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Credit cards for college students are powerful tools for building credit and managing it. Don’t you think so? They have low credit requirements compared to traditional cards, as card issuers are aware that the best credit cards for college students have limited credit histories.
Many student credit cards are designed specifically for students, considering their needs and spending patterns. Thus, we’ve curated a list of these cards and want you to walk through them to learn more about the top credit cards for college students.
So let’s get started!
What are Student Credit Cards?
Student credit cards are designed specifically for college students, as they are more likely to have a restricted credit history. Student credit cards usually provide smaller intro bonuses and weaker rewards (if any). However, these credit cards offer great opportunities for students to build credit while they are still studying.
Why is Credit Building Crucial for College Students?
There are many tips to improve your credit score but you need to know why it is crucial to build credit for college students.
1. Affect Auto Insurance Rates
Your credit score is one of many factors that auto insurers may consider when issuing policies. The best credit rating can decrease car insurance rates.
2. Essential for Financing a Car or Home
A good credit history can help you qualify for a car loan or mortgage with a favorable interest rate. The better your credit score, the more affordable your monthly payment will be.
3. Help Students Getting Jobs
A good credit score can help students get better jobs. An employer may check your credit score when you apply for any job. Your credit report can provide an idea to an employer about how you can handle the responsibilities.
4. Make Renting an Apartment Cakewalk for Students
Your credit score indicates your creditworthiness. The higher your score, the better you appear to the owners. You may get the advantage of paying a deposit that consists of lower security. A FICO score of around 600 can be beneficial for renting out an apartment but do consider the cutoffs.
7 Best Credit Cards for College Students
Many credit cards help to build credit but every credit card is not suited for college students so we have curated a list of the best credit cards for college students that will help them to build good credit scores as well as get some rewards along with many benefits.
1. Capital One Quicksilver Student Cash Rewards Credit Card: Best for Students Studying Abroad
Why we chose it: The Capital One Quicksilver Student Cash Rewards Credit Card is one of the best credit card options for college students because of its travel benefits. They offer benefits such as travel accident insurance, 24*7 travel assistance services, and other services that may come in handy to you.
The Capital One Quicksilver Student Cash Rewards Credit Card does not have foreign transaction fees or annual fees, which makes it ideal for students studying abroad and for international travel.
It earns 1.5 percent unlimited cash back on all purchases and earns $50 cash back when you spend $100 in the first 90 days.
Other perks or features include virtual card numbers, free credit monitoring, travel accident insurance, and card locks.
Pros:
- No annual fees
- Unlimited cash back on all purchases
- Offer welcome bonus with low spending requirements
Cons:
- No intro APR
- Potentially high ongoing APR
Credit Score Needed: Fair, Average, Limited
Annual Fees: $0
Bonus Rewards: Earn $50 Cash Back
2. Discover it Student Cash Back Credit Card: Best for Cash Back Rewards
Why we chose it: We chose the Discover it Student Cash Back Card as one of the best credit cards for college students in the U.S. They offer several rewards without any fees. You can earn 5 percent cash back on up to $1,500 in quarterly purchases at a fluctuating merchant list each quarter and 1 percent cash back on all purchases.
With no annual fee, Discover does require an SSN form from student credit card applicants, which is a great option for students who are working on campus.
Pros:
- Generous welcome bonus
- Cash-back program
Cons:
- To apply for this card, you must be a U.S. citizen and college student
- Cash-back categories must be activated each quarter
- Cash-back program limits earnings
Credit Score Needed: Fair / New to Credit
Annual Fees: $0
Bonus Rewards: Earn 5% Cash Back
3. Discover it Student Chrome Credit Card: Best for Gas Stations
Why we chose it: We chose the Discover it Student Chrome amongst the top credit cards for college students if you do not want to deal with changing bonus rewards categories quarterly and are looking for extra rewards on restaurant and gas station purchases.
The cardholders of Discover it® Student Chrome get a 0 percent Intro APR for the first six months on every new purchase (after this, a 18.24% – 27.24% variable APR applies). You should pay your balance in full and on time to avoid last minute hustle in the form of interest charges and late fees.
Pros:
- Generous welcome bonus
- Cash-back program
Cons:
- Cash-back program limits earnings
- To apply for this card, you must be a college student and a U.S. citizen
Credit Score Needed: Fair / New to Credit
Annual Fees: $0
Bonus Rewards: Earn 2% cash back at restaurants and gas stations
4. Chase Freedom Unlimited Credit Card: Best for Graduate Students
Why we chose it: We chose the Chase Freedom Unlimited Credit Card as the best credit card for graduate students who may qualify for the strict approval requirement. The card provides excellent cash back and huge benefits compared to traditional student cards.
If you’re a college student with sufficient credit, you might qualify for Chase Freedom Unlimited®. You’ll earn an extra 1.5 percent on every purchase (up to $20,000 spent in the first year) – worth up to $300 in cash back. Earn 3 percent on drugstore purchases* and 5 percent on travel purchased with the help of Chase TravelSM.*
Chase Freedom Unlimited® is good for financing huge purchases or paying off card debt with the help of its 0 percent Intro APR on Balance Transfers for 15 months and 0 percent Intro APR on purchases for 15 months. This card includes various travel protections and has $0 annual fees.
