As you prepare to secure a US student credit card for your child heading to college, it is imperative to look at all your options before locking into just one. Today, the primary credit card companies and banks have taken great effort to develop these cards so they teach a student to handle financial responsibility while providing them with a means of paying for emergencies, school expenses, and other agreed upon items.
Because there are so many different types of US student credit cards, each with unique spending limits, features, services, etc, we wanted to provide a list of the top choices. The US student credit cards listed below are considered among the best currently being offered for a variety of reasons. The primary reason these cards rate high is because of low interest rate and fees, although attached rewards programs are highly beneficial.
Most US student credit cards require the individual to be a minimum of 18 years of age with the goal of establishing good credit. Keep in mind, that when used right, these cards are an excellent financial tool but if not handled responsibly, they can cause significant damage to the student’s credit score, taking years to repair.
• Discover Student Credit Card – The advantages of this particular card is the 5% cash back bonus for a number of categories to include department stores, travel, gasoline, groceries, restaurants, and more. Students would also enjoy a cash back bonus between 5% and 10% when purchases are made at Discover’s exclusive shopping mall online. In addition, when the card is used to buy textbooks, toiletries, and other items needed for college, an additional cash back bonus up to 1% applies. This card has a 0% Annual Percentage Rate during the introductory period of six months and after that, the rate goes to 13.99% to 20.00%.
• Citi Dividend Platinum Select Visa Student Credit Card – This is rated as one of the best US student credit cards on the market for several reasons. For one thing, the student does not need a cosigner. Other benefits include the 5% cash back on groceries, gas, drugstore items, convenience store items, and even utilities, which includes cable. This bonus is offered for the first six months, after which time it drops to 2%. However, another 1% is offered on all other purchased made with the card. For the first seven months, a 0% APR is offered, followed by a regular APR of 12.99% to 21.99%. This card also has a balance transfer offer with a fee of 4%.
• Citi Forward Student Credit Card – Another outstanding student card from Citi is the Forward card. This too requires no cosigner and when the bill is paid on time each month and charges never go over the approved credit limit, the student would receive 100 “thank you” points. Once approved after applying for the Forward card, as much as 8,500 bonus points would be added for choosing the paperless statement options and making purchases of at least $250 within the first three months. For the APR, when the card is used wisely, this would begin to decline. A 0% APR is offered for seven months on purchases and 12 months on balance transfers if the student qualifies. From there, the regular ARP would be 12.99% to 19.99%.
• Capital One Student Rewards Credit Card – The last of the US student cards we wanted to mention is from Capital One. This card has no annual fee, it provides a 2% cash back bonus when purchases are made on textbooks, cell phone bills, entertainment, and restaurants and then for all other purchases, the cash back reward is 1%. If preferred, students can set up automatic redemptions and the regular APR is higher than some other cards at 24.9%, it is still an excellent choice for establishing good credit.
Related posts: