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If you’re heading back to school this fall, you should be prepared with the right credit card in your wallet. Whether it’s earning cash back on everyday spending or enjoying travel rewards, having the right credit card can be a valuable tool for students. Credello has handpicked some of the top credit cards for students this summer, so let’s explore these options. Be sure to use your credit card wisely to avoid racking up unnecessary debt.
1. Discover it® Student Cash Back
This credit card stands out for its $0 annual fee and impressive cash back rewards. Students who want to earn cash back on their day-to-day purchases will find this card appealing. By activating the card, students can enjoy 5% cash back in categories like Amazon.com, grocery stores, restaurants, and gas stations, up to the quarterly maximum. All other purchases earn 1% back. Moreover, new cardholders benefit from a 0% introductory annual percentage rate for six months on purchases and a 10.99% introductory APR for six months on balance transfers. After the introductory period, a variable APR of 17.99% to 26.99% applies. Discover is also great if you want to send money from a credit card. Many companies categorize apps like Venmo and CashApp as cash advances, which incur fees. Discover doesn’t, but the app itself still might charge a fee for using a credit card.
2. Capital One SavorOne Student Cash Rewards Credit Card
The SavorOne Student Cash Rewards card offers a consistent 3% cash back on dining, entertainment, popular streaming services, and eligible grocery purchases (excluding superstores like Walmart® and Target®) throughout the year. This card is an excellent choice for students who prefer a continuous cash back reward structure rather than a quarterly schedule. Moreover, until November 14, 2024, students can enjoy a generous 10% cash back on Uber Eats purchases.
3. Discover it® Student Chrome card
This is an excellent option for students who frequently spend on gas and dining. With a $0 annual fee, this card offers 2% cash back at gas stations and restaurants on up to $1,000 in combined purchases each quarter. All other spending earns 1% cash back. Additionally, at the end of the first year, Discover automatically matches all the cash back earned, providing students with a bonus reward.
4. Capital One Quicksilver Student Cash Rewards Credit Card
With the Quicksilver Student Cash Rewards card, students can earn unlimited 1.5% cash back on all purchases. Additionally, they can take advantage of bonus earning opportunities such as 5% cash back on hotels and rental cars booked through Capital One Travel. This card has a similar promotional offer as the SavorOne, where students can get 10% back on Uber and Uber Eats purchases until November 14, 2024. New cardholders can earn a $50 bonus when they spend $100 within the first three months.
5. Bank of America® Travel Rewards Credit Card for Students
This card earns 1.5 points for every dollar spent, and students can redeem these points to cover various travel expenses, including flights, hotels, rental cars, and restaurant spending. The card also offers a 0% introductory annual percentage rate for 18 billing cycles on purchases and eligible balance transfers. Students can earn a bonus of 25,000 online points by making at least $1,000 in purchases within the first 90 days of account opening.
6. Chase Freedom Unlimited card
Students with good to excellent credit and a passion for travel may also want to consider the Chase Freedom Unlimited. The rewards that come with this card are stellar, including 5% cash back on travel purchased through Chase Ultimate Rewards, 3% cash back on dining (including takeout and delivery services) and drugstore purchases, and 1.5% cash back on all other purchases.
Bottom line
When using credit cards, students must exercise responsible financial habits and use their credit cards wisely. Establishing a budget, paying bills on time, and keeping credit utilization low are essential practices to maintain a healthy credit score and avoid debt accumulation.
