When it comes to credit cards, students have very different needs from the average consumer. Since students tend to be young, they aren’t likely to have a very strong credit score. A low or non-existent credit score means that you’re excluded from many of the top credit cards. However, students who are going away to college are very likely to run into a situation that requires the use of a credit card. To tap into this market, credit card companies have released a number of cards that are targeted towards students. Let’s take a look at some of these cards.
Discover it for Students
Discover has released a version of its popular it card that is made specifically for students. This card requires a fair credit score. It has no recurring fees and an introductory APR of 0%. This 0% APR lasts for six months. There is also a cash back rewards program with this card. Discover it for Students has rotating categories that offer 5% cash back with a $1500 annual maximum. All other categories get 1% cash back.
Citi Dividend for College Students
The Citi Dividend for College Students credit card is very similar to Discover it for Students. It also offers 5% cash back on rotating categories. However, there is no annual maximum for these categories. Like the Discover it, this card also has 1% cash back for all other categories. The 0% APR period is also slightly longer at 7 months. However, this card may be slightly more difficult to get. It requires a good credit rating.
Citi Forward Card for College Students
This card by Citi focuses on rewards that are earned through their ThankYou Points system rather than cash back. Most purchases gain you 1 point per dollar spent. However, you are given five times the points for purchases that include restaurants, movies, music and books. There is also a 100 point bonus for paying on time and a 1000 point bonus for using paperless statements. ThankYou Points can be redeemed for items in Citi’s catalog. These items include things such as electronics and gift cards.
Journey Student Rewards from Capital One
Journey Student Rewards from Capital One is a credit card that is designed to help students build their credit rating from average to good. It also offers cash back rewards. However, it doesn’t offer 5% cash back for any categories. All categories award the user with 1% cash back. The lack of 5% categories may be offset by the fact that you are given a 25% cash back award for each billing cycle that is paid on time. This bonus may mean that this card offers more value to students with different spending habits.
Being a student without well-established credit doesn’t mean that you have to go without a credit cards. Credit card companies have made it very easy for you to have the advantages of a credit card while being able to use it to establish a stronger credit score. Be sure to weigh the advantages of each card so that you can decide which one will work the best for you.
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