Getting your first credit card can be an exciting milestone, but it’s important to choose the right card for your needs. As a student, you may be looking for a card with low fees, no annual fee, and rewards that can help you save money on everyday expenses.
Here are a few of the best credit cards for students:
- Discover it® Student Cash Back: This card offers 5% cash back on rotating categories each quarter, up to a quarterly maximum of $1,500 in purchases, then 1% cash back on all other purchases.
- Capital One SavorOne Student Cash Rewards Credit Card: This card offers 3% cash back on dining, entertainment, groceries, and streaming services, and 1% cash back on all other purchases.
- Bank of America® Cash Rewards credit card for Students: This card offers 3% cash back on gas, 2% cash back at grocery stores and wholesale clubs (on the first $1,500 in combined quarterly purchases, then 1%), 1% cash back on all other purchases.
- Deserve® EDU Mastercard for Students: This card offers 1% cash back on all purchases, with no annual fee or foreign transaction fees.
- Petal® 2 “Cash Back, No Fees” Visa® Credit Card: This card offers 1% cash back on all purchases, with no annual fee or foreign transaction fees.
When choosing a credit card, it’s important to consider the following factors:
- Annual fee: Some credit cards have an annual fee, which can range from $0 to $500 or more. If you’re a student on a budget, you may want to choose a card with no annual fee.
- Interest rate: The interest rate is the percentage of interest you’ll pay on your balance if you don’t pay it off in full each month. If you’re a student, you may want to choose a card with a low interest rate.
- Rewards: Some credit cards offer rewards programs, such as cash back, travel rewards, or points that can be redeemed for merchandise. If you’re a student, you may want to choose a card with a rewards program that can help you save money on everyday expenses.
It’s also important to use your credit card responsibly. This means paying your bill on time each month and keeping your credit utilization low. Credit utilization is the amount of credit you’re using compared to the total amount of credit you have available. It’s best to keep your credit utilization below 30%.
If you use your credit card responsibly, it can help you build a good credit history. A good credit history can save you money on interest and make it easier to qualify for loans and other forms of financing in the future.
