Student Credit Cards with Rewards
For students, building credit is crucial for long-term financial health. One of the most effective ways to start this journey is through student credit cards. These cards are designed for those with little to no credit history, making them accessible to college students. Even better, many of them offer rewards, such as cashback or points, allowing students to benefit from their spending.
In 2024, credit card issuers continue to enhance their offers, with many providing lucrative rewards, low-interest rates, and student-friendly perks. This article will guide you through the best student credit cards with rewards in 2024, helping you make an informed decision about which card is best suited for your needs.
What Are Student Credit Cards with Rewards?
Student credit cards with rewards are specially designed for college students who are new to credit. Unlike standard credit cards, these typically have lower credit limits, are more lenient in approval, and come with rewards tailored to students. Rewards may include cashback, points for purchases, or travel benefits.
These cards also offer financial benefits beyond rewards. They help students build credit history, making it easier to qualify for loans or mortgages after graduation. Furthermore, many come with student-centric features like no annual fees, lower interest rates, and flexible payment options.
Benefits of Student Credit Cards with Rewards 2024
- Build Credit Early: Establishing credit while in college gives students a jumpstart on their financial future.
- Earn Cashback and Points: Many student credit cards offer rewards on everyday purchases like dining, groceries, and gas.
- No Annual Fees: Most student cards waive annual fees, making them budget-friendly.
- Introductory APR Offers: Some cards provide a 0% APR period, helping students avoid interest on balances for the first few months.
- Educational Tools: Credit card companies often provide tools and resources to help students manage their finances responsibly.
Top Student Credit Cards with Rewards in 2024
Let’s explore some of the best student credit cards with rewards for the year 2024:
1. Discover it® Student Cash Back
The Discover it® Student Cash Back card stands out for its rotating 5% cashback categories and no annual fee. Students can earn 5% cashback on everyday purchases in specific categories such as gas stations, grocery stores, and Amazon.com (up to the quarterly maximum when you activate). All other purchases earn 1% cashback.
- Rewards: 5% cashback on rotating categories, 1% on all other purchases.
- Intro Offer: Unlimited Cashback Match – Discover matches all cashback earned at the end of the first year.
- APR: 0% intro APR on purchases for 6 months, then 17.24% – 26.24% variable APR.
- Why It’s Great for Students: The rotating categories allow students to earn rewards on a wide variety of everyday purchases.
2. Chase Freedom® Student Credit Card
The Chase Freedom® Student card is perfect for those looking to earn consistent rewards. With this card, students earn 1% cashback on all purchases. Additionally, they can enjoy perks like free access to their credit score and a $50 bonus after making their first purchase within three months of account opening.
- Rewards: 1% cashback on all purchases.
- Intro Offer: $50 bonus after first purchase.
- APR: 0% intro APR for 6 months on purchases, then 17.99% – 27.74% variable APR.
- Why It’s Great for Students: Simple and straightforward rewards structure without the need for activating categories.
3. Capital One SavorOne Student Cash Rewards Credit Card
For students who love dining and entertainment, the Capital One SavorOne Student Cash Rewards card is a great pick. It offers 3% cashback on dining, entertainment, streaming services, and at grocery stores. All other purchases earn 1% cashback.
- Rewards: 3% cashback on dining, entertainment, and grocery stores; 1% on other purchases.
- Intro Offer: None, but consistent cashback makes it highly attractive.
- APR: 0% intro APR for 15 months, then 19.99% – 29.99% variable APR.
- Why It’s Great for Students: High rewards for categories students often spend on.
4. Bank of America® Unlimited Cash Rewards for Students
The Bank of America® Unlimited Cash Rewards card is excellent for students who prefer simple, flat-rate rewards. It offers 1.5% cashback on every purchase, with no rotating categories to track.
- Rewards: 1.5% cashback on all purchases.
- Intro Offer: $200 cash rewards bonus after $1,000 in purchases within the first 90 days.
- APR: 0% intro APR for 18 months, then 18.24% – 28.24% variable APR.
- Why It’s Great for Students: Simplicity and a generous intro bonus make it ideal for busy students.
5. Deserve® EDU Mastercard for Students
This card is an excellent option for international students as it does not require a Social Security Number (SSN) to apply. It offers 1% cashback on all purchases and comes with benefits like one year of Amazon Prime Student membership for free.
- Rewards: 1% cashback on all purchases.
- Intro Offer: One year of Amazon Prime Student.
- APR: 22.99% variable APR.
- Why It’s Great for Students: No SSN requirement makes it accessible for international students.
How to Choose the Right Student Credit Card 2024
When selecting a student credit card, it’s essential to consider the following factors:
- Rewards Structure: Choose a card with rewards that align with your spending habits. If you dine out often, a card with high cashback on dining may be best.
- Introductory Offers: Many student cards come with sign-up bonuses or intro APR offers. Make sure to maximize these benefits.
- Annual Fees: Most student cards come with no annual fee, which is ideal for students on a budget.
- APR: Keep an eye on the card’s regular APR once the introductory period ends. A lower APR will help you avoid high interest charges if you carry a balance.
- Credit-Building Tools: Look for cards that offer free credit score tracking and financial education resources.
How to Use Student Credit Cards Responsibly
While credit cards offer numerous benefits, they can lead to debt if misused. Here are some tips for using student credit cards responsibly:
- Pay on Time: Late payments can damage your credit score and result in hefty fees.
- Keep Your Balance Low: Ideally, keep your credit utilization below 30%.
- Avoid Unnecessary Purchases: Only charge what you can afford to pay off each month.
- Track Your Spending: Use the card’s app to monitor transactions and set budget alerts.
- Check Your Credit Regularly: Stay on top of your credit score by checking it frequently.
FAQs about Student Credit Cards with Rewards
Q: Do student credit cards require a co-signer?
A: Most student credit cards do not require a co-signer, but it may help in securing approval for students with no credit history.
Q: Can international students apply for student credit cards?
A: Yes, certain cards like the Deserve® EDU Mastercard for Students cater specifically to international students without requiring an SSN.
Q: Is it worth getting a student credit card?
A: Yes, a student credit card is a great way to build credit early, earn rewards, and learn financial responsibility.
Q: How do rewards work on student credit cards?
A: Rewards are typically earned in the form of cashback or points, which can be redeemed for statement credits, gift cards, or travel.
Q: Can I upgrade my student credit card after graduation?
A: Many issuers allow you to upgrade to a regular credit card after graduation, which often comes with higher rewards and benefits.