As a student, you may be looking for a credit card that can help you build your credit history and earn rewards at the same time. However, with so many options available, it can be challenging to choose a student credit card that matches your needs and lifestyle.
Look for a card with no annual fee: As a student, you may not have a lot of disposable income to spend on credit card fees. Look for a card with no annual fee to save money and avoid unnecessary expenses.
Consider rewards programs: Many student credit cards offer rewards programs, such as cashback or points, which can be redeemed for merchandise or travel. Look for a rewards program that aligns with your spending habits and offers rewards that you will actually use.
Check the interest rate: The interest rate, or APR, is the rate at which you will be charged interest on your outstanding balance. Look for a card with a low interest rate, especially if you plan on carrying a balance from month to month.
Evaluate credit limits: Your credit limit determines how much you can spend on your credit card. Look for a card with a credit limit that matches your spending needs and habits, but be mindful not to overspend and accumulate debt.
Check for foreign transaction fees: If you plan on traveling abroad, look for a card that doesn’t charge foreign transaction fees. These fees can add up quickly and eat into any rewards you may earn.
Look for additional perks: Some student credit cards offer additional perks, such as free access to credit monitoring services, free credit score reports, and extended warranties on purchases. Consider these perks when evaluating your options.
Some popular student credit cards include:
Discover it Student Cash Back: This card offers 5% cashback on rotating categories that change quarterly, and 1% cashback on all other purchases.
Citi Rewards+ Student Card: This card rounds up rewards earned on purchases to the nearest 10 points and offers 2X ThankYou points at supermarkets and gas stations for the first $6,000 per year.
Bank of America Cash Rewards for Students: This card offers 3% cashback in the category of your choice, 2% at grocery stores and wholesale clubs, and 1% on all other purchases.
In conclusion, choosing a student credit card requires careful evaluation of your needs and spending habits. Look for a card with no annual fee, rewards programs, low interest rates, and appropriate credit limits. Don’t forget to evaluate additional perks and consider popular student credit card options like Discover it Student Cash Back, Citi Rewards+ Student Card, and Bank of America Cash Rewards for Students. By choosing a card that matches your needs and lifestyle, you can build your credit history and earn rewards while maintaining financial responsibility.
