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A Comparison of Student Credit Cards |
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by: Debbie Dragon
As students head off to college to begin their education, many are applying for their first credit card. During your college years is a great time to begin to build your credit score for the future, and using a student credit card wisely is a great way to get started. Today, there are a number of great options for students. Here is an overview of some of the more popular cards to choose from.
The student Discover Card
The student Discover credit card is a great option. It has the same benefits that you would typically see from Discover. For starters there is no annual fee, which is always a great thing. Students will also be able to get Discover rewards. Card members will receive up to 1% cash back on all of their purchases and up to 5% cash back on specific shopping categories which rotate.
Past incentives have given 5% cash back on such purchases as groceries, gas, restaurants and movie rentals. Finally, card members can rack up even more reward dollars when they do their on-line shopping though the Shop Discover link on the Discover card website. Shopping at participating merchants can earn card holders up to 20% cash back.
Citi® mtvUTM Platinum Select® Visa® Card for College Students
Citi also has a popular student credit card with no annual fee. While students begin to build their credit score they can earn rewards with this premium Citi Visa. The program is set up in such a way that students who have the Citi mtvU Card earn thank you points which can be redeemed for great rewards like gift cards, travel and merchandise. The card offers some unique reward opportunities like extra thank you points for having a good GPA, extra points for paying your bill on time and extra points for not going over your credit limit. Students can also receive thank you points for all their purchases. Five thank you points for every $1.00 spent at participating restaurants, bookstores, music stores, video rentals and movie theatres. One point for every $1.00 spent on all other purchases.
Chase SM) Student MasterCard
Chase also offers students a card that has some great perks as you begin to build your credit score. Card members earn karma points for purchases and a bonus 25 points the first time they use their card. These rewards can be turned in for gifts such as movies, music, electronics and more. Students also have the option to donate their Karma pints to various causes and they can also share the points with their facebook friends. As in the Discover and Citi card, there is no annual fee.
All of the above mentioned student credit cards also come with an introductory 0% interest on purchases and balance transfers. While this might sound like a great deal college students should be wary of this introductory offer. Having a great credit score will be essential for their future borrowing needs. Many times students who get their first credit card get carried away and charge more than they can handle. Make sure this does not happen to you.
To begin to build great credit, charge only small purchases each month and make sure you will have the money to pay your bill in full each and every month. This is a great time of life to learn the responsibility of great money handling. To keep on track develop a monthly budget and stick with it. You can be off to earning a great credit score if you start right away to use your student credit card responsibly.
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Credit Card Articles > Student Credit Cards > A Comparison of Student Credit Cards
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