College students often face financial challenges, and choosing the right credit card can be one of them. With so many credit cards available, it can be overwhelming to decide which one to choose. The best credit cards for college students of 2024 offer rewards, low interest rates, and other benefits.
One of the best credit cards for college students is the Discover it Student Cash Back. This card offers 5% cash back on rotating categories each quarter, such as gas stations, restaurants, and grocery stores. It also offers 1% cash back on all other purchases and a $20 statement credit each school year for maintaining a GPA of 3.0 or higher. Another great option is the Citi Rewards+ Student Card, which offers 2X ThankYou points at supermarkets and gas stations and 1X ThankYou points on all other purchases. It also rounds up to the nearest 10 points on every purchase and offers a 10% points rebate on the first 100,000 points redeemed each year.
Criteria for Choosing a Credit Card
When it comes to choosing a credit card as a college student, there are several factors to consider. Here are some of the most important criteria to keep in mind:
Interest Rates and APR
One of the most important factors to consider when choosing a credit card is the interest rate and APR (annual percentage rate). Interest rates can vary widely between credit cards, and can have a big impact on how much you end up paying in interest charges over time. Look for a card with a low interest rate or APR, especially if you plan to carry a balance from month to month.
Rewards and Cash Back
Many credit cards offer rewards programs or cash back incentives for using the card. These rewards can include things like points that can be redeemed for travel or merchandise, or cash back that is credited to your account. Look for a card with rewards that match your spending habits, and make sure you understand the terms and conditions of the rewards program.
Credit Building Features
For college students who are just starting to build their credit history, it can be helpful to choose a credit card that offers credit building features. These might include things like credit monitoring, tools to help you track your credit score, or credit education resources. Look for a card that offers these features if you’re looking to build your credit history.
Fees and Charges
Finally, it’s important to consider the fees and charges associated with a credit card. These might include things like annual fees, late payment fees, or foreign transaction fees. Look for a card with low fees and charges, and make sure you understand the terms and conditions of the card before you apply.
By considering these criteria when choosing a credit card, college students can find a card that meets their needs and helps them build their credit history.
Top 6 Credit Cards for College Students
College students are often on a tight budget and need a credit card that offers rewards and benefits without charging high fees. Here are the top 6 credit cards for college students in 2024:
Discover it Student Cash Back
The Discover it Student Cash Back card offers 5% cash back on rotating categories such as gas stations, restaurants, and Amazon.com up to the quarterly maximum each time you activate. Additionally, students can earn 1% cash back on all other purchases. This card has no annual fee and no late fee on the first late payment. Discover also provides free access to your FICO credit score.
Chase Freedom Student
The Chase Freedom Student card offers 1% cash back on all purchases, plus a $50 bonus after the first purchase made within the first three months of opening the account. This card has no annual fee, and students can earn up to 5% cash back on quarterly rotating categories. Chase also provides free access to your credit score.
Capital One Journey Student
The Capital One Journey Student card offers 1% cash back on all purchases, plus an additional 0.25% cash back when you pay on time. This card has no annual fee, no foreign transaction fees, and provides free access to your credit score. Capital One also offers fraud coverage and alerts to help protect your account.
Bank of America Travel Rewards for Students
The Bank of America Travel Rewards for Students card offers 1.5 points per dollar spent on all purchases, and points can be redeemed for travel purchases such as flights, hotels, and car rentals. This card has no annual fee, no foreign transaction fees, and provides free access to your credit score. Bank of America also offers fraud protection and alerts.
Citi Rewards+ Student
The Citi Rewards+ Student card offers 2x ThankYou points at supermarkets and gas stations for the first $6,000 per year, and 1x ThankYou point on all other purchases. Additionally, this card rounds up to the nearest 10 points on every purchase. This card has no annual fee, and Citi provides free access to your credit score.
Wells Fargo Cash Back College Card
The Wells Fargo Cash Back College Card offers 3% cash back on gas, grocery, and drugstore purchases for the first six months, and 1% cash back on all other purchases. This card has no annual fee, and Wells Fargo provides free access to your credit score. Additionally, Wells Fargo offers overdraft protection and alerts to help manage your account.
In conclusion, these are the top 6 credit cards for college students in 2024 based on their rewards, benefits, and fees. It is important for students to choose a credit card that fits their financial needs and helps them build credit responsibly.
How to Apply for a Student Credit Card
Eligibility Requirements
Before applying for a student credit card, it’s important to review the eligibility requirements. Most credit card issuers require applicants to be at least 18 years old, have a steady source of income, and be enrolled in a college or university. Some issuers may also require a minimum credit score or credit history.
Application Process
The application process for a student credit card is similar to that of a regular credit card. Applicants will need to provide personal information such as their name, address, and Social Security number. They will also need to provide information about their income and employment status.
To apply for a student credit card, applicants can visit the issuer’s website or apply in person at a local bank branch. It’s important to compare different credit card offers and read the terms and conditions before applying.
Building a Credit History
A student credit card can be a great way to start building credit history. It’s important to use the credit card responsibly by making payments on time and keeping the balance low. This can help establish a good credit score, which can be beneficial when applying for loans or other forms of credit in the future.
Overall, applying for a student credit card can be a great way for college students to start building credit history. By reviewing the eligibility requirements, carefully completing the application process, and using the credit card responsibly, students can establish a solid credit foundation for their future financial endeavors.
Managing Your Credit Card Responsibly
Budgeting and Spending
One of the most important aspects of managing a credit card is budgeting and spending. College students should create a monthly budget to track their expenses and ensure they can make their credit card payments on time. It is important to only charge what can be paid off at the end of the month to avoid accruing interest and falling into debt.
Avoiding Debt
Credit card debt can quickly spiral out of control, so it is crucial for college students to avoid it. One way to do this is to only charge what can be paid off at the end of the month. Additionally, students should avoid taking out cash advances, as they often come with high fees and interest rates. Lastly, students should avoid applying for multiple credit cards at once, as this can lead to overspending and debt.
Monitoring Credit Score
College students should monitor their credit score regularly to ensure they are on track to building a good credit history. They can do this by checking their credit report for free once a year, and by signing up for credit monitoring services. It is important to report any errors or fraudulent activity immediately to the credit bureau to protect their credit score.
By following these tips, college students can manage their credit cards responsibly and build a strong credit history for their future.