Best Student Credit Cards 2024 – Students in higher education are at a turning point. Credit is the fundamental cornerstone of a stable financial future, yet it can be challenging to establish. Banks desire lifelong clients, but they don’t want to extend credit to people who can’t or won’t pay it back.
I’m talking about the student credit card. Student credit cards can act as a stepping stone to future credit offers that are more beneficial because they have lower credit limits and benefits that are customized to college students. The Credit CARD Act of 2009 mandates that individuals under the age of 21 cannot be granted credit cards unless a parent or guardian co-signs for them or they have an independent income.
What Is a Student Credit Card?
Student credit cards are a bridge to future credit offers with higher value because they have lower credit limits and incentives designed specifically for college students.
By consistently making on-time, full payments on your bills, you can establish a credit history that will make it much simpler and more affordable for you to obtain further loans in the future, such as a mortgage, auto loan, or another credit card. The risk of taking on too much too soon should be considered, though: These student credit cards aren’t just for fun; they have the potential to harm or ruin credit just as readily as they can build it.
When Should I Get a Student Credit Card?
According to the Credit CARD Act of 2009, anyone under the age of 21 cannot be granted a credit card unless a parent or legal guardian co-signs or the student has independent income. Student credit cards fall under this restriction. The only options may be to wait till you are 21 years old or to have a separate source of income because many credit card companies don’t allow co-signers. We advise reading our article on how to apply for your first credit card if you’re about to do so.
How To Avoid Student Credit Card Debt
Always read the small print and be aware of your duties before signing any credit card agreements. You can generally prevent the kind of horror story you may have read about exorbitant debt and damaged credit by managing your personal finances, educating yourself, and refraining from spending money you don’t have.
If you don’t think you have the necessary knowledge or expertise with credit or credit cards yet, consider looking through some of our educational resources on crucial credit card concepts.
Best Credit Cards for College Students
Discover it® Student Cash Back
Here’s a great approach for kids with fair or bad credit to learn how to manage credit. There is no annual charge, no penalty APR, and you can receive up to 5% cashback rewards in certain categories (up to a quarterly cap with enrollment and 1% back on other transactions). we give this card an “A” for effort.
Pros
- after enrollment, receive 5% cashback on a variety of bonus categories.
- introductory cash-back match
Cons
- $1,500 in spending every quarter is the maximum bonus cashback rate of 5%.
- Bonuses must be engaged every quarter.
- A low basic reward of 1%
Bank of America® Travel Rewards credit card for Students
Students who study abroad will not be charged any international transaction fees and will not be required to pay an annual fee while earning flat-rate reward points with numerous flexible trip redemption possibilities. Students who need to make a large purchase or transfer debt from another card might choose this card because of the introductory APR offer.
Pros
- numerous ways to redeem awards
- every $1 you purchase will get you an unlimited 1.5 points.
- Zero foreign transaction fees
- The welcome bonus that is simple to obtain
Cons
- excessive balance transfer fees.
- No other prize categories exist.
- late fee and high penalty APR.
Bank of America® Unlimited Cash Rewards credit card for Students
Take advantage of a welcome bonus, flat-rate rewards, and an introductory APR of more than a year on purchases and debt transfers. Earn an unlimited 1.5% cash back on all transactions; there is no annual fee; there is no cap on how much cash back you can accumulate; and cash rewards never expire.
Pros
- No yearly charge
- APR on purchases and balance transfers at launch
- dependable rewards earning
- welcome reward
Cons
- minimal advantages
- substantial balance transfer fee
- an excessive foreign transaction fee
Capital One Quicksilver Student Cash Rewards Credit Card
With no yearly charge, you may simultaneously improve your credit and get flat-rate cash back. Every purchase you make qualifies for an unlimited 1.5% cash-back reward. You may also use your card responsibly to develop your credit and have peace of mind knowing that you are not liable for any unauthorized charges.
Pros
- Absence of foreign transaction fees
- Zero yearly fees
- Amazing supplementary advantages
- Exceptional cash-back benefits for a student credit card
Cons
- Better earning potential may be found with other student cards.
Capital One SavorOne Student Cash Rewards Credit Card
While you’re establishing your credit history, you can receive increased cash back on purchases like groceries, dining out, entertainment, and some streaming services. There is also no yearly cost, no international transaction fees, and no hidden fees, so you can rest easy knowing that you won’t be held liable for unauthorized payments.
Pros
- zero yearly fees
- absence of foreign transaction fees
- Superb cash-back incentives
Cons
- No introductory weakening Categories for APR Limited’s bonus cash-back rewards.
Frequently Asked Questions
Can International Students Apply for a Credit Card?
Yes, foreign students can typically apply for a lot of credit cards. However, those credit card applications (i.e., the majority of them) that need a credit check will call for either a Social Security number or an ITIN number. Even if there are more procedures and the procedure could be trickier, it is still possible for an overseas student to get a credit card.
What Happens when you Graduate to Student Credit Cards?
A lot of service providers allow customers to “graduate” from a student-only account to a public account without destroying the account’s payment history. Your account is unlikely to be closed when you graduate, regardless of how the issuer classifies it, and the card should continue to work.
In the end, credit cards are just another kind of instrument. If handled correctly, a hammer can drive a nail, but if not, it can also break your thumb. Credit cards can be advantageous to consumers if they are used carefully. However, compared to alternatives, they typically present a more rewarding and favorable financial solution. There are other options besides student credit cards for building credit and expanding your financial options while you’re in school.