The 10 Best Credit Cards for Students in 2022 with 0 or Low APR
If you’re a college student, you may be looking for the best credit card. You need to find one that will allow you to build your credit rating. However, this is not an easy task since the market is flooded with many options. Ideally, you want something that has no annual fee and features rewards points or cashback.
It cannot be easy to manage your finances as a student. With school, work, and socializing, you might not know where the time goes. You also might not be aware of all the financial decisions you need to make.
For example, if you’re applying for a credit card to help build up your credit score, it can be hard to pick out cards that are best suited for students. That’s why we compiled this list of the 10 best credit cards for students in 2022.
Why Do You Need a Credit Card?
If you’re a student and want to build up your credit score but don’t know where to start, we have a solution. The 10 credit cards we’ve listed below are all good for students. However, we’ve included some information about what makes them different for you to consider.
It’s important to remember that credit cards are not free money. You need to understand how credit cards work and what they can do for you before applying for one.
Make sure you’re using your credit card responsibly and making payments on time. Many banks offer student cards, but not all provide the same things. If you want to build your credit score and save money on interest, you might want to consider a rewards card.
If you’re looking for a balance transfer card, you might want to find one with a 0 percent APR. We hope this list of the 10 best credit cards for students in 2022 will help you decide about your future as a student.
Student Cards Vs. Regular Cards
Picking out a credit card can be an overwhelming process. That’s why we’ve provided a list of the top 10 student credit cards. But the question remains: should you get a student card, or should you get a regular card?
The answer is: it depends. Some students prefer to get a student card to help build their credit score, while others prefer to get a regular card to earn more rewards. It would help if you considered your needs and what you want to get out of your credit card. If you’re looking for a way to build your credit, getting a student card is a way to go. If you’re looking for rewards, then getting a regular card might be better for you.
What’s more, student cards might have fees for additional services like cash advances and balance transfers. Regular cards usually offer these services for free. It’s important to weigh the cost of these services to determine which type of card will work best for you.
What to look in 2022 before selecting a student credit card
Specially designed for teenagers studying at college and working towards the completion of a degree, these credit cards function similarly to traditional credit cards. They are, however, more affordable to get and are a good choice for those who are students and are just beginning to build credit. There are numerous student credit cards available on the market in the present. When you are comparing choices, you should think about the following elements:
1. Annual Percentage Rate (APR)
The APR, also known as the annual percentage rate, also known as APR, could be very high for some student credit cards. Rates exceeding double digits are not uncommon. If you don’t pay off your account in full every month and have a higher APR, it can cause interest to accumulate, making it harder to pay off your credit card.
If you believe you might have an unpaid balance due to the possibility of a significant expense shortly, like a doctor visit, then choose a card with a lower APR.
Certain student credit cards have additional charges, like annual charges or account setup fees. There are a lot of no-cost cards to choose from, which is why there’s no need to pay for one which has added charges in particular if you’re on a tight budget. For example, this Deserve EDU Mastercard for Students card doesn’t charge an annual cost, an upfront or maintenance fees.
3. Applicant Requirements
The criteria for applying vary according to the card issuer. Applicants need to be at least 19 years old and possess a Social Security number. They must be earning income from their own or a cosigner who has a steady income to be eligible for.
Most credit card companies will require that applicants be current students. They might ask for proof of your enrollment, such as your anticipated graduation date. However, it is not the case for all issuers to require that. For instance Capital One’s Journey Student Credit Card from Capital One does not ask for proof of enrollment. You may be eligible even if you’re not attending college.
Certain credit cards for students offer rewards on purchases you make. For instance, you’d get 1.5 points for every dollar you spend using this Bank of America Travel Rewards Credit Card for Students. You can use your points for a credit on your statement that you can use to purchase hotels, flights, rental cars, and baggage fees.
The most popular types of rewards on credit cards are points, cashback as well as airline miles. If you’re looking for credit cards with rewards, you should look for one that has rewards you use. For example, a credit card with cashback could be more valuable than one that gives airline miles. Cashback to pay for school textbooks as well as other school-related expenses.
5. Spending Categories to earn Rewards
Although some cards give rewards with purchases regularly, other cards offer the rewards only in specific spending categories like gasoline, groceries or dining out at restaurants. If rewards are essential to you, you should ensure that you get them for the types of purchases you make regularly. It might be best to select an account with the same rewards rate for every purchase in other cases.
Another option is one option is the Chase Freedom Student Credit Card. It offers 1 per cent cashback on all purchases, and there’s no limit on the amount you can earn.
6. Credits are available after graduation
The way your accounts are handled after you leave the card issuer. Certain card issuers need you to complete an application to apply for another credit card. In contrast, others will switch your college account over to the standard credit card.
