The Best Credit Cards for College Students in 2014

This website is for entertainment and educational purposes only. Material shared on this blog does not constitute financial advice nor is it offered as such. Therefore, The Simple Dollar assumes no legal liability for the completeness, accuracy, or suitability of the information provided by its authors.Readers will also note that The Simple Dollar maintains financial relationships with certain third party merchants. If readers access and utilize the services of one of these affiliates through a link on the blog, The Simple Dollar may be compensated for the referral.Please read the blog’s policies on privacy and image-use.And always consult a locally licensed insurance agent, financial adviser or certified attorney before making any financial decisions.

via The Simple Dollar:

Student credit cards are instrumental for building good credit early on. If you select a card that specifically caters to the unique circumstances of college students, it can pay off big in the future in terms of a healthy credit score and the valuable experience that comes with responsible card use.

After analyzing the best credit cards for college students, I identified the Discover it® for Students as the superior option.

The Discover it® for Students card ranks first among the best student credit cards because it offers virtually everything a college student needs to build good credit, which is critical for future loans and job placements.

What Features Make an Excellent Student Credit Card?

• Easy approval. Understanding that college students have not had the time to build a robust credit score, the card accepts credit scores in the 600 range (out of 900).


• Superb reputation among current users. The card garners top reviews on third-party websites as well as its own.


• No recurring fees. There is no annual fee, no foreign transaction fee, nor any other yearly fee.


• Rewards. The card offers cash-back or rewards points for purchases all year round and/or in rotating quarterly categories, preferably those that are relevant to the college-student lifestyle.


• Forgiveness for first-time errors. The card does not charge a fee or implement a higher APR for a first-time late payment. Additionally, the Purchase Intro APR is 0% for six-plus months to provide a student ample time to “practice” responsible card use, making sure they pay off the full balance on time without paying interest.


• Tools to help novice credit-card users understand their spending. The card offers tables, lists, and charts to help college students gain insight into their spending habits and learn to adjust as needed.


• Credit score education. The card offers free FICO scores so students learn how to raise their scores early on.


• Excellent customer service. Phone representatives provide thorough information to students who are just learning about credit-card use.


• Protection. $0 fraud liability is offered so the student won’t be responsible for any fraudulent transactions made on the account.

Why Discover it® for Students is #1

Based on the online customer reviews on Discover.com, college students are thrilled with the card. The average credit score approved for the card is 672 and the lowest credit score approved for the card is 629 (as of January 2014), indicating it’s not too difficult to get accepted.

With the Discover it® for Students card, you can log in to your online account to find charts illustrating the types of items purchased and how much you spend on average. On top of that, they provide a free FICO® Credit Score on your monthly statement to help you stay on top of your credit.

Discover also offers some of the most helpful customer support, with U.S.-based representatives who thoughtfully answer novice questions and help grow your credit knowledge over time.

Discover it® for Students — Card Details:

• Fair. No annual fee. No overlimit fee. No foreign transaction fee. No late fee on your first late payment. And paying late won’t increase your APR.*


• Generous. 5% cash back on up to $1,500 in Restaurant and Movie purchases from January through March 2014 with free and easy sign-up. And 1% cash back on all other purchases.*


• Human. Talk to a real person any time with 100% U.S.-based service.


• Safe. Because you’re never responsible for unauthorized purchases with our $0 Fraud Liability Guarantee.


• Plus, free FICO® Credit Score on your monthly statement to help you stay on top of your credit.*


• 0% intro APR* on purchases for 6 months, then the standard variable purchase APR of 12.99% – 21.99%.*

3 Other Student Credit Cards Worth Considering

Citi Forward® Card for College Students

Signup Bonus APR: Earn 2,500 bonus ThankYou® Points after spending $500 within the first 3 months of cardmembership.

APR Promotions: 0% Intro APR for 7 months on Purchases

Annual Fee: $0*

Variable* APR: 13.99%-23.99%* (Variable)

• Watch your interest rate go down and your ThankYou® Points go up


• 2,500 bonus ThankYou® Points after spending $500 within the first 3 months of cardmembership


• 1 ThankYou® Point for every $1 you spend


• Earn up to 2% Purchase APR reduction, when you make a purchase, stay below your credit limit and pay on time 3 billing periods in a row (0.25% each quarter 8X maximum)


• Earn up to 1,200 bonus ThankYou® Points for paying on time and staying under your credit limit


• Flexible billing options


• No Annual Fee

Journey Student Rewards from Capital One®

Signing Promotion: Get 1% cash back on all purchases, plus a 25% bonus each month you pay your bill on time.

