Are you a student? or are checking for a loved one? This card is good for students who would want to build their credit while earning cashback rewards on spending, should get the Deserve EDU Mastercard. It is a unique credit card specially designed for them.
With great advantage like; no annual fee, no foreign transaction fees, and no credit history required for approval, it can be the perfect option to manage expenses in college while setting yourself up for financial success after graduation.
What is the Deserve EDU Mastercard?
The Deserve EDU Mastercard is a credit card created specifically for students by Deserve, a fintech company focused on helping people establish and strengthen their credit. This Mastercard comes with a host of student-friendly features, including:
#1. No Yearly Fee
As long as you make on-time monthly payments, this card won’t cost you a penny to keep open. That helps stretch your college budget further.
#2. No Need for Credit History
Deserve uses alternative data to evaluate applications, so you can qualify for the EDU card even as a student with no prior credit accounts.
#3. Cash Back on Purchases
You’ll earn 1% cash back on every purchase made with the Deserve EDU Mastercard. Cash back is automatically applied as a statement credit to your balance each month.
#4. No Foreign Transaction Fees
If you plan to study abroad or travel internationally during school breaks, this card won’t ding you with expensive foreign transaction fees that usually range from 3-5%.
#5. Free Year-End Summary
After each year ends, Deserve provides a summary of your account activity so you can analyze your spending patterns and cash back earned. This can help with budgeting and financial planning.
#6. Mobile App and Online Access
Deserve offers a user-friendly mobile app and online portal to manage your account, track spending, make payments, set alerts, view statements, and utilize other convenient cardholder tools.
Benefits of the Card
Beyond the core features designed for student cardholders, using the Deserve Edu card also comes with some nice perks and benefits.
0% Intro APR Period
Cell Phone Protection
Credit Limit Increases
24/7 U.S.-Based Customer Service
Eligibility for the Deserve EDU Card
The Deserve EDU Mastercard is exclusively for students enrolled in a college or university degree program. To qualify, you must:
> Be 18+ Years Old
You need to be at least 18 years old to legally enter into a financial agreement like a credit card.
>Have a Valid Student ID
During the application process, you’ll need to provide a scan or photo of a current student ID from your college or university showing your active enrollment status.
You don’t need to have existing credit history, but you do need verifiable income to prove you can manage monthly payments. Part-time job earnings, deposits from parents, financial aid awards, and other sources of income can qualify.
>Pass Identity Verification
To open a credit card account, you must confirm your identity by providing details like your Social Security Number. Deserve’s verification process helps prevent identity theft and fraud.
>Have a U.S. Bank Account
Finally, you must have an existing checking or savings account with a U.S. bank to link to your Deserve card for making monthly payments.
Deserve EDU Card Application Process
To apply for the Deserve EDU Mastercard, you will need to:
- Go to deserve.com and click on “Apply Now”
- Provide your name, email, phone number, and date of birth
- Verify your identity by providing your Social Security Number
- Confirm whether you are a U.S. citizen or permanent resident
- Enter your annual income from sources such as jobs, financial aid, family support etc.
- Upload a scan or photo of your current student ID card as enrollment proof
- Provide details of an existing U.S. checking or savings bank account
- Accept the cardholder terms and conditions before submitting the application
Once submitted, Deserve will process your application within 5-7 business days before providing an approval decision. They may request further verification documents during the review period.
How to Activate and Manage Your Deserve Card
If approved, you will receive your physical Deserve EDU Mastercard within 7-10 days. To activate it for use:
- Call or text the number on the sticker on your card
- Provide any additional identity verification details requested
- Set your card PIN for ATM access and cash advances
- Download the Deserve mobile app and login to access your new card account
The Deserve app and online portal allow you to:
- Check balances and view transaction history
- Set up payments or create a recurring auto-pay schedule
- Establish custom purchase alerts
- Contact customer service via chat
- Manage security controls like freezing your card or setting spending limits
Pros and Cons to Weigh
Some key advantages of the Deserve student card include:
- No annual fee or foreign transaction fees
- Potential for credit limit increases
- Earn 1% cash back on purchases
- Fraud protection keeps your account secure
However, there are some downsides to evaluate:
- High APR after the 0% intro period ends
- No option to add an authorized user
- Credit limit may initially start lower until you build score
How the Deserve EDU Card Builds Credit
A major benefit of opening a credit card as a college student is the opportunity it provides to build a positive credit history that will impact your financial life after graduation. Here is how responsible use of the Deserve EDU card can build your credit over time:
Making at least the minimum payment due each month by the due date is essential. Every on-time payment you make is reported to the major credit bureaus and shows you are a reliable borrower able to manage credit responsibly.
Low Credit Utilization
Using less than 30% of your total available credit limit monthly avoids maxing out your card and having high credit utilization that drags down your score. Keep your balance low compared to your limit.
There are several types of credit – credit cards, auto loans, mortgages, student loans, etc. Having a mix of different accounts instead of only one type shows you can successfully manage diverse credit products.
Age of Credit History
The longer you have open credit accounts in good standing, the better. Letting your Deserve account age over time has a positive impact as it builds your history of responsible long-term credit use.
The Deserve EDU Mastercard is specifically tailored for the unique needs of students through features like no annual fee, alternative approval requirements, and cash back rewards on everyday purchases.
Using this type of credit card rightly with your education expenses is a great way to establish financial skills and positive credit history that will set you up for success after college.