For the most straightforward change, choose the card that can be able to graduate along with you. For Discover it student cash Back Credit Card, cardholders can reach out to the company once they’ve graduated. And you can request to change it to the standard Discover credit card with more significant credit limits.
- Numerous major card issuers, including Bank of America, Chase and Discover — offer student credit cards.
- Much easier to acquire than other credit cards, students’ credit cards will help you build your credit score while at school.
- Certain student credit cards come with additional benefits such as reward points or travel insurance.
- Credit cards for students typically have the highest annual percentage rate (APRs) and charges.
- Conditions for eligibility vary by the card issuer.
Are student credit cards only for students?
Suppose you’re a part-time college student. Although most credit card issuers for students require that you are currently attending college, most of them do not require that you are fully enrolled. You may still be eligible for a credit card if you prove that you are graduating on time or other proof of your enrollment.
Suppose you’re not a college student but have a shaky credit history and struggle to be approved for a credit card. In that case, you may be wondering whether you could qualify for the credit you need as a student. There aren’t any limits on age for student cards. Age-related minimums and other restrictions can restrict your eligibility for a credit card geared towards students.
Alternate Credit Cards for Students
Suppose you’re not eligible for a credit card for students because you’re no longer in school or have a different reason. In that case, you can find other ways to increase your credit.
Credit cards that are secured. If you have a secured credit card, you’ll need to make a secure payment that serves as the credit limit. The credit card company will report the activity of your account to the major credit bureaus in turn. If you pay your bills punctually and responsibly use your credit card responsibly, you’ll build an excellent credit score. After a certain period, you’ll be able to get a regular credit card, which is not secured.
Credit cards for those with poor credit. Some credit cards are specifically designed to help people with low or with no credit. Although you may be able to get approval even with poor credit, be aware that these cards typically have high rates of interest and charges.
Retail cards. Credit cards that are retail or store cards only available at a specific retailer are usually simpler to acquire than regular credit cards. Although they might have higher interest rates, you can make purchases that are necessary and pay the balance in full every month to avoid having to pay interest. In time, retail cards can help increase your credit score so that you can be eligible for other kinds of cards.
The 10 Best Credit Cards for Students in 2022
This list of the 10 best credit cards for students in 2022 can help you choose the best card for your lifestyle. Take a look and see if any of these cards might be a good choice for you.
1. The Chase Sapphire Preferred Card
If you’re looking for a card that you can use for travel and dining, the Chase Sapphire Preferred Card is a great option. It offers 2x points on dining and travel and 1x points on all other purchases. It also has a sign-up bonus of 50,000 points after you spend $4,000 on the card in the first three months of account opening. Points can be redeemed for travel or cashback.
2. Bank of America Cash Rewards for Students
If you like to deposit your cashback into another bank account, the Bank of America Cash Rewards for Students might be the best option for you.
This card is great because it offers 3% back on all purchases up to $2,500 per quarter and 1% on all other purchases. This means you’ll get $300 back per year if you spend $25,000 on the card and $600 back per year if you spend $50,000 on the card.
You can redeem your cashback for a statement credit or ACH transfer to your Bank of America checking or savings account.
3. The Capital One Journey Student Credit Card
Capital One Journey Student Credit Card is a perfect way to start your credit card journey. The card is for students with 0-3 years of credit history. The Journey Student credit card offers many features for students, including a $1,000 credit limit and rewards for on-time payments and purchases made with the card.
Capital One Journey Student Credit Card has a $0 annual fee and a $0 balance transfer fee.This card has a pretty low annual percentage rate (APR) of 0% on purchases and balance transfers for the first year. It also offers a $100 credit to help you start your journey to good credit.
4. The Discover IT Student Credit Card
The Discover IT Student Credit Card is a good option if you are a first-year or sophomore student. This card gives you a fairly large credit line, helping you build a credit history. Plus, the card is free for the first year. The Discover IT Student Credit Card is a good choice for students with limited or no credit history.
The Discover IT Student Credit Card is a credit card recently launched by Discover. This card is specifically designed for the students. It earns cash back on Amazon.com and a free FICO credit score. The Discover IT Student Credit Card has a very low APR, so you can enjoy a low-interest rate even if you have a low credit score. The Discover IT Student Credit Card is a good choice for students with low credit scores.
This card is designed specifically for students with no annual fee, no over-the-limit fee, and an APR of 0% on purchases and balance transfers for the first year.
5. The CITI College Graduate Credit Card
The CITI College Graduate Credit Card is one of the best credit cards for tuition expenses. I highly recommend this card for college students. It is a great way to build your credit history, and it helps you save money on tuition expenses.
