Best Credit Card for Students With No Credit

In this comprehensive guide, we will present the best credit card options available for students with no credit history. We understand that building credit as a student can be challenging, but with the right credit card, you can establish a solid foundation for your financial future. Our goal is to help you navigate through the options and make an informed decision that suits your needs.

Best Credit Card for Students With No Credit

Why Building Credit as a Student is Important

Building credit as a student is crucial for several reasons. It lays the groundwork for your financial independence and allows you to qualify for better interest rates, loans, and future credit card applications. By starting early and demonstrating responsible credit behavior, you can establish a positive credit history that will benefit you in the long run.

Understanding Credit Scores and Reports

Before diving into the best credit card options, it’s important to understand credit scores and reports. A credit score is a numerical representation of your creditworthiness, ranging from 300 to 850. Lenders use this score to assess the risk of lending money to you. A higher credit score indicates lower risk and better creditworthiness.

Your credit report provides a detailed overview of your credit history, including your payment history, credit utilization, and length of credit. It’s essential to monitor your credit report regularly to identify any errors or discrepancies that may impact your credit score.

Factors to Consider When Choosing a Credit Card

When selecting a credit card as a student with no credit, there are several factors to consider:

1. Credit Building Opportunities

Look for credit cards specifically designed for students or those with limited credit history. These cards often offer tools and resources to help you build credit responsibly.

2. Low or No Annual Fees

As a student, it’s important to manage your expenses. Opt for credit cards with low or no annual fees to avoid unnecessary financial burdens.

3. Rewards and Benefits

Consider credit cards that offer rewards or cashback programs tailored to student needs. These rewards can provide valuable incentives and help you save money on everyday expenses.

4. Introductory APR

An introductory Annual Percentage Rate (APR) is the interest rate applied to your credit card balance for a specified period. Look for credit cards with a low or 0% introductory APR to save on interest charges.

5. Additional Features and Protections

Some credit cards offer additional features such as extended warranties, price protection, and travel insurance. Evaluate these extra benefits based on your personal needs and preferences.

Read Also : The Best Travel Credit Cards for Every Budget

Here are some of the best credit cards for students with no credit

Discover it® Student Cash Back

With the Discover it® Student Cash Back card, you can earn an impressive 5% cash back on up to $1,500 spent in rotating bonus categories each quarter. Plus, enjoy 1% cash back on all other purchases. Embrace a fee-free experience, and to top it off, Discover will match your first year’s cash back rewards, giving you an exceptional head start on your credit journey.

  • Annual fee: $0
Best Credit Card for Students With No Credit
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  • Rewards:
    • 5% cash back on up to $1,500 spent in rotating bonus categories each quarter
    • 1% cash back on all other purchases
  • Intro offer: Discover will match all the cash back you’ve earned at the end of your first year.
  • APR:
    • 0% intro APR on Purchases for 6 months
    • 10.99% intro APR on Balance Transfers for 6 months
    • 17.49% – 26.49% Variable APR
  • Other benefits:
    • No foreign transaction fees
    • Credit score monitoring
    • Purchase protection
    • Extended warranty

The Discover it® Student Cash Back is a great option for students with no credit history. It offers a generous rewards program, a 0% intro APR on purchases, and no annual fee. Plus, Discover will match all the cash back you’ve earned at the end of your first year.

Here are some pros and cons of the Discover it® Student Cash Back credit card:

  • No annual fee
  • 5% cash back on rotating bonus categories
  • 1% cash back on all other purchases
  • Discover will match all the cash back you’ve earned at the end of your first year
  • 0% intro APR on purchases for 6 months
  • No foreign transaction fees
  • Credit score monitoring
  • Purchase protection
  • Extended warranty
  • The rotating bonus categories can be unpredictable
  • The credit limit may be low for students with no credit history
  • There is a 3% foreign transaction fee on cash advances

Read More – The Smart Wallet Discover it® Student Cash Back credit card

Capital One SavorOne Student Cash Rewards Credit Card

The Capital One SavorOne Student Cash Rewards Credit Card is a great option for students who want to earn cash back on their everyday spending. The card offers 3% cash back on dining, entertainment, popular streaming services, and grocery stores, and 1% cash back on all other purchases. There’s no annual fee, and you can earn a $50 bonus after you spend $300 on purchases in the first 3 months from account opening.

Best Credit Card for Students With No Credit
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Here are some of the pros and cons of the Capital One SavorOne Student Cash Rewards Credit Card:

  • No annual fee
  • 3% cash back on dining, entertainment, popular streaming services, and grocery stores
  • 1% cash back on all other purchases
  • $50 bonus after you spend $300 on purchases in the first 3 months from account opening
  • No foreign transaction fees
  • No penalty APR for late payments
  • Credit score monitoring
  • The rewards are not as generous as some other student credit cards
  • The credit limit may be low for students with no credit history

Overall, the Capital One SavorOne Student Cash Rewards Credit Card is a great option for students who want to earn cash back on their everyday spending without having to worry about an annual fee.

