Are you a student looking to build your credit score? Getting an elite credit card can be a great way to start. Not only can they help you establish a good credit history, but they also often come with student-specific perks and rewards. In this article, we’ll highlight 12 elite credit cards that are perfect for students looking to start building their credit.
1. Discover it Student Cash Back
The Discover it Student Cash Back card is a great option for students looking to build their credit. With this card, you can earn 5% cash back on rotating categories each quarter (up to the quarterly maximum each time you activate), plus 1% cash back on all other purchases. Additionally, Discover will match all the cash back you’ve earned at the end of your first year.
2. Bank of America Travel Rewards for Students
The Bank of America Travel Rewards for Students card is perfect for students who love to travel. With this card, you can earn 1.5 points for every dollar spent, which can be redeemed for travel-related purchases. Plus, if you spend $1,000 on purchases in the first 90 days, you’ll receive 25,000 bonus points, which is equal to $250 in travel credits.
3. Capital One Secured Mastercard
If you’re trying to build your credit from scratch, the Capital One Secured Mastercard is a great option. This card requires a security deposit, which becomes your credit line. You can then use the card like any other credit card, and your payment history will be reported to the credit bureaus. As you build your credit, you may be able to upgrade to an unsecured card.
4. Citi Rewards Student Card
The Citi Rewards Student Card allows you to earn 2X points at supermarkets and gas stations, plus 1X point on all other purchases. Additionally, you can earn 10% points back for the first 100,000 points you redeem per year. This card is a great option for students looking to earn points on their everyday purchases.
5. Chase Freedom Unlimited
The Chase Freedom Unlimited card allows you to earn 1.5% cash back on all your purchases. Plus, if you spend $500 within the first three months of opening the account, you can earn a $200 bonus. This card is a great option for students looking for an easy-to-use cash-back card.
6. Wells Fargo Cash Back College Card
The Wells Fargo Cash Back College Card allows you to earn 3% cash back on gas, grocery, and drugstore purchases for the first six months, and then 1% cash back on all other purchases after that. Additionally, this card comes with cell phone protection when you pay your monthly cell phone bill with the card.
7. Journey® Student Rewards from Capital One®
The Journey® Student Rewards from Capital One® card allows you to earn 1% cash back on all your purchases. Then, if you pay your bill on time, you’ll receive an additional 0.25% cash back bonus each month. This card is a great option for students looking to build their credit and earn rewards at the same time.
8. Citi Secured Mastercard
The Citi Secured Mastercard is another great option for students looking to build credit from scratch. This card requires a security deposit, which becomes your credit line. With responsible use, you can build your credit history and eventually upgrade to an unsecured card.
9. BankAmericard for Students
The BankAmericard for Students is a simple, straightforward card with no annual fee. While it doesn’t offer any rewards or perks, it’s a good option for students who want to build credit while keeping things simple.
10. Deserve EDU Mastercard for Students
The Deserve EDU Mastercard for Students offers 1% cash back on all purchases, as well as a $0 annual fee. Additionally, Deserve offers a free year of Amazon Prime Student (which is worth $59) after you make your first purchase with the card.
11. U.S. Bank College Visa Credit Card
The U.S. Bank College Visa Credit Card offers 1% cash back on all purchases, as well as a $0 annual fee. Additionally, this card offers a low introductory APR on purchases and balance transfers for the first six months.
12. State Farm Student Visa Credit Card
The State Farm Student Visa Credit Card allows you to earn 1% cash back on all purchases. Plus, you can earn up to 3 points per dollar spent on insurance premium payments, which can help offset the cost of your car or renters insurance.
FAQs
1. Do I need a higher credit score to get an elite credit card?
Not necessarily. Some elite credit cards are specifically designed for people with little or no credit history, so they may be easier to get approved for than other types of credit cards.
2. Can I transfer my balance from another credit card to an elite credit card?
Yes, many elite credit cards offer balance transfer options. However, be sure to read the fine print, as there may be fees associated with the transfer.
3. Can I use an elite credit card outside of the United States?
It depends on the specific credit card. Some elite credit cards come with no foreign transaction fees and are widely accepted abroad, while others may not be accepted at all.
4. Do elite credit cards have annual fees?
Many elite credit cards do have annual fees, but there are also options available that have no annual fees or lower fees.
5. How can I avoid paying interest on my credit card?
To avoid paying interest on your credit card purchases, be sure to pay your balance in full and on time each month.
6. Can I earn rewards with an elite credit card?
Yes, many elite credit cards offer rewards programs that allow you to earn points, cash back, or other perks on your purchases.
7. Are there any downsides to getting an elite credit card as a student?
One potential downside of getting an elite credit card as a student is that it may be more tempting to overspend or carry a balance, which can lead to high interest charges and financial difficulty.
8. How can I improve my chances of getting approved for an elite credit card?
To improve your chances of getting approved for an elite credit card, be sure to maintain a good credit score, have a steady source of income, and apply for credit cards that are specifically designed for students or people with limited credit histories.
9. Can I use an elite credit card to build my credit score?
Yes, using an elite credit card responsibly and making on-time payments can help you build your credit score over time.
10. What should I do if I have trouble making payments on my elite credit card?
If you’re having trouble making payments on your elite credit card, be sure to contact your credit card issuer as soon as possible. They may be able to work with you to come up with a payment plan or find other solutions to help you get back on track.
Conclusion
Getting an elite credit card as a student can be a great way to build your credit score and earn rewards on your purchases. However, it’s important to use these cards responsibly and avoid overspending or carrying a balance. By choosing the right elite credit card and staying on top of your payments, you can build a strong credit history that will serve you well in the future.
