The Best Student Credit Cards in 2024: A Guide for College Students
As a college student, building credit is an essential step toward financial independence. Student credit cards offer a unique opportunity to start building credit, learn responsible money management, and even earn rewards. In 2024, several student credit cards stand out, offering great benefits, low fees, and flexibility tailored to students. This article breaks down the best options and how to choose the right one for you.
Why Consider a Student Credit Card?
A student credit card is a great financial tool for beginners because it’s designed specifically for students who may not have a lengthy credit history. The right card can help you:
- Build Credit Early: Using your card responsibly helps you establish a credit history, making it easier to qualify for loans, rent apartments, and get better interest rates in the future.
- Learn Financial Responsibility: Regular use of a credit card, combined with consistent payments, can help you build good financial habits.
- Earn Rewards: Many student credit cards offer cashback or points on everyday purchases, such as groceries, dining, or streaming services.
- Access to Benefits: Some cards offer extra perks like discounts on travel, no foreign transaction fees, and protection on purchases.
Top Student Credit Cards in 2024
Here are some of the best student credit cards for 2024, based on rewards, fees, and overall value:
1. Discover it® Student Cash Back
Key Features:
- 5% cashback in rotating categories (such as groceries, dining, and gas) each quarter, up to the quarterly maximum, after you activate.
- 1% unlimited cashback on all other purchases.
- No annual fee.
- Introductory APR: 0% on purchases for the first 6 months.
- Free access to FICO® Credit Score: Helps you keep track of your credit-building progress.
- Good Grade Reward: $20 statement credit each school year you maintain a GPA of 3.0 or higher (for up to 5 years).
Why It’s Great for Students: The Discover it® Student Cash Back card offers generous rewards on rotating categories like groceries and dining. The bonus for good grades is a unique perk that incentivizes academic success.
2. Chase Freedom® Student Credit Card
Key Features:
- 1% cashback on all purchases.
- $50 bonus after your first purchase within 3 months of account opening.
- No annual fee.
- $20 reward for each account anniversary, for up to 5 years.
- Credit Limit Increases: Consideration for a credit line increase after 5 monthly payments on time.
- Access to Chase’s Ultimate Rewards® Program.
Why It’s Great for Students: Chase Freedom® Student Credit Card is an excellent option for students who want a straightforward cashback card with the potential to grow their credit over time. The bonus for making payments on time and the anniversary rewards are helpful incentives for responsible card use.
3. Capital One SavorOne Student Cash Rewards Credit Card
Key Features:
- 3% cashback on dining, entertainment, popular streaming services, and grocery stores (excluding superstores like Walmart® and Target®).
- 1% cashback on all other purchases.
- No annual fee.
- No foreign transaction fees: Great for students studying abroad or traveling.
- CreditWise® access: Free access to your credit score and credit report monitoring.
Why It’s Great for Students: The Capital One SavorOne Student Cash Rewards Credit Card offers some of the highest cashback rates for dining and entertainment, which are frequent expense categories for students. Plus, the absence of foreign transaction fees makes it ideal for those who plan to travel abroad.
4. Bank of America® Customized Cash Rewards for Students
Key Features:
- 3% cashback in a category of your choice (including gas, online shopping, dining, or travel).
- 2% cashback at grocery stores and wholesale clubs.
- 1% cashback on all other purchases.
- No annual fee.
- $200 bonus after making at least $1,000 in purchases in the first 90 days.
- Access to your FICO® Score for free.
Why It’s Great for Students: The Bank of America® Customized Cash Rewards for Students card lets you choose a spending category for increased cashback, which is a rare feature among student cards. If you’re savvy about your budget, this card offers excellent earning potential.
5. Deserve® EDU Mastercard for Students
Key Features:
- 1% unlimited cashback on all purchases.
- No annual fee.
- No foreign transaction fees.
- Amazon Prime Student membership: Free for a year (a $69 value).
- Cell phone protection: Coverage for theft or damage when you pay your cell phone bill with the card.
Why It’s Great for Students: The Deserve® EDU Mastercard for Students stands out for offering perks like cell phone protection and a free year of Amazon Prime Student, which can be valuable for college students. Plus, the card is accessible even to international students without a Social Security number (SSN).
How to Choose the Best Student Credit Card for You
When selecting a student credit card, consider the following factors:
- Rewards Structure: Choose a card that rewards you for your typical spending habits. If you dine out often, look for a card that offers higher cashback on dining. If you do a lot of online shopping, pick a card that rewards online purchases.
- Fees: Avoid cards with annual fees or foreign transaction fees unless the benefits justify the cost.
- APR: While it’s best to pay your balance in full each month, knowing the card’s interest rate is essential in case you ever carry a balance.
- Credit Building Tools: Look for cards that provide access to your credit score and tools to help you build credit.
- Additional Perks: Some student cards offer extra benefits like free subscriptions, cell phone protection, or travel-related perks.
Tips for Using a Student Credit Card Responsibly
- Pay Your Balance in Full: Avoid paying interest by paying your statement balance in full every month.
- Make On-Time Payments: Your payment history is the most significant factor in your credit score, so always make timely payments.
- Monitor Your Credit Score: Regularly check your credit score to track your progress and identify any potential errors.
Conclusion
Getting a student credit card in 2024 is a fantastic way to build credit while taking advantage of rewards and perks tailored to your needs. Whether you prioritize cashback, no fees, or travel benefits, there’s a card on this list that fits your lifestyle. Be sure to use your card responsibly, and you’ll set yourself up for a solid financial future.