Here are some additional details about the card:

  • APR: 19.74% – 26.99% Variable APR
  • Credit score requirement: Fair to Good (580 – 740)
  • Sign-up bonus: Earn a $50 bonus after you spend $300 on purchases in the first 3 months from account opening.
  • Other benefits:
    • No foreign transaction fees
    • No penalty APR for late payments
    • Credit score monitoring

Read More – Capital One SavorOne Student Cash Rewards Credit Card

Capital One Quicksilver Student Cash Rewards Credit Card

  • Annual fee: 0
Best Credit Card for Students With No Credit
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  • Rewards:
    • 1.5% cash back on all purchases
    • Earn 10% cash back on purchases made through Uber & Uber Eats, plus complimentary Uber One membership statement credits through 11/14/2024.
  • Intro offer: Earn a one-time $50 cash bonus once you spend $100 on purchases within 3 months from account opening.
  • APR:
    • 19.74% – 29.74% Variable APR
  • Other benefits:
    • No foreign transaction fees
    • No penalty APR for late payments
    • Credit score monitoring
    • Purchase protection
    • Extended warranty

The Capital One Quicksilver Student Cash Rewards Credit Card is a great option for students who want to earn cash back on their everyday spending. The card offers a flat rate of 1.5% cash back on all purchases, and there’s no annual fee. Plus, you can earn a $50 bonus after you spend $100 on purchases in the first 3 months from account opening.

Here are some pros and cons of the Capital One Quicksilver Student Cash Rewards Credit Card:

  • No annual fee
  • 1.5% cash back on all purchases
  • $50 bonus after you spend $100 on purchases in the first 3 months from account opening
  • No foreign transaction fees
  • No penalty APR for late payments
  • Credit score monitoring
    • Purchase protection
    • Extended warranty
  • The rewards are not as generous as some other student credit cards
  • The credit limit may be low for students with no credit history

Overall, the Capital One Quicksilver Student Cash Rewards Credit Card is a great option for students who want to earn cash back on their everyday spending without having to worry about an annual fee.

Read More – Capital One Quicksilver Student Cash Rewards Credit Card

Bank of America® Travel Rewards credit card for Students

  • Annual fee: $0 for the first year, then $49
Best Credit Card for Students With No Credit
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  • Rewards:
    • 3 points per dollar spent on travel and dining
    • 1 point per dollar spent on all other purchases
  • Intro offer: Earn 25,000 bonus points after you spend $1,000 on purchases in the first 90 days from account opening.
  • APR:
    • 0% intro APR for 18 billing cycles for purchases and balance transfers
    • 17.49% – 26.49% Variable APR
  • Other benefits:
    • No foreign transaction fees
    • Travel and purchase protection
    • Car rental insurance
    • No penalty APR for late payments
    • Credit score monitoring

The Bank of America® Travel Rewards credit card for Students is a great option for students who want to earn rewards on their travel and dining expenses. The card offers a generous rewards rate on these categories, and there’s no annual fee for the first year. Plus, you can get a head start on your travel rewards with a 25,000-point bonus after you spend $1,000 in the first 90 days.

Here are some pros and cons of the Bank of America® Travel Rewards credit card for Students:

  • No annual fee for the first year
  • 3 points per dollar spent on travel and dining
  • 25,000-point bonus after you spend $1,000 in the first 90 days
  • No foreign transaction fees
  • Travel and purchase protection
  • Car rental insurance
  • No penalty APR for late payments
    • Credit score monitoring
  • The annual fee is $49 after the first year
  • The credit limit may be low for students with no credit history
  • The rewards are not as flexible as some other travel rewards cards

Overall, the Bank of America® Travel Rewards credit card for Students is a great option for students who want to earn rewards on their travel and dining expenses. The card offers a generous rewards rate on these categories, and there’s no annual fee for the first year. Plus, you can get a head start on your travel rewards with a 25,000-point bonus after you spend $1,000 in the first 90 days.

Read More – Bank of America® Travel Rewards credit card for Students

Deserve® EDU Mastercard for Students

  • Annual fee: $0
Best Credit Card for Students With No Credit
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  • Rewards:
    • 1% cash back on all purchases
    • 1 year of Amazon Prime Student on Deserve after spending $500 in the first 3 billing cycles
    • Cell phone damage and theft insurance up to $600
  • Intro offer: None
  • APR:
    • 22.99% Variable APR
  • Other benefits:
    • No foreign transaction fees
    • No credit history required
    • College student-focused benefits

The Deserve® EDU Mastercard for Students is a great option for students who want to build their credit history and earn cash back on their everyday spending. The card offers a flat rate of 1% cash back on all purchases, and there’s no annual fee. Plus, you can get a year of Amazon Prime Student for free after you spend $500 in the first 3 billing cycles.