Pros:
- No annual fee
- Generous cash-back rewards
- Low spending requirement to earn bonus
- spend $500 on purchases in the first 3 months from account opening and get a $200 bonus.
Cons:
- Foreign transaction fee
- High ongoing APR
Credit Score Needed: Excellent, Good
Annual Fees: $0
Bonus Rewards: Earn an extra 1.5% on everything you buy (on up to $20,000 spent in the first year)
5. Citi Simplicity Credit Card: Best for Balance Transfer
Why we chose it: We picked the Citi Simplicity Card as one the best credit cards for college students because it provides lengthy intro APR on balance transfers and high purchases. The offers enable you to finance card balances and purchases over an extended period without charging interest.
The Citi Simplicity® Card is the best option for students with current credit card debt. The card features a 0 percent APR for 21 months on Balance Transfers and 0 percent for 12 months on purchases (after which a 19.24% – 29.99% (Variable) applies)).
The Citi Simplicity® Card card comes with no annual fees, but it does charge an intro fee of 3 percent of each transfer ($5 minimum) completed within the first 120 days after opening an account. After that, 5 percent of each transfer ($5 minimum) foreign transaction fees if you purchase outside the U.S.
Pros:
- No late fees
- No annual fees
- Generous intro APR offers on purchases and balance transfers
Cons:
- Limited card benefits
- Foreign transaction fee
- Doesn’t earn rewards
Credit Score Needed: Excellent, Good
Annual Fees: $0
Bonus Rewards: N/A
6. Citi Double Cash Credit Card: Best for Medical Students
Why we chose it: We chose the Citi Double Cash Card because of its cash back structure, which does not need to track spending categories. It is often considered the ideal cash-back card for students pursuing medical studies.
This card allows you to earn cash back without tracking spending, perfect for a medical student’s schedule. The card earns 2 percent cash back on purchases: 1 percent when you purchase and 1 percent when you pay. To earn the cash back, you need to pay at least the minimum due on time.
Citi Double Cash® Card provides a 0 percent intro APR for 18 months (a 19.24% – 29.24% Variable) applies)). This card charges a 3 percent foreign transaction fee if you make the purchase outside the U.S., so it is not the best choice for medical students traveling abroad.
Pros:
- Generous welcome bonus
- No annual fees
- Simple rewards structure
Cons:
- Foreign transaction fees
- Potentially high APR
- No intro APR on purchases
Credit Score Needed: Excellent, Good, Fair
Annual Fees: $0
Bonus Rewards: Earn $200 Cash Back
7. OpenSky Secured Visa Credit Card: Best for No Credit
Why we chose it: We chose the OpenSky Secured Visa® Credit Card due to its lack of credit needs to get qualified, which provides an easy way for college students to access the credit.
No credit check is required to apply for the OpenSky Secured Visa Credit Card. Speaking of this card, it has an annual fee of $35 with a minimum $200 refundable security deposit.
Cardholders with this card can easily qualify for the credit line, which increases every six months if you use it responsibly, and can get an upgrade after six months by OpenSky®GoldVisa® Unsecured Credit Card.
Pros:
- Potential to upgrade to an unsecured card
- No credit check is required
Cons:
- No rewards
- Charges annual fees
- Requires a security deposit
Credit Score Needed: Fair, Poor, Bad, No Credit
Annual Fees: $35
Bonus Rewards: N/A
How to Choose the Best Credit Cards for College Students?
Choosing the right credit card is based on your needs and credit profile. While you may not currently qualify for the specific cards mentioned in our list if you have a lower credit score or small or no credit history, remember that your situation is not permanent. With diligent effort, you can increase your credit score and qualify for a credit card.
Look for the essential features that work best for you. For instance, if you’re traveling frequently or studying abroad, use a credit card that does not charge foreign transaction fees. Moreover, consider your spending pattern before choosing a student credit card.
Pros & Cons of Using the Best Credit Cards for College Students
Pros
- Issuers may provide points, miles, or cash back rewards for every spending to improve your card value and motivate you to use it.
- You can learn a few good habits and graduate with an excellent credit history, which will allow you to rent an apartment and make other purchases.
- Some credit card companies offer zero liability protection if your card number or credit card is stolen or lost, and they will not blame you for any unauthorized charges.
Cons
- Some college student credit cards allow you to earn rewards or cash back but at a lower interest rate than standard or regular cards.
- Student cards have lower limits than regular cards, as users do not have a history to show that they can responsibly use the credit card.
- Usually, the rates are higher than those of other cards, as students have less or no credit history to show the company.
- If you stop making card payments, your credit score will be poorly impacted, and you may need to pay late fees or extra charges.
Anything Left?
In a nutshell, the best credit cards for college students can help you gain insights into how to use credit cards responsibly, as they are great tools for building your credit score.
As you move ahead in your life, good credit can open various opportunities for you in terms of getting huge discounts and better rates. It is also needed for renting an apartment, financing, and even lending a job.
Look for every possible aspect of credit cards before applying for them, such as foreign transaction fees, annual fees, intro APR, welcome bonuses, rewards, etc., and enjoy the best out of them.
Apart from this, you can even look for the best credit cards for students with no income that can be more beneficial for you.
Chop-chop! Get your student credit card today and enjoy the best deals that come your way!
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