) spread across 8 different spending categories (gas, groceries, travel, etc) with our point value estimates. 1. Cash back is simply a percentage of the charges you make credited back to your account. Worst case scenario, you might have to become an authorized user on your parent’s credit card before you can apply for your own student credit card to build up your credit history. There’s a lot to love about the Journey Student Rewards card, but even though it only recommends fair credit, you’ll need to have independent income if you are under 21 because of the Credit CARD Act of 2009. And as a student, we could all benefit from having a few extra rewards here and there from our trusty go-to student card, just remember to use it responsibly. 2% cash back on grocery purchases (up to $2,500 per quarter, combined with gas), and. You can also set alerts that will notify you when you’re reaching your monthly spending limit. Rate Your Wallet To Find Out, 5 Genius Ways To Use Your Credit Card Like A Pro. 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