Credit cards are not a necessity for college students. However, they can be a ton of help, particularly in building credit. When used responsibly, they are not just a convenient method to pay for purchases, but can also be a powerful financial tool. With so many cards today, it is definitely challenging for a college student to pick the one with the best offer. To help you out, here are the top cards in the following key categories:
Best Card for On-Time Payers: Citi® Dividend Platinum Select Card for College Students
You may already know that a credit card can be beneficial only if you pay all your balances on time. If you intend to stick to this one simple rule, the Citi® Dividend Platinum Select card for College Students has the most valuable offer. This is a cash back student card with absolutely no annual fee. You also don’t have to provide a co-signer to get it. To better maximize the rewards you can earn from this, simply avoid missing a payment.
Best Low Interest Rate Card: Discover® it for Students
If you think that you may have a few problems with paying down your balances in full, then you should look for a card with low interest rates. The Discover® it for Students has great offers that may help you when you have already accumulated too much interest. It even provides 0% APR during your first nine months of using it. This is also a cash back card, so you get to earn a few bucks whenever you use it for groceries, gas, restaurants, and other purchases. Apart from the low interest rates, this also does not have an annual fee.
Best Cards for Responsible Cardholders: JourneySM Student Rewards from Capital One and the Citi Forward® Card for College Students
Both the JourneySM Student Rewards from Capital One and the Citi Forward® card for College Students are crafted specifically to help students build good credit. The JourneySM Student Rewards from Capital One allows students to access their credit score every month for free. It also provides an interactive tool that helps students to monitor their credit usage. Moreover, this card lets the accountholders to earn a percentage for every purchase they make.
The Citi Forward® Card for College Students, on the other hand, is an excellent card for those who do not want to have a co-signer when applying for the card. This is not your average rewards card, since it does not reward you for purchases you made. Instead, you get ThankYou Points whenever you pay on time and when you don’t go over your credit limit. When you sign up for paperless statements, you also get bonus points, which can be converted into free statement credits.
There are many other credit cards for college students apart from the ones listed above. Before you take a look at the rewards program of a student card, consider the APR and the total cost of the card. The most important part is that you understand how vital it is to use your credits wisely. If possible, pay on time and in full to avoid racking up on interest rates.