Student credit cards are special credit card products that are usually only available to students enrolled in college or university. They’re designed for people with little or no credit history, which is common among college students who haven’t had the opportunity to establish credit scores yet.
Don’t think that you need to get a student credit card just because you’re a student, it’s possible to get other cards with little or no credit, like secured credit cards which need a refundable security deposit. But you may also qualify for some of the best cashback or travel rewards credit cards, especially if you have established some credit scores already.
Meaning Of Student Credit Card
A student credit card is a credit card that is offered to students at the college level. Any student above the age of 18 years is eligible to apply for the credit card as it does not have an income eligibility limit. The cards have lower interest rates and have a validity period of 5 years.
List of 7 Best Students Credit Cards Issuers
- Deserve Edu student credit card
- Journey Student Rewards from Capital One
- Discover it Student Cash Back Card
- Citi Reward Student Card.
- Wells Fargo Cash Back College Card.
- State Farm Student Visa.
- Citi Secured MasterCard
How Can a Student Get a Credit Card?
- Earn 1% cashback on all your purchases.
- Enjoy no annual fee and no foreign transaction fees.
- Get a head start and build your credit with responsible use.
- Get access to a higher credit line after making your first 5 monthly payments on time.
- Monitor your credit profile with the Credit-Wise app, or CreditKarma.com, free for every student. Though there are other better alternatives to keep track of your credit card score.
How to Make Use of a Credit Card
- Become an authorized user on a parent’s account.
- Protect yourself from fraud.
- Open up your own credit card.
- Get the right credit card for you.
- Use the credit card for occasional, small purchases.
- Avoid big-ticket buys, except in cases of emergency.
- Pay off your balance each month.
- Pay all of your other bills on time.
Difference Of Student Credit Card and Regular Credit Card
The table below shows a clear difference between the Student Credit Card and Regular Credit Card
|Student Credit Card||Regular Credit Card|
|Student credit cards were created to help college students establish a credit history. They work just like regular credit cards, but they’re much easier to qualify for. … The card issuer just wants to be sure that you have the means to pay back what you owe.||The regular credit card is not like the student credit card that secures. Those ones are hoping that you fail to pay on time and that they can profit off of the interest made.|
|They have a lower interest rate.||They have a higher interest rate.|
|The student credit card will build your credit scores while costing you absolutely nothing.||The regular credit card will also build your credit card but you will definitely pay little or more interest rate.|
|Student credit cards have solid rewards programs to let you earn cashback or points on common purchases. Look for a student card that will reward you for the types of purchases you make frequently.||The regular credit card has few rewards, but it all depends on your credit score level.|
|The student credit card gives you extended warranties on purchases.||The regular credit card also gives an extended warranty, but many fail to make use of it.|
|One can apply for a student credit card without any income.||You must be an income earner for you to obtain a credit card. |
Recommended best student credit card issuer
The Deserve Edu credit card is available for college students with limited or no credit, and it can be used all around the world. You will only get 1% cash back for purchases made by you, but you’ll also get one free year of Amazon Prime Student.
There’s no fee for foreign transactions, and you’ll get a waiver for your first late payment if necessary. this is the best to be recommended to a student for travel with little or no charges.
Some cardholders may be given an offer of a one-year membership to Priority Pass Select for spending $1,000 within 120 days of receiving the offer. This provides airport lounge access at hundreds of lounges around the world, although you will need to pay a $27 fee per visit for yourself and a guest.
You must use your Deserve card as the primary payment method for Priority Pass charges, and your card must be on file with Priority Pass and in good standing at the time of lounge visit. You don’t need an SSN to apply for this card, and no security deposit is required.
International students will need their school document and proof of a U.S. bank account balance, student visa, passport ID when applying for the Deserve credit cards; Deserve also will consider not only your credit history but also things like;
- Current financial health
- Future employability
- Earnings potential
This gives people with poor credit or no credit files a better chance of approval. There are many more student credit card issuers but am recommending this because of their mouthwatering offer for students with little or no credit scores to enable them to travel without stress.