Anonymous asked in Business & FinanceSmall Business · 7 years ago

Best Credit Cards for Students - Where can I find the Best Credit Cards for Students to apply for online?

Are there credit cards for students available online? I'm going back to school after my wife had our first baby, and I want her to have my regular credit card for everyday spending and then get a card for me to use solely for my college expenses. I searched online and found credit cards for bad credit and high APR's taking up the first few pages of results, but I have no debt apart from my student loan. It's very discouraging that lenders don't seem to have credit cards for students- it's no wonder that people are stuck in dead end jobs. Can someone recommend me some credit cards that are made for students without ridiculously high APR's?

2 Answers

  • Anonymous
    7 years ago
    Favorite Answer

    Thankfully, the banking industry is changing. I'm in my 2nd year of a law degree and I have had a great experience with Discover. I got my card here when I got my student loan & what sold me on it was customer service (US based), the first year with no interest and then because I had managed my spending carefully they gave me an APR that was half what I had been expecting, 12% . Discover are trying to help students and people who are new to credit.

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  • Merry
    Lv 7
    7 years ago

    I didn't get the impression from what you said that you wanted to pay for college with the credit card, but that you wanted to keep your school expenses separated. Since I could be wrong about that, I want to state that I definitely agree with GWTF that you shouldn't be paying for college with a credit card (unless you have the money to pay it off immediately).

    Discover has a great student card – which is easier to get than their regular card. My daughter has a student Discover card and loves it. If you use her referral link here: you can list things like the portion of your grants/scholarships for living expenses under “other income”, along with any wages in the “yearly income” section. You'll get $50 cashback bonus when you make your first purchase and you'll get cashback bonuses for everything that you purchase. The cashback is a minimum of 1%, but every three months there are different categories that pay 5%.

    There's no annual fee and the APR (annual percentage rate) is fairly good. It's 10.99% for the first six months. After that, it ranges from 12.99 to 18.99%. But, it really doesn't matter how much the APR is if you pay your balance in full each month. As long as you pay in full, you'll never pay interest. If you're thinking that you wouldn't normally be able to pay in full every month, you may be better off taking out additional student loans.

    Remember that if you use a credit card wisely, it can be a great tool. But, you can also ruin your credit, so whichever card you end up getting, just be certain to use it the right way. Use it for convenience (paying at the pump, making reservations online, etc.) and to build credit. Don't use it to buy something that you can't afford.

    Use it at least once a month for something that you need to buy anyway (gas, food, etc.). Set that money aside immediately so that you have the full amount when the statement arrives.

    Pay in full, but don't pay before the statement prints. If you pay before your cycle closes, then “zero” is going to be reported to the credit bureau as your usage, which won't help your credit score at all. Keep your utilization at, or below, 30% of your available credit to develop the best credit score. In other words, if you have a $1000 limit on your card, you shouldn't have more than $300 in use when your cycle closes.

    Good luck with going back to school!

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