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College is a wonderful opportunity to try out and learn new things. From the classroom to the quad, life lessons lie around every corner. One class that you should not skip is “building credit 101.” Building an excellent credit score can save you hundreds of thousands of dollars over your life. Establishing credit takes time, and college is a great time to start for many people.
Building credit is a bit of a chicken and egg situation at the start. You need a credit account to show a strong on-time payment history and the ability to manage your accounts well. But you can’t get many credit accounts without good credit. That is where student credit cards come in.
Student credit cards are designed for young people new to credit. That usually means a lower credit barrier to get started. Not all student cards are for people with no credit, but they are not limited to just those with great credit already. You may find interest rates are higher and credit limits are lower when you compare with cards for people that have good credit already. That’s good motivation to pay your card off in full each month by the due date, something you should always do to save money and build your credit.
Here are some top rewards credit cards designed for students. If you are going to buy something anyway, you might as well get cash back or travel rewards!
Capital One’s Journey Student Rewards card gives you a flat 1% cash back on every purchase. But if you pay on time, you’ll get a 0.25% boost to give you an effective 1.25% cash back rate. Because you want to form good habits, you’ll always pay on time. Right?
The card has no annual fee and no foreign transaction fee, which is useful if you plan to study abroad. If you pay on time for the first five months, Capital One will automatically increase your credit line. As long as you keep your balance low, that should help your credit score in the long-term.
The card is available for borrowers with at least fair credit scores. While it doesn’t have a bonus, it offers valuable cash back rewards that any student could surely put to good use.
Deserve Edu Mastercard for Students
The Deserve EDU Mastercard is designed just for students and gives you 1% on all purchases. It has no annual fee and is available to those with no credit history. It also includes benefits like automatic extended warranty and cellphone protection.
One fun perk: the card will pay for one year of Amazon Prime for Students (currently worth $59). The card does require enrollment verification to prove you are a student. That also works for international students studying in the United States that don’t have a Social Security number or US credit history.
Applicants from outside the United States will need to prove they have a US bank account, valid passport, and student visa. You can upload everything via a smartphone or scanner and computer