CITI college graduate credit card is designed for the needs of young professionals. Cardholders can earn 2X points on gas, groceries and restaurants. Earn 1X points on all other purchases. This card is tailored to students who have graduated in the last 24 months with no annual fee, no over-the-limit fee, and an APR of 0% on purchases and balance transfers for the first year.
6. Deserve EDU Mastercard for Students
The EDU Mastercard for Students is the best credit card for college students. With Deserve EDU Mastercard for Students, college students can establish or improve their credit history while also earning cashback rewards at the same time.
Suppose you are a college student between the ages of 18-24. In that case, you can apply for Deserve EDU Mastercard for Students, which offers 2% cash back at bookstores/movies/concerts/restaurants, 1% cash back at all other groceries, drug and convenience stores, and 1% cashback on any other purchases. It is quite similar to the old Discover It Student Cash Back.
This card does not charge an annual fee but has a 21.24% variable APR. However, suppose your credit history is not good enough to get approved. In that case, other excellent cash back credit cards for college students include Chase Freedom®, Discover it Cash Back, Citi Double Cash Card, and Wells Fargo Cash Wise Visa Card.
7. Bank of America Travel Rewards Credit Card for Students
The Bank of America Travel Rewards Credit Card for Students has a few interesting features that should help students who need to travel frequently. This card offers 1.5 points for every dollar spent on all purchases. Points can be redeemed for statement credits for travel-related purchases, flights, hotel stays, rental cars, baggage fees and more.
Conveniently, the card is accepted at most restaurants, stores and online retailers so that you can use it just about anywhere. Also, the card is easy to get. You can apply online right now. To qualify, you must be a current or former student age 23 or older and have a U.S. mailing address.
8. Bank of America Customized Cash Rewards Credit Card for Students
The Bank of America Customized Cash Rewards Credit Card for Students is a good option for college students who want to build up their credit scores. It has a very low annual fee (especially for a credit card with cashback rewards), it’s good to carry over any balances if you pay your balance in full each month, and there is no foreign transaction fee. The annual percentage rate (APR) is reasonable.
The rewards are good too because you can choose between receiving 1% cashback (great for little purchases like coffee, food, or textbooks) or 2% cashback (great for big purchases like laptops or books). Plus, if you’re enrolled in an eligible student program, you’ll even get a $25 account credit every school year. The Bank of America Customized Cash Rewards Credit Card for Students is a good credit card for students.
9. Capital One Quicksilver Student Cash Rewards Credit Card
Here are the things you should know before applying for the Capital One Quicksilver Student Cash Rewards Credit Card. You can earn unlimited 1.5% cash rewards on every purchase, every day. If you like to travel, there’s no foreign transaction fee on this card.
If you’re a student, you can apply with no annual fee, and you can get access to a higher credit line after making your first 5 monthly payments on time. You can use your card at any of the millions of locations that accept visas. If your income ever decreases, you can temporarily suspend your payments, but you need to contact customer service first.
10. Petal 2 Cash Back, No Fees Visa Card
The Petal 2 Cash Back, No Fees Visa Card was launched in 2013 by Citibank, NY, to give customers rewards on every purchase that they make on the card. It is a no-fee, no-frills cash back rewards card with no annual or late fees. Petal 2 Cash Back, No Fees Visa Card is good because it has good rates. The card offers 1% cashback on all purchases for your first 90 days.
As soon as your introductory rate expires, you will earn 1% cashback on all purchases. There are no annual or maintenance fees. For example, if you spend $1000 on the Petal 2 Cash Back, No Fees Visa Card, you will earn $10 cashback. If you spend $2500 on the Petal 2 Cash Back, No Fees Visa Card, you will earn $25 cashback.
3 tips not to miss before choosing the Student Credit Card?
You want to be careful about the type of credit card you’re applying for as a student. Since you’re not as experienced with finances as an adult, you want to make sure you’re getting the most out of the card. Before you fill out an application, look at some of the factors that make a student credit card a great choice.
- Building up your credit score: One of the biggest reasons a student would want a credit card is to build up their credit score. Many cards offer a reward for signing up and using the card for a certain amount of time. This is a great way to start building up your credit score.
- Interest rates: You don’t want to pay too much for your card. You want your interest rates to be as low as possible. Many cards offer 0% interest on balance transfers and purchases, which can make it easier to manage your finances.
- No annual fee: You might not be making much money as a student, so you don’t want to pay a fee to have a card. That’s why many cards offer cards with no annual fee—making it easy for you.
In conclusion, it is important to understand the different types of credit cards and how they work. This is because the type of credit card will impact the benefits you receive from it. When you are a student, you might not have a lot of credit history. This means that you might not be eligible for a lot of the best cards. If you are a student, these are the 10 best credit cards for students in 2022.