Best Students Credit Cards Of 2023: A Detailed Guide

As a college student, having a credit card can provide financial flexibility and help you build a positive credit history. However, choosing a credit card that caters to your specific needs and offers benefits tailored for students is crucial. This article will explore the best credit card options for college students, considering different factors such as rewards programs, introductory offers, and fees. This guide will help you make an informed decision when selecting a credit card that suits your financial situation and goals.

1. Discover it® Student Cash Back

The Discover it® Student Cash Back credit card is popular among college students. It offers a generous cash-back rewards program, where you can earn up to 5% cash back on rotating categories, such as gas stations, restaurants, and grocery stores. Furthermore, Discover matches all the money you earned at the end of your first year, making it an attractive feature for students.

Pros

• Give a 5% cash-back opportunity on the purchase of daily consumed products
• Cash back match in the first year
• 1% cash back on all the different purchases
• No annual fee

Cons

• The 5% bonus cashback rate is capped at a maximum of $1,500 per quarter for eligible spending.
• Bonus categories for earning cash back must be switched on quarterly.
• Alongside the bonus cashback, the card offers a base reward rate of 1%.

2. The Capital One Quicksilver Student Cash Rewards Credit Card

This credit card is an excellent option for college students looking to earn cash-back rewards while building their credit history. This credit card offers a straightforward rewards program with no annual fee. This feature makes it an attractive choice for students on a budget.

Pros

• You can earn unlimited 1.5% cash back on daily purchases. Whether buying textbooks, dining out, or shopping for essentials, you can make money back on all your spending.
• Redeeming your cash-back rewards is hassle-free.
• No annual fee means enjoying the benefits and rewards without incurring additional costs.
• No foreign transactions and any other fees
• Protection from fraud

Cons

• The card does not offer higher cashback rates for specific categories like others.

3. Bank of America® Cash Rewards Credit Card for Students

The Bank of America® Cash Rewards Credit Card for Students offers a solid cashback program. You can earn up to 1.5% cash back on purchases and have a welcome bonus. You can also enjoy an extended introductory period of over a year with 0% APR (Annual Percentage Rate) on purchases and balance transfers.

Pros

• No annual fee
• Cash rewards
• Benefit from an introductory APR on purchases and balance transfers, providing a temporary period of lower or zero interest charges.
• Welcome bonus of up to $200
• Unlimited cash back earning
• Fraud security

Cons

• Minimal benefits
• Lack significant advantages
• High balance transfer fees and foreign transaction fees may impact your overall costs.

4. The Bank of America® Travel Rewards Credit Card

This student credit card is an excellent choice for college students who enjoy traveling or frequently make purchases related to travel. With this card, you can earn points on all purchases and redeem them for travel expenses. Additionally, the introductory APR offer makes this card a favorable choice for students who wish to make significant purchases or transfer debt from another card.

Pros

• You can earn unlimited 1.5 points for every dollar spent on purchases.
• Enjoy the perk of zero foreign transaction fees.
• The card has no annual fee, which benefits students on a budget. You can enjoy the rewards and benefits without worrying about additional costs.
• The card offers a 0% introductory APR on purchases for a specified period.

Cons

• While the rewards are travel-focused, the redemption options are limited to travel-related expenses.
• Experience the downside of a high balance transfer fee.
• Absence of bonus categories to amplify rewards
• High penalty APR and late fee.

5. The Capital One SavorOne Student Cash Rewards Credit Card

This card is a fantastic choice for college students who enjoy dining out and entertainment activities. This credit card offers generous cash-back rewards for dining, entertainment, and everyday purchases. With the SavorOne Student Card, you can earn unlimited 3% cash back on dining and entertainment, 2% at grocery stores, and 1% on all other purchases. This makes it an excellent option for students looking to earn rewards while managing their expenses.

Pros

• Exciting cash-back rewards
• No annual fee. You can enjoy the rewards and benefits without any additional costs.
• No foreign transaction fee
• $50% welcome bonus
• Credit building opportunities

Cons

• While the card offers generous rewards for dining and entertainment, it may not be as beneficial if you have different spending patterns.
• There is no low introductory fee.

Considerations for Choosing a Student Credit Card

If you need clarification on the various options available for student cards, here are some points you can look at while choosing one.

Introductory Offers: Look for credit cards that offer attractive introductory offers, such as 0% APR for a certain period, no annual fees, or bonus rewards for the first few months.

Rewards Programs: Evaluate the rewards programs offered by different cards and consider which ones align with your spending habits and preferences.

Credit-Building Features: If you're new to credit or want to improve your credit, consider cards that report to credit bureaus and offer tools or resources to help you build a positive credit history.

Fees and Interest Rates: Pay attention to annual fees, foreign transaction fees, and interest rates associated with the card, and choose one that aligns with your budget and spending patterns.

Customer Service and Mobile App: Look for cards with excellent customer service support and user-friendly mobile apps. These features can significantly enhance your credit card experience and provide convenience when managing your account.

Fraud Protection: Prioritize credit cards with robust fraud protection measures like real-time transaction monitoring and zero-liability policies. Knowing your card is protected against unauthorized use can give you peace of mind.

Conclusion

Choosing the right credit card as a college student is an important decision that can impact your financial journey and credit worthiness. The best credit card for you will depend on your spending habits, financial goals, and credit-building needs.

Consider the rewards programs, fees, credit-building features, customer service, and other factors discussed in this guide. This will help you make an informed decision and select a credit card that aligns with your needs and supports your financial growth. Remember to use your credit card responsibly, make timely payments, and monitor your spending to build a positive credit history for a solid financial future.