Stepping into college life can be both exciting and overwhelming, and for many students, this is the first time they'll have to manage their personal finances. A vital component of financial independence is choosing the right credit card to maximize benefits and minimize costs. With countless cards on the market, finding the best one can be daunting. That's why we've done the research for you! In this article, we'll cover the best credit cards for college students in 2023, giving you the tools to make an informed decision and start building credit for a secure financial future.
Best Credit Cards For College Students 2023 Table of Contents
Factors to Consider When Choosing a Credit Card
Before diving into our top credit card picks for college students, let's touch on key factors that should be considered when evaluating different options:
Annual Fee:
Many credit cards come with an annual fee, but there are plenty of no fee cards, especially for college students on a budget. Prioritize those to minimize costs.
Interest Rate:
If you think you'll carry a balance on your card, pay attention to the annual percentage rate (APR). Look for cards with low or no introductory APRs, but also make sure you know when that promotional rate ends.
Rewards and Perks:
Cashback, points, and other incentives can make a credit card more appealing. Prioritize cards offering rewards suited to your lifestyle and spending habits.
Credit Building Features:
Cards targeted towards college students often have features to help build credit. Look for options with credit monitoring tools, autopay, and customizable credit limits.
Best Credit Cards for College Students in 2023
1. Discover it® Student Cash Back
- No annual fee
- 5% cashback on rotating categories (up to the quarterly maximum)
- 1% cashback on all other purchases
- Good Grades Rewards: $20 statement credit for 3.0 GPA or higher, up to 5 years
- Free FICO® Credit Score access
The Discover it® Student Cash Back card offers an incredible rewards structure with no annual fee. The rotating 5% cashback categories add versatility to your reward earning potential. Plus, maintaining good grades can earn you additional rewards, making this card a top choice for college students.
2. Bank of America® Customized Cash Rewards Credit Card for Students
- No annual fee
- 3% cashback on a category of your choice, 2% cashback on grocery store purchases, and 1% cashback on all other purchases
- $200 online cash rewards bonus after spending $1,000 in the first 90 days
- Free FICO® Credit Score access
This card provides a customizable rewards structure that allows students to tailor their earning. The welcome bonus adds extra value, and the Bank of America® credit management tools make credit building a breeze.
3. Journey® Student Rewards from Capital One®
- No annual fee
- 1% cashback on all purchases, with a 0.25% bonus for on-time payments
- Access to a higher credit line after 6 months of on-time payments
- CreditWise® to monitor your credit profile
The Journey® Student Rewards card offers a straightforward cashback structure with an incentive for responsible credit behavior. The option to increase your credit line after a period of timely payments is great for credit building.
Best Credit Cards For College Students 2023 Example:
Imagine you're a college student majoring in graphic design, and you'll need to buy expensive art supplies throughout the semester. You choose the Bank of America® Customized Cash Rewards Credit Card for Students and select "online shopping" as your 3% cashback category. You'll buy your supplies online and end up earning $60 cashback in your first semester. Plus, you spend enough to earn the $200 bonus, putting $260 back in your pocket. Throughout the year, you also earn cashback on groceries and other general purchases, accumulating an impressive amount of rewards.
Now that you're equipped with the knowledge to choose the best credit card for your college journey, remember that the key to benefiting from using a credit card lies in responsible financial habits. Make payments on time and never overspend on your card. Building healthy credit and enjoying rewards doesn't have to be a challenge if you're well-informed and take the right steps. Share this article with fellow college students to help them make the best choice possible, and be sure to explore other guides on Flik Eco for more personal finance tips and advice.
