Estimated read time: 3 minutes & 37 seconds

Good morning and welcome back to Live Fast, 

We’re back for another week of personal finance content. This time we’re taking a deep dive into the world of credit cards, specifically for college students. 

What we’re covering this time:

• 💳The BEST starter credit cards for college students

Building a solid credit history is vital for your financial future, and a starter credit card is a HUGE step to establish and build your credit if used responsibly. I’m sure many college students have found themselves shopping around for a credit card. However, picking one can get tricky. There are A LOT of different factors that go into finding the right card for you including your credit history and score, annual fees, and reward offers. Sound like a lot of buzzwords? Don’t worry. Today, we’re comparing 3 credit cards that are great for college students. All of these cards have NO annual fee, making them fantastic starter cards to build a credit history while earning rewards. 

Let’s start with the basics.

What’s your credit score?

Your credit score, or FICO score, is a 3-digit number, typically between 300-850, which lenders and creditors use to determine your creditworthiness, the likelihood that you will pay your bills on time. Your score is based on your financial history collected by the three major credit bureaus - Experian, Equifax, and Transunion. It takes into account things like whether you pay your bills on time, how much debt you have, and how long you've been using credit. A higher score indicates that you are a lower credit risk, making it easier to get loans and credit at favorable terms, or in this case, a better credit card. 

Our Picks: Best College Student Credit Cards 

Capital One SavorOne Student Credit Card: 

Current Offer: Earn a one-time $50 cash bonus after spending $100 on purchases within the first 3 months of opening the account. 

Why we like this card: One word: Value. 

The SavorOne is ranked by Nerdwallet as the ‘Best Credit Card for Students’, and offers incredible value for students, especially those who enjoy going out. Along with the fantastic introductory bonus, the unlimited cash back on dining, entertainment, popular streaming services, and grocery stores provides generous rewards on common spending categories for students. The cashback rewards can be redeemed for cash or points when paired with Capital One’s travel credit card offerings. Additionally, if you’re thinking about traveling or studying abroad, you have one less thing to worry about since the SavorOne doesn't charge foreign transaction fees. 

Other Benefits: 

• Earn 10% cash back on purchases with Uber & Uber Eats + Complimentary Uber One membership statement credits every month through November 14, 2024 

• Earn 8% cash back on Capital One Entertainment purchases

• Earn 5% cash back on hotels & rental cars booked through Capital One Travel

• Earn 3% cash back on dining, entertainment, popular streaming services, & at grocery stores 

• Earn 1% cash back on all other purchases 

• No foreign transaction fees 

Discover it Student Cash Back 

Current Offer: Unlimited dollar-for-dollar match of all the cash back you earn at the end of your first year.

Why we like this card: Absolutely NO credit score is required to apply for this card, making it an excellent starter card for those without prior credit history. Besides that, the Discover It is great for everyday spending because you can earn 5% cash back on certain spending categories that rotate on a quarterly basis along with 1% cash back on all other purchases. 

Other Benefits:

• Earn 5% cash back on everyday purchases at different places you shop each quarter like grocery stores, restaurants, gas stations, and more, up to the quarterly maximum when you activate.

• Earn 1% cash back on all other purchases.

  

Capital One Quicksilver Student Cash Rewards Credit Card  

Current Offer: Earn a one-time $50 cash bonus after spending $100 on purchases within the first 3 months of opening the account. 

Why we like this card: It’s another Capitol One credit card geared towards college students. Unlike the SavorOne, the Quicksilver offers an unlimited 1.5% flat-rate cash back on every purchase. The cash-back rewards are simple and straightforward which can be appealing to students who want to earn rewards on their everyday expenses without the hassle of keeping track of bonus categories or spending requirements. Like the SavorOne, the Quicksilver charges no foreign transaction fees, so it’s a great option for students planning to travel or study abroad. 

Other Benefits:

• Earn 10% cash back on purchases with Uber & Uber Eats + Complimentary Uber One membership statement credits every month through November 14, 2024 

• Earn 8% cash back on Capital One Entertainment purchases

• Earn 5% cash back on hotels & rental cars booked through Capital One Travel

• Earn unlimited 1.5% cash back on every purchase, every day

• No foreign transaction fees

What student credit card should I get?  

Ultimately, the right credit card for you depends on your spending habits and the benefits you value as a college student. While these cards are all good options for students, it’s important to use them responsibly. Pay your bills on time, avoid carrying a balance to minimize interest charges, and stay within your budget to make the most of the benefits and rewards without accumulating debt. A higher credit score can open the door to cards with more premium benefits like travel-specific cards. Additionally, be sure to read the terms and conditions of any card and understand the APR (annual percentage rate) and any fees associated with it.

@the.annoying.phil

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Whew. That was a hefty amount of information, but we hope we pointed you in the right direction for college student credit cards.

We’ll be taking a break during the week of Thanksgiving, so we’ll be back the following week after some well-deserved rest. 

See you after Thanksgiving! 🦃

Dustin Tran

Founder & Content Lead