The world of credit can be daunting, especially for students stepping into it for the first time. With no credit history to show, they may find it challenging to get approved for a card that fits their needs. Fret not! We at Flik Eco have got you covered. Here, we dive into the world of credit cards for students with no credit, helping you make the best choice for your financial future.
Credit Cards For Student With No Credit Table of Contents
Why do Students Need a Credit Card?
Why do Students Need a Credit Card?
Credit cards are critical in building a healthy credit history, which plays a vital role in future financial decisions – renting an apartment, applying for a loan or even a job. For students, a credit card is a stepping stone to establish their credit score and learn money management skills.
Criteria to Look for in a Student Credit Card
When looking for a credit card for students with no credit, it's essential to consider several factors. Some of them are:
1. No annual fees
A credit card without annual fees is ideal for students, as it reduces the cost of owning a card.
2. Rewards and cashback programs
Some cards offer cashback or rewards on purchases, making it more beneficial for students to use the card frequently and responsibly.
3. Low APR
Since students may carry a balance, it's essential to have a card with low interest rates.
4. No credit history requirement
Cards that waive credit history requirements are perfect for students starting their credit journey.
Best Credit Cards for Students with No Credit
Below are four top credit card options for students with no credit:
1. Discover it Student Cash Back
- No annual fee
- 5% cash back on rotating categories (activation required)
- 1% cash back on all other purchases
- Good Grades Reward: $20 statement credit each year with a 3.0 GPA or higher for up to five years
2. Capital One QuicksilverOne for Students
- No annual fee
- 1.5% cash back on all purchases
- Access to a higher credit line after making the first six monthly payments on time
3. Journey Student Rewards from Capital One
- No annual fee
- 1% cash back on all purchases with a bonus of 0.25% for paying on time
- Access to credit line increases with responsible use
4. Deserve EDU Mastercard for Students
- No annual fee
- 1% cash back on all purchases
- Offers Amazon Prime Student subscription for one year
Credit Cards For Student With No Credit Example:
Imagine you're a student looking to apply for a credit card to manage your college expenses. You pick the Discover it Student Cash Back card, as it has no annual fee and offers cash back on categories that match your spending habits. By maintaining responsible spending and paying your balance in full every month, you build a solid credit history. The Good Grades Reward is an added motivation to maintain your academic performance as well.
Navigating the financial world of credit cards can be overwhelming for students with no credit history. Flik Eco makes it simple, breaking down complex concepts into tangible ideas. Now that you've learned about the available options, you can choose a credit card that best suits your needs and future financial goals. Don't forget to share the article and explore more guides on Flik Eco as you embark on your personal finance journey.
