Great Credit Cards for Students

It wasn’t that long ago that almost any college student could qualify for a credit card just by signing the application. The Credit Card Reform Act changed all that – now anyone who applies for a credit card is evaluated on their ability to pay (which means having income or savings).

The following credit cards offer good deals to students and young adults who are just starting out in the financial world.

1) Capital One Journey Student Rewards

The Capital One Journey Student Rewards card offers 1% cash back on every purchase – plus members receive a 25% bonus on the amount earned each month when you pay on time. The APR on this card is fairly high at 19.80% and initial credit limits usually range from $300 to $500. Members have access to Capital One’s Financial Education website which contains tools, resources and tips to help you manage your credit and better understand your finances. Students may be eligible for a credit line increase after six months if you always pay on time and do not go over your credit limit.

2) Discover it for Students

This card offers 2% cash back on purchases made at restaurants and gas stations (capped at $1000 in combined purchases each quarter). All other purchases earn 1% cash back. At the end of your first year, the amount of rewards you have earned is automatically doubled (for new members only). Students get $20 cash back each school year when your GPA is 3.0 or higher (for up to five years). There is a six-month 0% introductory APR on purchases. After this time period ends, your APR will be between 12.99% and 19.99% depending on your credit history. The average credit limit is $1000.

3) Citi ThankYou Preferred for Students

This card is currently offering new members the opportunity to earn 2,500 Bonus ThankYou points after spending $500 within the first three months that your account is open. Additionally, there is a 0% introductory APR on purchases available for first seven months that your account is active. After this time, your APR will be 13.99% – 23.99% based on your creditworthiness. Members earn two ThankYou points for every dollar spent on purchases at restaurants and on entertainment. All other purchases earn one point per dollar spent. There is no limit on the amount of points you can earn and points do not expire. ThankYou points can be redeemed for statement credits, travel, gift certificates or merchandise.