Top Rated Student Credit Cards

/ BY / Students

A student credit card can help you build a good credit history, but what are the best student credit cards available? The answer will based on your situation, but the best card for you depends on your job situation, previous credit experience, and what you will be using your card for. Let’s take a look at the 5 best credit cards available to students.

How the Top Five Cards Made the Cut

When comparing important features, most financial experts agree that a card that charges no annual fee is the best choice. All of the top-rated cards are annual fee-free and they don’t charge a fee for exceeding your limit. (But don’t be tempted to max out your card. Your credit score will drop significantly if you go over your credit limit.)

Another feature to look for is the reward offered, usually based on a percentage of the amount you spend each month. Some cards tie their rewards to a specific type of purchase like gasoline, while others offer rewards based on a quarterly, rotating variety of products and services. Rewards range from 1% to 5% of your monthly purchases. It may not seem like much, but it adds up quickly and it’s free money. You can also find cards that reward you for good grades and timely payments.

Credit card deals like free credit report tracking or a 0% initial interest rate are also perks to consider, depending on your goals and needs.

The following cards offer greats perks and rates for students:

#1 The Discover-it for Students

Do an internet search for the best student credit card and Discover-it for Students comes up number one every time. With a high 5% rewards program based on a quarterly rotating variety of products and services. They provide a monthly FICO score update and promise not to raise your interest rate if you forget to make a payment on time.

#2 Journey Reward Card from Capitol One

This card offers students a high level of support by offering tools that help you monitor your credit and online tutorials that teach good money and credit management skills. Text and email alerts help you avoid going over your limit or missing a payment.

This card is the easiest to qualify for and offers a high initial credit limit. It does carry the highest interest rate, but if you pay off your balance monthly you pay no interest at all.

#3 Citi Dividend Platinum Select Visa Card for College Students

The Platinum Card is a full service card that looks very much like a credit card for working adults. It also has adult penalties to go along with it, hitting you with a hike in interest rate if you make a late payment.

#4 Citi Forward Card for Students

The Forward Card has a system of Thank You rewards that doesn’t offer as much as other cards might, but it does offer a 2% APR reduction if you make timely payments three months in a row and stay below your credit limit. If you plan on carrying a balance on your card, the savings in a 2% reduction can be significant.

#5 Your Local Bank or Credit Union

If you have a checking account with your hometown or college town and have demonstrated your ability to handle your finances wisely, you may be able to get a great deal on a credit card by speaking with the branch manager.

Building your credit with a student credit card can help you prepare for the future while learning to handle credit wisely. Choose your card carefully and be sure your credit card company reports your payment history.

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Please note your financial situation is unique and our tips & advice presented here may not be appropriate for your situation. CreditCardXpo.com recommends that you seek different advice & opinions from your own accountant or financial adviser who understands your individual circumstances before making any important decisions or implementing any financial strategy.