It is not that easy to get approved for a credit card as a student or recent college graduate, due to the lack of financial history. However, specialists say that not establishing credit is one of the worst mistakes you can do in your adult life.
Having a good credit score can get you better insurance rates, better cable and Internet terms, and could also increase your chances of getting a job, among other things.
Getting a credit card is the easiest way to increase your score. You should start small and wisely, by making timely payments, and paying your bills in full.
Here are the best credit card for students and recent college graduates:
1) Discover it Student Cash Back
- No annual fee
- No late fees on first late payment
- 0% intro APR on purchases for the first 6 months
- 5% cash back each quarter on certain categories such as gas stations, grocery stores, restaurants or Amazon.com
- Free social security number alerts
2) Discover it Student Chrome
- Good grade reward: Get $20 statement credit each school year your GPA is 3.0 or higher for up to the next 5 years
- 2% cash back on up to $1,000 in combined purchases each quarter
- 1% cash back on all other purchases
- Free social security number alerts
3) Capital One Platinum Credit Card
- No annual fee
- Get access to a higher credit line after making 5 monthly payments on time
- Fraud coverage if your card is lost or stolen
- Get access to your account 24 hours a day, 7 days a week
4) Citi Double Cash
- Earn TWICE with 1% on purchases and 1% as you pay for those purchases in full or over time.
- 0% Intro APR on balance transfers for 18 months
- No caps and no category restrictions
- Redeem cash back for checks or statement credits.
5) Chase Freedom Unlimited
- No annual fee
- 0% intro APR for balance transfers and purchases for 15 months
- $150 bonus after spending $500 within the first 3 months
- 1.5% cash back on all purchases
6) Bank of America Cash Rewards
- No annual fee
- 0% intro APR for 12 billing cycles made in the first 60 days for purchases and balance transfers
- 1% cash back on every purchase, 2% cash back at grocery store and 3% cash back on gas for the first $1,500 in combined purchases each quarter
- Rewards don’t expire
- $150 online cash rewards bonus after you spend at least $500 on purchases within the first 3 months
7) Citi ThankYou Preferred Card for College Student
- No annual fee
- No expiration and no limits on points
- 1 point per $1 dollar spent on all purchases
- 2 points per $1 dollar spent on restaurants and entertainment
- 0% intro APR for the first 7 months
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