Are you a student with fair credit looking for the perfect credit card? Look no further! Choosing the right credit card can be overwhelming, especially when you have to consider factors like APR, rewards, and fees. But don't worry - we have your back! In this article, we will break down the top credit cards for students with fair credit, helping you find the right card to grow your credit score and build a strong financial foundation for the future.
Credit Cards For Students With Fair Credit Table of Contents
Understanding Fair Credit
Fair credit, typically classified as a FICO score between 580 and 669, can be seen as a stepping stone toward better credit health. As a student, you might have a limited credit history, which could result in a fair credit score. It's essential to choose a credit card that caters to your needs and helps improve your credit score. Here are some criteria to consider when choosing a credit card for students with fair credit:
- Low fees and interest rates
- Student-centered perks and rewards
- Credit-building features and tools
Best Credit Cards for Students with Fair Credit
1. Discover it® Student Cash Back
The Discover it® Student Cash Back card is a fantastic option for students looking to earn cashback rewards while building credit. Here are some notable features:
- No annual fee and 0% intro APR for the first six months
- 5% cashback on rotating categories and 1% on all other purchases
- Good Grade Reward – earn a $20 statement credit each year for maintaining a GPA of 3.0 or higher
- Free access to your FICO credit score
2. Capital One Platinum Credit Card
If you prefer a straightforward credit card without rewards but with credit-building tools, the Capital One Platinum Credit Card is a solid choice. Here's what it offers:
- No annual fee
- Access to a higher credit line after making your first five monthly payments on time
- Free access to your TransUnion credit score through CreditWise
- Fraud coverage and zero liability in case of unauthorized charges
3. Petal® 2 Cash Back, No Fees Visa® Card
The Petal® 2 Cash Back, No Fees Visa® Card is great for students who want to avoid fees while still taking advantage of rewards. Check out its benefits:
- No annual fee, late payment fee, or foreign transaction fee
- 1% cashback on eligible purchases, increasing to 1.5% after making 12 on-time monthly payments
- A higher credit limit than other cards designed for fair credit
- Access to Petal's mobile app to track spending and credit-building tools
Credit Cards For Students With Fair Credit Example:
Imagine you're a junior in college with a fair credit score of 620. While you make a steady part-time income, you also have student loans and rent payments to juggle. Your goal is to find a credit card to help build your credit score and earn rewards.
Based on the options above, the Discover it® Student Cash Back may be the best choice. Not only can you earn cashback on groceries, dining out, and entertainment, your good grades can also score you a $20 statement credit. Additionally, the 0% intro APR gives you flexibility in case you need some extra time to pay off a larger purchase. Plus, you can keep an eye on your credit progress with free access to your FICO score.
Congratulations, you're now one step closer to choosing the perfect credit card for your unique situation! Remember, building and maintaining good credit is an essential aspect of your financial future, so choose a card that helps you work towards that goal. Don't forget to share this article with your friends and fellow students, and check out other helpful guides on Flik Eco for more personal finance and investing tips tailored just for you. Happy credit building!
