Student cards offer college students an ideal way to build credit and receive additional benefits like cashback rewards for everyday spending. Unfortunately, however, card companies usually require that applicants meet minimum income thresholds before being approved for a new card.
Students without a job often struggle to qualify for cards; however, you can increase your chances of approval by applying with a cosigner, applying for a secured card, or becoming authorized user on family member’s accounts. Just remember to use it responsibly and pay it off each month in full!
Students applying for cards typically provide their name, address, Social Security number and some additional information to the company. Once provided, this company reviews their credit report to see if they qualify for it – usually within minutes; or in cases of denial they will send out a letter outlining why.
Although specifics vary by issuer, card issuers generally consider any disposable income left after covering expenses such as rent and utilities – in other words, any cash left after bills have been paid (known as disposable income), as an indicator of whether someone can afford their payments on time; this often includes student allowance or part-time jobs as income sources. It should be noted that falsifying applications could be illegal and lead to serious repercussions.
Students should understand that cards can help build their credit scores if used responsibly. One potential drawback of cards can be missing payments, which has a detrimental impact on one’s score; high balances relative to one’s limit also lower one’s rating. Students should dedicate some time learning how cards fit into the overall financial landscape and how they can take steps to increase their own scores.
Table of Contents
1. Capital One Quicksilver Rewards for Students
This student card features an easy and straightforward rewards program designed for college students who can repay their balance regularly while enjoying solid cash back and additional cardholder perks. Though this kredittkort for studenter has a high variable APR range and lack of debt-avoiding protection may cause concern, as long as payments are made promptly this card makes a suitable option. This makes it my number one choice.
Capital One Quicksilver Rewards for Students stands out among student cards with its highly competitive flat rewards rate, no annual fee and lack of foreign transaction fees – making it an attractive option for newer students with little credit history or established relationships with lenders. Plus, as with other Capital One cards, early spend bonuses and consideration for credit limit increases after six months responsible card use is possible!
While this card doesn’t provide 0% APR or balance transfer intro periods, it does offer zero percent APR purchases for 18 months – useful when paying off large purchases like computers. Noforeign transaction fees apply making this card an ideal solution for travelers and students studying abroad.
Student credit cards often only offer rewards on certain categories, making this student credit card’s no-fee introductory period for cash back an appealing feature. Earn 1.5% back across all your purchases versus other student cards which may only offer this incentive on specific purchases.
This card does not charge an annual fee; however, there may be other standard card fees such as late payment and cash advance charges.
Capital One tends to be accommodating when it comes to altering card terms and conditions. If you feel ready, Capital One provides multiple card offerings geared specifically at students such as Journey Student Rewards or SavorOne Rewards for Students that you could downgrade into. But until you gain enough experience managing multiple cards simultaneously, it is probably wise to stick with one card until gaining confidence managing monthly balances and credit limits independently.
2. Discover It Student
Discover It Student is one of the best cards for students due to its generous cash back rewards, impressive first-year sign-up bonus and low annual fee. Earning up to 2% cash back across rotating quarterly spending categories and 1% elsewhere makes this card stand out. Plus, its innovative Freeze It feature allows card members to remotely block new purchases, balance transfers or cash advances should your card become lost or stolen from either their cardholder portal or app if the need arises.
Discover It Student stands out as an ideal option for students just beginning their financial lives, helping them establish credit. Rather than requiring prior credit history for approval, the Discover It Student card was specifically created to help build it from scratch – perfect for establishing one early.
For our selection of the top credit cards for students, we evaluated rewards programs, sign-up bonuses, eligibility requirements and features such as APRs and annual fees. We factored in on-time payments to build good credit scores; generally we advise cardholders against carrying balances; however if necessary it’s important that these cards offer low APR ranges so as to stay affordable if your debt needs arise from time to time.
When selecting a card, it’s also integral that it reports to all three major consumer credit bureaus: Experian, Equifax and TransUnion. By reporting across these three companies, payment behavior and utilization will be captured more accurately – helping improve your overall profile. Many student cards only report to two or less major bureaus which could negatively impact your scores.
Though most student cards do not charge annual fees, those that do can make them difficult for students on tight budgets to justify. Because of this, we only consider cards without annual fees in our rankings.
3. Chase Freedom Unlimited
Student cards can help build your credit history while providing access to purchases that may not be financially possible with cash alone. When used wisely, card rewards can also add additional incentives – though before considering getting another card it is recommended that you understand its impact on future finances.
College student credit cards offer many perks and rewards that will benefit them throughout their lives, so taking time to select one suitable to their spending patterns and needs is worth your while. Be sure to consider things such as fees, credit requirements and rewards rates before making your choice.
In general, the best student cards don’t charge an annual fee and have flexible eligibility requirements tailored specifically to students. These credit bureaus play an essential part in determining your credit score.
One of my top picks, Chase Freedom Unlimited, is an ideal solution for individuals with no or limited credit histories. It provides 1.5% cash back on all spending – which is one of the highest cashback rates among no annual fee cards – as well as free FICO scores and the ability to increase credit limits after making five on-time payments within 10 months after opening an account.
Discover it Student Chrome is another ideal student card, featuring a generous rewards structure with rotating quarterly bonus categories and no FICO score requirement. In addition, it features low annual fees and no late payment penalties – two features which provide newcomers to credit an advantage.
If you’re having difficulty qualifying for traditional cards, secured cards may offer an alternative solution. They require a deposit equal to your credit limit which will usually be returned when closing or upgrading to regular card from same issuer – usually at least $200 deposit is needed but some more expensive secured cards require even higher deposits.
4. Capital One SavorOne Student
Capital One SavorOne Student cards offer students the perfect way to build credit and enjoy all the conveniences and perks associated with having credit. Offering great cashback rates across popular categories like dining, entertainment, popular streaming services and groceries while reporting directly to major credit bureaus allows students to build up a credit history through responsible usage (spending below their limit and on time every month).
With no annual fee and an attractive signup bonus – $100 back when they spend $100 within their first three months using it – this card makes maintaining good standing an effortless feat. No foreign transaction fees apply here which makes this an invaluable choice for students studying abroad or traveling during breaks.
If the SavorOne Student doesn’t offer enough benefits, its stablemate – Capital One QuickSilver Rewards for Students card – provides outstanding value in many cash back categories and can even be applied for by those without college IDs – making these cards suitable for high schoolers ready to build credit histories.
Students, particularly those accustomed to seeing only 1-2% cashback on most purchases will appreciate that 3% cashback can make everyday spending much more rewarding than before. Plus, this card doesn’t require tracking specific categories like other student cards do in order to offer higher boosted rates on specific products.
SavorOne Student offers many great benefits for entertainment purchases made through Capital One Entertainment Portal – such as sporting events and VIP packages – while you also take advantage of MasterRental coverage (fees may apply) and 24-hour MasterAssist roadside assistance service.
Contrary to many student cards, SavorOne Student doesn’t offer an introductory APR offer – this may be disappointing for students looking to pay off large balances during this 0% promotional period; however, it remains an effective solution if their balances can be paid in full after this initial period has ended.