Here are some pros and cons of the Deserve® EDU Mastercard for Students:

  • No annual fee
  • 1% cash back on all purchases
  • 1 year of Amazon Prime Student
  • Cell phone damage and theft insurance
  • No credit history required
  • College student-focused benefits
  • The rewards are not as generous as some other student credit cards
  • The credit limit may be low for students with no credit history

Read More – WalletHub Deserve® EDU Mastercard for Students

These are just a few of the many great student credit cards available. When choosing a card, be sure to consider your individual needs and budget. And remember, even if you have no credit history, you can still get approved for a student credit card. Just be sure to use the card responsibly and pay your bills on time, and you’ll be on your way to building a strong credit history.

Tips for Responsible Student Credit Card Usage

  1. Set a Budget and Stay Committed: Outline a realistic budget and adhere to it religiously. By maintaining a clear understanding of your financial limits, you can prevent unnecessary debt and achieve financial success.
  2. Spend Within Your Means: Only charge expenses that you can comfortably pay off in full each month. This approach ensures that you remain in control of your financial obligations while building a positive credit history.
  3. Timely Bill Payments: Make it a priority to pay your credit card bill on time, every time. Prompt payments demonstrate financial responsibility and contribute to building a solid credit profile.
  4. Avoid Carrying Balances: Strive to avoid carrying balances from one month to another, as this incurs unnecessary interest charges. Paying off your credit card balance in full each month helps you maintain a healthy financial status.
  5. Utilize Your Card Wisely: Maximize the benefits of your student credit card by using it for everyday purchases such as gas, groceries, and dining out. By doing so, you can earn rewards while building credit.

By following these tips, you can use a student credit card to build your credit history and start reaping the benefits of rewards.

Additional Resources

Conclusion

Selecting the right credit card as a student with no credit history is a significant step towards building a strong financial foundation. Consider the factors mentioned above, compare the options available, and choose a credit card that aligns with your financial goals and preferences.

Remember, responsible credit card usage is essential. Make timely payments, keep your credit utilization low, and monitor your credit report regularly. By doing so, you can establish good credit and set yourself up for a successful financial future.

FAQs

  1. What is the best credit card for students with no credit?

    There are a few different credit cards that are considered to be the best for students with no credit. These cards typically offer features such as no annual fee, low interest rates, and rewards programs. Some of the most popular credit cards for students with no credit include:
    Discover it® Student Cash Back
    Capital One SavorOne Student Cash Rewards Credit Card
    Capital One Quicksilver Student Cash Rewards Credit Card
    Bank of America® Travel Rewards credit card for Students
    Discover it® Student chrome

  2. Can I get a credit card with no credit?

    To obtain a credit card with no credit, you must be at least 18 years old and have enough money to cover monthly bill payments. Student credit cards, secured credit cards, and certain unsecured credit cards are examples of credit cards that can be obtained with no credit history.

  3. How can a student get a credit card with no income?

    You can apply for any of the HDFC Bank Credit Cards if you are a part-time student with a consistent source of income and a Savings Bank Account. If you are a student with no source of income, you can only obtain a credit card as an add-on card.

  4. What factors should I consider when choosing a credit card for students with no credit?

    There are a few factors that you should consider when choosing a credit card for students with no credit. These factors include:
    Annual fee: Some credit cards have an annual fee, while others do not. If you are on a tight budget, you may want to choose a card with no annual fee.
    Interest rate: The interest rate on a credit card is the percentage of your balance that you will be charged in interest if you do not pay your bill in full each month. If you are concerned about being able to pay your bill in full each month, you may want to choose a card with a low interest rate.
    Rewards program: Many credit cards offer rewards programs that allow you to earn points or miles for your purchases. These rewards can be redeemed for travel, merchandise, or cash back. If you are interested in earning rewards, you will want to choose a card with a rewards program that offers rewards that you are interested in.
    Credit limit: The credit limit on a credit card is the maximum amount of money that you can charge on the card. If you are a student with no credit, you may be approved for a lower credit limit. This is okay, as you can always request a higher credit limit later on.

  5. How do I get approved for a credit card with no credit?

    Getting approved for a credit card with no credit can be challenging, but it is not impossible. There are a few things that you can do to increase your chances of getting approved:
    Apply for a student credit card: Student credit cards are designed for students with no credit, so you are more likely to be approved for one of these cards.
    Have a cosigner: If you have a parent or guardian who has good credit, they can cosign on your credit card application. This will help to improve your chances of getting approved.
    Start with a secured credit card: A secured credit card is a type of credit card that requires you to make a deposit. This deposit will act as your credit limit. Using a secured credit card responsibly can help you to build your credit history.
    Make your payments on time: The most important thing you can do to build your credit history is to make your payments on time. If you make your payments on time, your credit score will improve over time.

  6. What are the benefits of having a credit card as a student?

    There are a few benefits to having a credit card as a student. These benefits include:
    Building your credit history: As you use your credit card responsibly, you will be building your credit history. This will help you to qualify for loans and other forms of credit in the future.
    Earning rewards: Many credit cards offer rewards programs that allow you to earn points or miles for your purchases. These rewards can be redeemed for travel, merchandise, or cash back.
    Convenience: A credit card can be a convenient way to pay for your purchases. You can use your credit card to make purchases online, in stores, and over the phone.

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