5 great credit cards for students with no credit
When it comes to student credit cards, credit score is never an issue. These credit cards are made for students who have no credit history. Credit card companies are interested in providing students with credit cards, due to their potential in earning and the financial needs they will face in the long run. The credit companies aim to have a long-term association with students by offering student credit card no credit.
All a student has to do is to provide a proof of independent income to pay the minimum monthly payment for the card. This minimum monthly payment comes to around $10. If there is no such independent income, a parent co-sign is enough. Earning a good credit card is very important as it helps in renting a home, get a car, and apply for loans and insurances after one graduate. A good credit score also helps in landing a job which focuses on dealing with money and security clearances. Let us take a look at some of the best student credit cards with no credit.
- Discover it Chrome for Students : Chrome doesn’t have an annual fee and requires only a limited credit history that is less than three years of credit history. The card offers a 2% cash back at restaurants and gas stations for a combined purchase of $1000 every quarter. The card offers a 1% cash back on every other purchase. It has a $20 cash back for students with a minimum 3.0 GPA. Chrome also provides a detail cash back report automatically by the end of the year. Chrome monitors the social security numbers of their users and alerts the students if their security number appears on potentially risky websites. Chrome offers an excellent customer support and provides students with FICO credit scores on a monthly basis free of cost. Students have an option of turning their accounts on or off to prevent new purchases, transfers, and cash advances. The purchase intro APR is 0% for the first six months. Transfer APR is 10.99% for the first six months. Regular APR varies from 13.99% to 22.99%.
- Journey Student Rewards from Capital One : Journey doesn’t have an annual fee and requires only a minimum credit history. Users earn a 1% cash back on all the purchases. The user has a chance to boost the cash back by 1.25% by paying on time. A journey has no limit over the amount earned as cash back, and rewards will not expire till the account expires. Journey provides an option to upgrade the credit line if the user makes the first five payments on time. Journey offers a fraud coverage in case of a lost or stolen card. The user has the liberty to pick a suitable due date. Journey is free of any transaction charges. It has a regular APR of 24.99%.
- Discover it for Students : Similar to Chrome offered by Discover, this one also has a basic card which is free of annual fee. Many of the offerings are similar to the one offered by Chrome. It offers a 5% cash back in every quarter on purchases from Amazon, restaurants, and ground transportation. A student with a limited credit history can apply for Discover it.
- Primor Secured Visa Gold Card : Primor has an annual fee of $49 and is a very good option for students with bad credit history. Primor offers a credit line from $200 to $5000. The interest on purchase is 9.99% which has no penalty. The processing and application fee is free. Primor is a good card for building up a good credit history even for defaulters. Primor reports to all the three national credit bureaus. The application process is fast and hassles free.
- OpenSky Secured Visa Credit Card : OpenSky is a good credit card for students with bad credit history and has an annual fee of $35. It requires a minimum deposit of $200 and has a regular APR of 18.39%. OpenSky reports to all the three credit bureaus on a monthly basis and hence is a nice option for building a good credit score. Credit lines offered are from $200 to $3000.
- State Farm Bank Student Visa Credit Card : Good option for students with limited credit history. The user earns 3 points for every dollar spent on insurance premium payments. Other eligible purchases earn 2 points. The card doesn’t have an annual fee, and the rates are very competitive. Since it is a VISA card, it is accepted across the globe.
The easiest and the fastest way to build a credit score is by having a credit card. Having a credit card will only come in handy for building credit scores if the user makes the payment on time. There are not many student cards on the market so it’s important to go through all the cards and chose the one which will suit your credit score. Applying for multiple credit cards can have a negative impact. Keep an eye on the credit reports for better evaluation and keep using the rewards, if at all any.
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