3 Best Credit Cards for College Students

What Credit Cards should I know about?

I’ve been asked a lot about credit cards, so I’ll be taking you through the top 3 credit cards for college students. But why have a credit card anyway? 

We often dream of a good life driving the latest cars and living in grand houses, but all these require baby steps. 

One of the first steps you can take towards financial security is getting a credit card AND using it WISELY.

Some might think getting a credit card to achieve financial security is like a big oxymoron, but it’s NOT, AS LONG AS YOU KNOW HOW TO USE IT AS A FINANCIAL TOOL WISELY. 

A credit card will help you

• build a good credit score that will save you tons of money on rent, mortgage, or your car’s APR (Annual Percentage Rate) in the future. 

• get access to more reward cards with more cash back, points to redeem for perks and travel points to explore the world as you wish.  

 Though with a lot of credit cards out there, it’s better to stick to the types that are STUDENT-FRIENDLY.  

• amazing reward rates and require zero deposits or annual fees. 

• awesome for beginners, and some require no social security number giving international students an opportunity.  

I’ll cover the 3 best credit cards for college students based on fees, rates, and rewards. You should also note that credit cards can lead to more trouble if not used wisely. To avoid this, I will also give you some bonus tips on good credit card habits to know as well.  

CARD #1: Discover IT Student Cash Back Card (top on list of cards)

• Discover IT cares for academic excellence and offers a $20 good grade reward every year for the next five years if you achieve a GPA of 3.0 and above. 

• You can also make an extra $50 every time you refer a friend :)

• Although you won’t get any bonus the first time you sign up for this card, I’ll say the cashback match makes up for that and more. 

• Cash Back Reward system is AWESOME

  • Different categories every 3 months. 

  • For example, the 5% cashback might be on stores like Amazon or Walgreens in your first quarter. And the cashback might be on gas stations next quarter. So you have to do a quarterly check to know and activate the categories you’re earning the highest cashback. 

• helps you save money on every purchase you make with the card. BUT REMEMBER...ONLY BUY WHAT YOU WOULD NORMALLY - DON'T LET ANY CREDIT CARD CHANGE OR CHANGE YOUR SPENDING HABITS FOR THE WORST!

• earn a 5% cash back on quarterly categories for up to $1500 spent per quarter. 

• and a flat 1% cashback on everything else. 

• Matches the amount you save from cash back after your first year. 

• So let’s say you save $300 on cash backs, you’ll get an extra $300 at the end of the year, making a grand total of $600 just from cash backs 

• Many rewards upfront with this card. 

• No annual fees to own this card. 

• No initial deposit payments 

• 0% APR for the first 6 months

• Requirements: 

• be above 18 years

• a student with a steady source of income to apply for the card.  

What is APR?

• annual percentage rate

• Usually between 12.99% to 21.99%. 

• This rate is used to calculate the interest on your credit balance per year IF you don’t pay on time. 

• The Discover IT cashback card offers 0% APR on your purchases for the first six months. 

  • you won’t have to pay interest on the balance or late fees. 

  • Although I strongly advise that you pay up your credit balance before the billing cycle elapses to avoid accumulated debts. 

• you are automatically forgiven (on penalty) for not paying your credit balance for the first six months. BUT AGAIN, IF YOU FIND YOURSELF IN THIS POSITITOIN, THIS IS A CLEAR SIGN YOU NEED TO BETTER MANAGE YOUR FINANCES and if you don't, YOUR NEW PART TIME EMPLOYER WILL BE YOUR CREDIT CARD COMPANY that you will need to work more to pay off!

CARD #2: Bank of America Cash Rewards Credit Card For Students. 

• welcome offer of $200 after you spend $1000 in the first 90 days of membership. 

• This is a whopping 20% cash back on the amount without adding the other cash backs you’ll earn in those 90 days. 

• pick categories to earn 3% cashback, saving you 3 cents per dollar on every purchase. 

• These categories can be changed every month. 

• also get 2% cashback on grocery and wholesale clubs. 

• But this, alongside the 3% cashback categories reset to 1% if you spend above $2500 that quarter.  

• not charged interest on new purchases and bank balances for the first 12 months

• You should still pay your credit balances promptly because you’re trying to build a good credit history. 

• After the first 12 months, you’re charged a variable APR between 13.99% to 23.99%. 

• zero annual fees.

• harder time getting approved (hence second on the list)

CARD #3: Deserve EDU Mastercard for students. 

• This card earns a spot at the top for its inclusivity. 

• College is filled with international students from all over the world, and Deserve EDU Mastercard offers them a chance to build good credit. If you’re an International student watching, this card is perfect for you because it doesn’t require a Social Security Number. 

• no international transaction fees on this card, so it’s also great for travel and students who would like to study abroad. 

• earn a 1% cashback on all purchases with this card. 

• The card comes with an amazon prime student benefit. 

  • You save money with discounts and also get fast shipping. 

  • when you spend $500 in your first three billing cycles, you’ll become eligible for $59 off an amazon prime yearly subscription and $6.49 off a monthly subscription. 

• Amazon Prime is a service that is totally worth signing up for as a student. 

• You also get a $30 statement credit every time you refer a friend that gets approved. 

• no annual fees on this card

• Requirement:

• be a student over 18 years of age with a US bank account. 

NOW FOR THE BONUS TIPS:  

What are the credit habits to have before getting a credit card? 

1. The number one habit is budgeting for your credit card payments. 

• When you include your credit card payments in your monthly budget, it’s easy to keep track of your debt. 

• Budgeting can also help you use minimum credit, increasing your credit score. 

• Even if you have a high credit limit on your card, it’s better not to test it. 

2. Pay your balance in FULL, MONTHLY! Don’t let credit card balances add up, as they add up very quickly!

• I’ve said this a number of times, If you wish to use your credit card as a means to financial security, you need to pay off your balance every month. 

• This way, you’re also not charged interest. 

• Paying up your balance before the next billing cycle can also boost your credit score, which is what you’re trying to achieve, right? 

3. Read your card statements. 

• Most people skim through bank statements or don’t even bother reading at all. 

• If you want to get a credit card, you need to pay close attention to credit statements. 

• Review each of your credit expenses to ensure what you’re spending money on is worth it. I know this might seem like a boring arduous task, but it’ll pay you in the long run. 

• Reading statements also help you catch billing errors and unauthorized charges that you can immediately report to your card issuer. 

   

I know I only covered the top 3 credit cards for college students, but there are more out there for you to do your own research. 

I am not promoting any specific card or trying to generate additional income through doing affiliate links with any credit card - I am just here to give you some basic information to empower you!  I am doing this to make a positive impact, not to make extra money! :)  Again, be smart about using any credit card, don’t be the majority, where their credit cards end up taking advantage of them instead!