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How to Get the Best Student Credit Card

The education expenses nowadays are higher than ever. Average student has to pay for the bunch of things like accommodation, transport, books, food, etc., in addition to a single cost of college courses. It is not unusual, therefore, for lots of students to be overwhelmed with debts even before they graduate. However, there are several ways to get out of debt and finding the best student credit cards can be a good start in keeping the debt down. The first thing you should think about is to have your credit card debt consolidated, which can be of assistance in repaying your credit card debts and establishing a good credit history. Your credit score determines your credit card interest rate and has influence on your insurance payments, ability to buy the car, property mortgage, renting an apartment and even job chances. Thus, it is very important to build a good credit history before you leave college. Student credit cards are very helpful manner to establish good credit history. Apart from that, holding a student credit card will give you access to different card options and help you get cash refunded or rewards when you make purchases.

Tips on how to get the best student credit cards

To help you choose the best credit card for yourself, follow these useful guidelines:

  • Always read carefully terms and conditions of the cards. Compare different terms and conditions under diverse student credit cards to find the one that will give you the most rewards on purchasing;
  • Look for the cards that offer cash back options when making purchases and paying bills on time;
  • Search for the student credit cards that offer a 0% introductory APR for spending in the first months;
  • Keep in mind that this intro rate expires after designed period of time and after that you will have to pay a high interest rates starting from 12.99% and over.

Types of Credit Cards for College Students

Prepaid Credit Cards

Prepaid credit cards are a mixture of a traditional credit card and the debit card. Card holder is required to leave money into the account before he can really use it, which means that he can spend only the amount he had put into the account.

Different from debit cards, prepaid credit card is not linked to a checking account. It is possible to obtain these prepaid credit cards with low fees or no fees. Additional benefits of prepaid credit cards are following: they can be used anywhere without any risk of incurring debt, there are no late payment fees and overdraft fees and parents can transfer money to a prepaid card account at any time. Some of the prepaid credit cards’ drawbacks are that they cannot be used for emergency purposes if you didn’t put money on it previously, they cannot build your credit history and they do not offer cash back when you make purchasing.

Student Credit Cards

Student credit cards are designed especially for students over the age of 18 and normally have low interest rates. The main advantages of these cards are that they offer cash back and other rewards; they help you build your credit history; there are no overdraft fees and late payment fees and they can be used in case of emergency. However, if you fail to make payments on this card, it will negatively affect your credit and the interest rate will increase too. In addition, regarding to the Credit Card Act introduced in 2010, you may need a cosigner to get this credit card since you cannot put your household income when you apply for this card and you need to put your individual income instead. As a result, if you don’t have income, you’ll need someone to co-sign the loan.

Here it is a list of the best credit cards for students with no annual fee available in the market at present to help you choose the right credit card for yourself.

City Forward Card for College Students

This card offers rewards and gives you 5 points for every dollar you spend in book stores, video rental stores, record stores and restaurants and 1 point for every other dollar you spend purchasing. If you are paying your bills on time and staying within your limit you will earn 100 points monthly. With this card you will enjoy 0% intro APR on purchases for the first 7 months.

Discover Student Card

This card offers cash back and gives you 0.25% cash back on all purchases for the first $3,000 you spend annually and 5% cash back on rotating categories that change every three months, like dining, gas, movies and other. You can also enjoy 0% introductory APR on buying in the first 9 months.

Citi Dividend Platinum Select Card for College Students

With this card you can get 5% cash back on purchases in gas stations, utilities, convenience stores and supermarkets and 2% cash back for spending money in restaurants, on travel and more. You will also enjoy 1% cash back for any other purchases you make and 0% intro APR on the spending in the first 7 months.

Citi mtvU Platinum Select Visa Card

This is rewarding student credit card which gives you 5 points when purchasing in record stores, restaurants, theaters, video rental stores and book stores. You will earn 1 point for every dollar you spend and 25 points monthly for not exceeding your credit limit and paying your bills on time. There is no minimum income and cosigner required and you will enjoy 0% introductory APR on paying during the first 7 months.

Journey Student Rewards from Capital One

This student credit card is issued by Capital One. It offers rewards and cash back of 1% for all purchases you make. It also rewards you with 25% cash back while you are paying your bills on time. There is no balance transfer fee, you can redeem it any time you want and there is no limit to what you can earn.

Credit cards for student can be very helpful in financing your academic expenses. If you are careful, your student credit card will be very beneficial to you, just make sure to manage it in the right way.

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