Credit cards for college students offer plenty of advantages. Every day, all over the country students at colleges receive waves of credit card offers in the mail. With lots of options, what are the best credit cards for you.
Most college students have limited experience with credit cards and other forms of credit. Accordingly, their credit histories are often thin or nonexistent. Therefore, the single most important reason for students to apply for credit cards is to build a positive credit history.
Students keen on building credit quickly need to look for cards that report timely payments to one or more (ideally all three) consumer credit reporting bureaus – and then keep up their end of the bargain by making in-full, on-time payments. The best student credit cards generally have low fees, reasonable APRs, and perks that specifically appeal to college students. A few even have cash back programs that reward spending on gas, groceries, dining out, and other routine purchases. Here’s a look at some of the best options on the market today.
1. Journey® Student Rewards from Capital One®
1% Cash Back on All Purchases; Minimal Fees; Good for Students With Average Credit
The Journey Student Credit Card from Capital One is a low-fee student credit card that’s ideal for students with decent credit and a penchant for cash back rewards. Its biggest benefit is definitely the cash back program, as all purchases earn 1% cash back, with no spending categories or limits. If you make your payments (at least the minimum) on time, you get a 0.25% cash back bonus on all purchases made during the corresponding billing period. You can redeem your rewards as a statement credit or check in $25 increments.
Other perks include an automatic credit line increase after five months of on-time payments, minimal fees, and the perks associated with the Capital One CreditWise feature – a great credit education tool. The biggest drawback is a fairly high APR, regardless of creditworthiness.