Years ago, students, particularly those who have reached 18 years
old, could easily get a credit card. Since the implementation of the CARD Act
of 2009, though, it has become a lot harder for students under 21 years of age
to get their own plastics for personal use. The Act aimed to protect students
from debt while they are still in college.
Nowadays, a wide number of cards are available for students who
are able to meet the requirements set forth by the CARD Act. Given the huge number of cards today, it may
be challenging to narrow down the list to get the best credit cards for
students. Nevertheless, here are the
most valuable cards that you can start with as you shop around for your first
plastic:
JourneySM Student Rewards from
Capital One®
This is one unbeatable card equipped with tons of features for
students. It is a cash back rewards card that will let you earn higher than the
standard 1% for every dollar you spend. You need to pay your balances on time,
though, to keep your rewards. Clearly, it teaches students how to build their
credit history the right way. This is also ideal for students who are planning to
study abroad since this does not have foreign transaction fees.
Citi® Dividend Platinum Select® Card
for College Students
You can apply for this card even if you have no co-signer.
However, you must meet the income requirements to qualify for the card. This is
a well-known rewards card especially designed for students who are establishing
their credit history. While you spend credits on purchases at drugstores, gas
stations, supermarkets, and others, you earn 5% cash back during the first six
months of card opening. There are rotating categories that you can sign up for
to earn more bonus points. All other purchases you make that do not fit in the
category will still be rewarded.
Discover® Student More Card
With this card, you are permitted to present a co-signer in case
you are below 21 years of age and are not earning income to pay your bills. The
interest rates are competitive, even for those who do not have credit history
yet. The average credit limit is reasonable. The not too high limit keeps you
away from being lured to spend more than you can afford. The rewards are great
just like most student cards, but note that it is capped at $1,500 only.
Wells Fargo Cash BackSM College Visa®
Card
If you have good credit and you wish to maintain it, this is a
good card to consider. It is one of the few cards that have low interest rates
for students. This is not recommended for those who are planning to go and
study abroad, though, as it charges high foreign transaction fee. There is an
introductory period where you get to purchase whatever you want without
incurring interest. Note that you have to make at least the minimum payment to
take advantage of the offer for six months.
The best credit cards for students not only come with great
rewards. They should also have reasonable fees and educational tools to help
the young ones manage their credit responsibly. When searching for your own
card, carefully weigh the features of each and pick the one that can give you
the most rewards.
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