Being a college student can be tough. You’re likely trying to balance your classes and
homework with a social life and a part-time job. After all, post-secondary education costs are
soaring in most of the United States. Having a credit card can be a useful cushion, especially in
case of emergencies, but only if it doesn’t cost you an arm and a leg.
While responsible use of your credit card is the biggest factor in keeping costs down, there are
some cards designed specifically with student life in mind. They offer low fees, reasonable
interest rates, and even some perks or rewards that will appeal to college-aged students.
Secured vs. Unsecured Credit Cards
Often, college students won’t have a very high credit score. They may not have any credit
history at all, really. That’s fairly normal. The result, however, is that some college students may
not qualify for a standard credit card.
Instead, you may only be able to get a secured credit card. It’s basically a prepaid student credit
card, where you make a cash deposit to secure a small credit limit. Then, after six or 12 months
of responsible use, you can upgrade to a normal credit card (and get your initial deposit back).
The cards on our list are generally not secured credit cards, though. Here are the top rated
student credit cards that you can apply for righ now.
Discover it Student Cash Back
The Discover it Student Cash Back card is a great choice for college students. It only requires a
Fair Credit Score to qualify and doesn’t come with an annual fee. (In fact, they advertise that
you don’t even need a credit score to apply.)
The interest rates are fairly standard, running between 16% and 25%, depending on your
creditworthiness. As an added bonus, there’s a 0% APR for the first six months and zero foreign
transaction fees.
This Discover card earns 5% cash back on plenty of common everyday purchases, like
Amazon, grocery stores, restaurants, and gas stations. Even purchases that don’t fit those
categories will earn 1% back. After the first year, Discover will match all the cash back you’ve
earned, instantly doubling it.
Chase Freedom Student Credit Card
The Chase Freedom Student card is fairly simple and straightforward. You get a blanket 1%
cashback on all purchases. No exceptions, but also no bonus categories that reward more. The
$0 annual fee is, of course, great for students on a budget. The 17.24% variable rate is also a
bit lower than many competing cards, which is nice.
There are a couple cash bonuses you can earn with this card. There’s a one-time $50 welcome
bonus if you meet spending goals after three months. There’s also a $20 annual Good Standing
bonus for the first five years, for another $100 total. You can also easily increase your credit limit
just by making on-time payments in the first ten months of opening your account.
Your cash back credits never expire and there is no minimum redemption amount. Chase also
offers a free credit score report, which is a great way for students to learn more about how their
credit report will impact their everyday lives.
Capital One Quicksilver Student Cash Rewards Card
Another popular zero fee credit card is the Capital One Quicksilver Student Cash Rewards
Card. While the official name of the card is a bit of a mouthful, it’s a strong contender in the
“best credit card for college students” segment.
Like the others on this list, it has a $0 annual fee. The APR is slightly higher, ranging from 18%
to 28%. However, the rewards are also slightly better. You’ll get 1.5% cash back on every single
purchase, no matter what. You’ll also get 5% back on hotels and rental cars booked through
Capital One Travel. There’s a $100 welcome bonus (if you meet the very easy spending
criteria).
Additional perks include no foreign transaction fees, no penalty APR hikes if you miss a
payment, and security features to keep your card safe from fraud.
Deserve EDU Mastercard for Students
The Deserve EDU Mastercard for Students is great for college kids who don’t have any real
credit history. Even those with poor credit (or none at all) can qualify for this card. It doesn’t
charge an annual fee and comes with an industry standard APR of between 17% and 28%,
depending on your application details.
The rewards program is meager, but you’ll still earn 1% back on all purchases. Other perks
include a free year of Amazon Prime (if you spend $500 in the first three months), $600 in cell
phone protection (if you use your card to pay your phone bill), and Mastercard Platinum
benefits.
Bank of America Travel Rewards Card For Students
If you plan to spend your college years traveling (spring break, here we come!), then the Bank
of America Travel Rewards Card For Students might be the best option for you. It has very low
credit requirements to apply, a $0 annual fee, and between 16% and 26% APR.
You’ll earn 1.5X points on every dollar spent, plus a 25,000 point bonus if you spend at least
$1,000 in your first 90 days. That’s a $250 value if you redeem it towards travel purchases.
There are no foreign transaction fees, which makes this Bank of America card perfect for
traveling. There are some expensive fees for cash advances and balance transfers, though, so
try to avoid using it for those things.