Are you a student with no income, but still looking to reap the benefits of a credit card? Look no further! In this guide, we'll dive into the world of credit cards and uncover the best ones suitable for students without a regular income. We'll break down the complexities and help you make an informed decision on which card can offer you the most benefits. Let's get started!
Best Credit Cards For Students With No Income Table of Contents
Why Students Need Credit Cards
As a student with no income, you might be wondering why you even need a credit card. Here are some reasons why:
- Establishing credit history early can provide a strong foundation for your future - this can be beneficial when you need to apply for loans, mortgages, or insurance
- A credit card can help you manage unexpected expenses and emergencies
- A card can offer rewards and perks that can save you money when you shop, travel, or dine out
What To Look For In A Student Credit Card With No Income
Since you are looking for a card specifically for students with no income, there are some important factors to consider:
- Low or no annual fee - As a student with no income, it's essential to minimize your expenses
- Low or no credit history requirements - As a student with limited credit, make sure the card doesn't require an excellent credit rating
- Rewards and cash back - Choosing a card with rewards or cash back can help you save money
- Ease of approval - Some student credit cards are designed to be easily accessible for those with little to no credit history
Best Credit Cards For Students With No Income
Here are some of the top credit cards suitable for students with no income:
1. Discover it® Student Cash Back
The Discover it® Student Cash Back card is a great option for students without income due to numerous perks:
- No annual fee
- 5% cash back on rotating quarterly categories (up to $1,500 in purchases per quarter)
- 1% cash back on all other purchases
- Cashback Match™: Discover will match all cash-back rewards earned at the end of the first year
2. Journey® Student Rewards from Capital One®
Another card to consider is the Journey® Student Rewards from Capital One®. Some reasons why this card is perfect for students without income are:
- No annual fee
- 1% cash back on all purchases, which increases to 1.25% when paying the bill on time
- Automatic credit line reviews to increase your limit without an additional deposit
3. Deserve® EDU Mastercard for Students
The Deserve® EDU Mastercard for Students is an excellent choice for students with no income and limited credit history:
- No annual fee
- 1% unlimited cash back on all purchases
- No credit history required to apply - international students are also eligible
- Free access to Amazon Prime Student for one year
Best Credit Cards For Students With No Income Example:
Imagine you're a college freshman with no income and minimal credit history. You decide that the Discover it® Student Cash Back card is the best choice for you. After getting approved, you use the card responsibly and earn cash back rewards on your textbooks, groceries, and other necessities. In your first year, you manage to accumulate $200 in cash-back rewards, which Discover then matches at the end of the year, earning you a total of $400! This extra money comes in handy when it's time to buy more expensive textbooks for your second year of college.
Choosing the right credit card as a student with no income doesn't have to be intimidating. By understanding what features to look for and considering options tailored for students with limited credit and no income, you're on your way to a financial head start. We hope this guide has provided you with the clarity and confidence to make a well-informed decision. If you found this guide helpful, be sure to share it with your friends and explore other guides on Flik Eco for even more insightful personal finance tips!
