As college students settle in to the start of another school year, it only a matter of time before the inevitable flow of student credit cards offers began. Since 2010, students have not been deluge with as many offers as before. With this new found financial independence, there are new rules students for follow before they can find the best credit cards for their need.
The CARD Act changed the playing field and requires students under the age of 21 to show financial capability to make the credit card payments each month. Another option is to have a person over the age of 21 cosign the credit card application.
Features and benefits
Student credit cards come in handy for paying schools expenses books, groceries and utilities. .Many of these cards have cash back reward programs and other incentives to encourage students to pay their bills on time and to get good grades. Some cards have a system that offers a point for each dollar spent.
There are also cards with a 0% introductory APR on purchases. These are the best credit cards for students to take advantage of when they need the resources to purchase books or buy a computer. It allows them to carry the balance from month to month and have the time to pay off the balance before the intro APR expires without incurring interest charges.
To help students choose the best credit cards for their use, here is a list of some of the best credit cards for college freshman.
Discover It Student Card – This card has one of the best cash rebate offers on the market. The Discover IT Student Card delivers 5% rebate on categories that changes every quarter. Students can get cash back on expenditures for dinning, movies, gas and more. On all other purchases, the issuer pay 1% cash back The card has a 0% introductory rate for the first six months. You can choose from hundreds of designs and there is no annual fee, overlimit fee or late fee on the first payment.
Journey Student Rewards from Capital One – This product by Capital One gives you straight 1% cash back on everything you buy. Each month, you receive an additional 25% rebate on the cash back you earn, but to qualify, you must pay your bill on time. One of the good features about this rewards program is that the points do not expire and there is no limit on what you can earn. The card does not have a transfer fee.
Citi Forward Card for College Students – You can receive 5 points for specific purchases– book stores, restaurants, video rental stores and movie theaters. The Citi Forward Card for College Students also pays 1 point for every other dollar you spend on purchases. As long as you keep within your credit limit and pay the bill on time, you can earn another 100 points each month. The card introductory period extends seven months. The regular APR can range between 13.99%-23.99% and depends on the creditworthiness of the cardholder.
BankAmericard Cash Rewards for Students – Cardholders receive a 1% cash rebate on all purchases. The BankAmericard Cash Rewards for Students card pays 2% cash back on groceries and 3% gas up to $1,500 for combined gas and grocery purchases each quarter. There is no annual fee and the card has a fixed date for the monthly payment. Student can earn a $100 cash rewards bonus after you make $500 in purchases within the first 90 days of opening the account.