Credit card options may not be at the top of most college students’ minds.
However, your college years are the ideal time to begin building a solid credit history.
Furthermore, college students have a lot of expenses such as tuition, books, and meal plans.
And so on, presenting an excellent opportunity to earn some rewards for the money you’re going to spend anyway.
So, whether you’re getting your first credit card or already have some credit history.
Finding the right credit card can make a big difference in how well college students can handle their money.
But there are so many choices, how do you know which one will work best for you?
In this guide, we’ll talk about the different types of rewards, annual fees, and standards for your credit score.
Based on what we’ve learned, college students who want to build credit and earn points should get the Chase Freedom Student Card.
This full guide will help you make a good choice, so let’s get started!
1. How well do you know what’s most important to you?
Before you start using credit cards, you should figure out what’s most important to you.
Are you looking for a card with a low interest rate, cash back, or trip rewards?
Think about the following things:
A. Prizes
Different credit cards offer different kinds of benefits, like cash back, points, or miles.
Figure out which type of reward you’d like the most and fits with how you usually spend money.
B. Fees per year
Some credit cards have yearly fees, while others don’t.
If you don’t spend a lot, a credit card with no yearly fee might be better for you.
C. Requirements for a credit score
Last, you should think about your credit score.
If your credit score is good, you may be able to get credit cards with better perks and lower interest rates.
If you’re just starting to build credit, look for cards made for students or people with little credit history.
2. Chase Freedom Student Card is our top pick.
The Chase Freedom Student Card is a great choice for college students, according to our research. This is why:
A. 1% cash back on everything you buy
This card has a simple points program that gives you 1% cash back on everything you buy.
This means that every time you use your card, no matter what you buy, you’ll get a prize.
B. Sign-up Bonus of $50
You’ll get a $50 sign-up bonus when you open a new Chase Freedom Student Card account and make your first purchase.
This is a great way to start getting prizes right away.
C. No yearly charge
This card doesn’t have an annual fee, which makes it a good choice for students who might not spend enough to make an annual fee worth it.
D. Designed for College Students
The Chase Freedom Student Card is made just for college students, which makes it easy to get even if you don’t have much credit history.
It also has tools to help you build your credit and keep track of your progress.
3. Other Credit Cards for Students to Think About
Even though the Chase Freedom Student Card is our top pick, you should look into other choices to find the one that works best for you.
Here are some other options to think about:
A. Find out® Cash Back for Students
This card gives 5% cash back (up to a quarterly limit) on rotating categories and 1% cash back on all other purchases.
It also doesn’t cost anything every year, and students with a GPA of 3.0 or better can take part in the Good Grades Reward program.
B. Cash Rewards Credit Card from Bank of America for Students
This card lets you pick your own 3% cash back area from a list.
It also gives you 2% cash back on purchases made at grocery stores and 1% cash back on all other purchases.
There is also no fee every year.
C. Capital One QuicksilverOne Student Card
With this card, you’ll get 1.5% cash back on everything you buy.
There is a $39 annual fee, but the rate of rewards is a little bit better than with the Chase Freedom Student Card.
4. Using your student credit card to its fullest
Getting the right student credit card is an important part of keeping track of your money in college.
You can find a card that fits your wants and spending habits by giving careful thought to things like rewards, annual fees, and credit score requirements.
The Chase Freedom Student Card is our top pick because it offers 1% cash back, a $50 sign-up bonus, and no yearly fee.
This makes it a great choice for college students who want to build credit and get rewards.
But it’s important to look into other choices like the Discover it® Student Cash Back, Bank of America® Cash Rewards Credit Card for Students, and Capital One QuicksilverOne Student Card to make sure you make the best decision for your financial future.
Once you’ve picked a card, use it wisely by paying off the full amount every month, keeping your credit utilization low, and checking your credit score often.
If you do this, you’ll be well on your way to having a good credit history and getting the benefits of using credit cards responsibly.
