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Get Rewarded When You Spend (Responsibly, of Course)
As you head off to college this fall, you’ve likely got a lot on your mind. What is your roommate going to be like? Is taking a 20-credit course load going to be too much for your first semester? (Hint: yes.) The last thing you need to worry about is how you’re going to pay for that late night pizza run or the gas in your car.
Signing up for a credit card may be a good option to help you cover these expenses and any others you may face while you’re a student. In fact, there are credit cards just for students. (Note: If you are younger than 21, the Credit CARD Act of 2009 requires you either have a co-signer or be able to prove you have enough income to cover your monthly statements.)
Here, we’ve rounded up eight credit cards designed with students like you in mind and, to top it all off, they even offer you rewards in return for using them. Just make sure that you do so responsibly — pay your bills on time and don’t let the idea of getting more rewards points cause you to overspend (experts recommend keeping your debt level below 30%, and ideally 10%, of your credit limit, for the best credit scoring results).
Being a responsible credit card user can help you build a strong payment history and that can benefit you when you need good credit down the road, like when you apply for an auto loan. (You can see how your current debts are affecting your credit by pulling your credit reports for free each year at AnnualCreditReport.com and viewing two of your credit scores for free, updated each month, on Credit.com.)
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Petar Chernaev
1. Discover it for Students Card
Rewards: You’ll earn 5% cash back for purchases in categories that change each quarter, and 1% cash back on all other purchases. Also, keep up those grades because you can earn $20 cash back each school year when you have a 3.0 GPA or higher. New Discover it for Students credit card members also get a dollar-for-dollar match of all the cash back earned in the first year (at the end of the year) and you can redeem your rewards at any point, no matter the amount. You can even use your rewards on Amazon.
Annual Percentage Rate (APR): 0% for the first six months. After that, there’s a variable APR of 13.24% – 22.24% based on your creditworthiness.
Annual Fee: None
Foreign Transaction Fee: None
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Martin Dimitrov
2. BankAmericard Travel Rewards for Students
Rewards: You’ll earn an unlimited 1.5 points for every $1 spent and your points don’t expire. You’ll also earn a bonus 20,000 points when you spend $1,000 on purchases in the first 90 days after opening your card. You’ll also get an additional 10% customer bonus every time you redeem your rewards into a Bank of America account. You can use your points to help pay for flights, hotels, vacation packages, cruises, rental cars or baggage fees.
APR: 0% for the first 12 months. After that, there’s a variable APR of 15.24% – 23.24% based on your creditworthiness.
Annual Fee: None
Foreign Transaction Fee: None
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praetorianphoto
3. Citi ThankYou Preferred Card for College Students
Rewards: You’ll earn two ThankYou points per $1 spent at qualifying restaurants and on entertainment purchases and one ThankYou point on all other purchases. Plus, if you spend $500 in the first three months after opening your Citi ThankYou Preferred card for College Students account, you can earn 2,500 bonus ThankYou points. Points never expire and you can redeem them for a wide variety of things, ranging from gift cards and cash to electronics and travel rewards. (Full Disclosure: Citibank as well as Discover, Bank of America, Capital One and Barclaycard advertise on Credit.com, but that results in no preferential editorial treatment.)
APR: 0% for the first seven months. After that, there’s a variable APR of 14.24% – 24.24% based on your creditworthiness.
Annual Fee: None
Foreign Transaction Fee: 3% of each transaction (in U.S. dollars)
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andresr
4. Wells Fargo Cash Back College Visa Card
Rewards: You’ll earn 3% cash rewards on purchases you make at grocery stores, drugstores and at the gas pump and 1% cash back on all other qualifying purchases for the first six months. After that, you’ll get 1% cash back wherever you shop. You can redeem rewards in $25 increments, which you can get in several ways, including having them deposited directly to your Wells Fargo savings account, as a paper check, for a travel reward.
APR: 0% for the first six months. After that, there’s a variable APR of 11.40% – 21.40% based on your creditworthiness.
Annual Fee: None
Foreign Transaction Fee: 3% of each transaction (in U.S. dollars)
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monkeybusinessimages
5. Discover it Chrome for Students Card
Rewards: You’ll earn 2% cash back at gas stations and restaurants (on up to $1,000 in combined purchases each quarter) and 1% back on all other purchases beyond that. New card members also get a dollar-for-dollar match of all the cash back you earn in your first year (at the end of the year). You can use your rewards at Amazon and can get anywhere from $5 – $20 extra in rewards if you redeem them for gift cards or eCertificates. And, as long as you keep your Discover it Chrome for Students credit card account active, your rewards never expire and can be redeemed at any time.
APR: 0% for the first six months. After that, there’s a variable APR of 13.24% – 22.24% based on your creditworthiness.
Annual Fee: None
Foreign Transaction Fee: None
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sturti
6. BankAmericard Cash Rewards for Students
Rewards: 3% cash back on gas purchases, 2% back at grocery stores and wholesale clubs, and 1% cash back on other eligible purchases for the first $2,500 in combined purchases each quarter. You’ll also get an additional 10% customer bonus every time you redeem your rewards into a Bank of America account.
APR: 0% for the first 12 months. After that, there’s a variable APR of 13.24% – 23.24% based on your creditworthiness.
Annual Fee: None
Foreign Transaction Fee: 3% of each transaction (in U.S. dollars)
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vgajic
7. Journey Student Rewards Credit Card from Capital One
Rewards: You’ll earn 1% cash back on all your purchases. And to help keep you motivated to pay those monthly statements on time, know that with the Journey Student Rewards credit card from Capital One, you can get a boost of cash back to 1.25% on purchases when you do. And after you make your first five months of payments on time, you’ll have access to a higher credit line.
APR: 20.24%
Annual Fee: None
Foreign Transaction Fee: None
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AntonioGuillem
8. Upromise World MasterCard from Barclaycard
Rewards: Start out with a $50 cash back bonus after you use your card for the first time during the first 90 days after you open it. From there, you’ll earn 10% on some purchases (5% cash back for buying eligible items on Upromise.com plus 5% cash back when you use your card to buy those items), 2% cash back on eligible department store and movie theater transactions, and 1% cash back on all other purchases. And the rewards you earn can ultimately be put towards paying down your student loans.
APR: There’s a variable APR of 14.24% – 23.24% based on your creditworthiness.
Annual Fee: None
Foreign Transaction Fee: 3% of each transaction (in U.S. dollars)
At publishing time, the Discover it for Students, Citi ThankYou Preferred for College Students, Discover it Chrome for Students and the Capital One Journey Student Rewards credit cards are offered through Credit.com product pages, and Credit.com is compensated if our users apply and ultimately sign up for these cards. However, this relationship does not result in any preferential editorial treatment.
Note: It’s important to remember that interest rates, fees and terms for credit cards, loans and other financial products frequently change. As a result, rates, fees and terms for credit cards, loans and other financial products cited in these articles may have changed since the date of publication. Please be sure to verify current rates, fees and terms with credit card issuers, banks or other financial institutions directly.
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