Annual Fee: $0

APR, Variable: APR: 19.8% (V)

• Designed to help students build good credit with responsible use


• Access to your monthly credit score, plus an interactive tracking tool to help monitor your credit


• Customizable text and e-mail alerts to help keep you on track


• Get 1% cash back on all purchases, plus a 25% bonus each month you pay your bill on time


• No annual fee


• $0 Fraud Liability if your card is lost or stolen

Citi® Dividend Platinum Select® Visa® Card for College Students

Purchase Intro APR: 7 months* 0%*

Annual Fee: $0

Purchase Regular APR: 13.99% – 23.99%* Variable

• Build credit while earning cash back fast


• Earn 5% cash back every quarter in must-have categories like department stores, travel and more, enrollment each quarter is quick and easy


• Earn 1% cash back on all other purchases


• Choose your payment due date


• Manage your account online, on your tablet or on your Smartphone


• No Annual Fee

Credit Card Act of 2009: How It Impacts College Students

Under the Credit Card Act, students between ages 18-21 only qualify for a credit card if:

• a parent/guardian, spouse, or another adult is willing to co-sign.


• you submit proof of income and financial history proving a full-time income (or even a part-time income that’s sufficient enough to pay the balance each month).

Make sure you research and discuss this with the appropriate person before applying for a card, especially if you do not have a steady income.

6 Top Credit Card Tips for College Students

Pay your bills on time, every time. Do not take this lightly! On-time bill payments account for a whopping 35% of your credit score. Set up automatic payments to ensure you never forget. When you do, also make sure your checking account from which you make your payments always carries sufficient funds.

Always spend less than what you can afford. As a first-time credit-card user, it might be easy to view credit as money you do have, but it’s actually money you don’t have yet. After determining your budget and accounting for necessities, such as rent, aim to spend much less than what you make for everything else.

Don’t spend too close to your credit limit. In fact, keep that percentage as low as possible. According to myFICO.com, amounts owed on credit accounts determine 30% of your score.

Start off with just 1-2 cards. As a student, your main goal should be to “practice” using a credit card responsibly. Chances are you have absolutely no need for 4-5 cards. Focus on just 1-2 cards and paying your bills on time.

Check your credit report yearly. Every year, obtain a free copy of each of your three credit reports, from Experian, TransUnion, and Equifax, at AnnualCreditReport.com. Make sure all the information is accurate. Getting into this habit will do you good in the long run when your credit report begins to fill up with more and more credit history.

Keep track of your credit score. Separate from your credit report, your credit score is the number lenders use to determine your creditworthiness. This number is incredibly important, so make sure you check it yearly. Fortunately, student cards like Discover it® for Students offer a free FICO score with each monthly statement.

Regardless of which you choose, all the best student credit cards aim to help college students build the foundation for a healthy credit record. Other benefits, such as cash-back rewards and knowledge building, also contribute to creating responsible and highly aware credit card owners.

If you want to go with the most solid option on the market today, definitely go with the Discover it® for Students first.

Written by Sarah Ban

Disclosure: Please note that some of the links in this post may be affiliate links. At no additional cost to you, The Simple Dollar will earn a commission if you decide to make a purchase clicking through those links. Earning revenue through affiliate sales is a necessary practice to maintain the website and continue to provide our users with free content. The Simple Dollar and the authors of The Simple Dollar believe in transparency and honesty. For more on this please read our affiliate disclaimer page.

The post The Best Credit Cards for College Students in 2014 appeared first on The Simple Dollar.

For more info: The Best Credit Cards for College Students in 2014

The Simple Dollar

The Best Credit Cards for College Students in 2014

The post The Best Credit Cards for College Students in 2014 appeared first on FX FOREX.

via WordPress http://ift.tt/1fhuG5t



Personal Finance, completeness, credit cards, dollar, material, phone, rewards, scores, services, simple-dollar, students, that-the-simple