Best Credit Cards for Students in October 2023

Best Credit Cards for Students in October 2023,Best student credit cards compared 2023,Our recommendations for the best student credit card for October 2023,Best for bonus cash back: Capital One SavorOne Student Cash Rewards Credit Card.

Student credit cards serve as a valuable tool for establishing and developing your credit history. They typically have less stringent credit requirements compared to traditional credit cards, as card issuers recognize that students often have limited credit experience. While some options, like secured cards, cater to those with minimal or no credit history, they usually necessitate a refundable deposit and may have monthly fees associated with them.

Many of these credit cards are specifically designed with students’ spending habits and unique requirements in mind. Others offer versatile features that can benefit qualifying students. Continue reading to discover more about the top credit cards for students in 2023, the rationale behind our selections, and how to effectively utilize credit cards to enhance your credit profile while evading debt.

Best student credit cards compared 2023

Card	Best for	Intro offer	Regular APR	Annual fee	Min Credit
Capital One SavorOne Student Cash Rewards Credit Card	Bonus cash back	N/A	19.99% – 29.99% (Variable)	$0	Average, Fair, Limited
Capital One QuicksilverOne Cash Rewards Credit Card	Flat rate cash back	N/A	30.74% (Variable)	$39	Average, Fair, Limited
Capital One Quicksilver Student Cash Rewards Credit Card	Study abroad	N/A	19.99% – 29.99% (Variable)	$0	Average, Fair, Limited
Chase Freedom Flex℠	Rotating bonus categories	0% Intro APR on Balance Transfers 15 months and 0% Intro APR on Purchases 15 months	19.24% – 27.99% Variable	$0	Excellent, Good
Citi Simplicity® Card	Balance transfers	0% intro APR for 21 months on Balance Transfer and 0% 12 months on Purchases	19.24% – 29.99 (Variable)	$0	Excellent, Good
Capital One VentureOne Rewards for Good Credit	Travel rewards	N/A	30.74% (Variable)	$0	Good
OpenSky® Secured Visa® Credit Card	No credit	N/A	22.39% variable	$35
Chase Freedom Unlimited®	Graduate students	0% Intro APR on Balance Transfers 15 months and 0% Intro APR on Purchases 15 months	20.49% – 29.24% Variable	$0	Excellent, Good
Capital One Platinum Secured Credit Card	Secured card	N/A	30.74% (Variable)	$0	Limited, Bad
Citi® Double Cash Card – 18 month BT offer	Medical students	0% 18 months	19.24% – 29.24% (Variable)	$0	Excellent, Good, Fair
Petal® 2 “Cash Back, No Fees” Visa® Credit Card	International students	N/A	18.24% – 32.24% Variable	$0	Excellent, Good, Limited History, No History, Limited, No Credit

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Our recommendations for the best student credit card for October 2023

1.Best for bonus cash back: Capital One SavorOne Student Cash Rewards Credit Card

It’s a rarity to come across a student credit card that offers heightened cash-back rewards, but the Capital One SavorOne Student Cash Rewards Credit Card breaks that mold. This card provides an impressive 3% cash back on dining, entertainment, streaming services, and grocery store purchases, with a 1% cash back on all other spending. In addition, it includes a welcoming $50 cash bonus when you spend $100 within the initial three months of opening your account.

The Capital One SavorOne Student Cash Rewards Credit Card stands out with its $0 annual fee and offers fundamental travel and extended warranty protections. Cardholders also benefit from access to CreditWise, Capital One’s credit monitoring service.

2.Best for flat rate cash back: Capital One QuicksilverOne Cash Rewards Credit Card

If you prefer earning cash back without the hassle of meticulously tracking your expenditures, consider the Capital One QuicksilverOne Cash Rewards Credit Card. This card offers an unvarying 1.5% cash back on all your purchases. Although it does come with a $39 annual fee, it doesn’t impose foreign transaction fees. Furthermore, cardholders may become eligible for automatic credit line increases in as short a time as six months after opening their account.

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3.Best for students studying abroad: Capital One Quicksilver Student Cash Rewards Credit Card

The Capital One Quicksilver Student Cash Rewards Credit Card is tailor-made for students studying abroad and travelers alike, thanks to its $0 annual fee and absence of foreign transaction fees.

This card allows you to earn a steady 1.5% cash back on all your purchases and even offers a welcoming $50 cash bonus when you spend $100 in the initial three months of card ownership. Additionally, it provides added perks like complimentary credit monitoring, card locking, virtual card numbers, and travel accident insurance.

4.Best for rotating bonus categories: Chase Freedom Flex℠

The Chase Freedom Flex℠ card offers a diverse range of cash back rewards. You can earn 5% cash back on up to $1,500 in total combined purchases in quarterly rotating categories that you activate. These categories may include popular options like gas stations, grocery stores, and Amazon.com. Additionally, you’ll receive 5% cash back on travel purchased through Chase Ultimate Rewards, 3% cash back on dining at restaurants and drugstore purchases, and 1% cash back on all other purchases.

For new cardholders, there’s an enticing $200 bonus up for grabs after spending $500 on purchases within the initial 3 months from the account opening. Moreover, the card provides the benefit of a 0% Intro APR on Balance Transfers for 15 months and a 0% Intro APR on Purchases for 15 months (following which a variable APR of 19.24% – 27.99% applies). While the Chase Freedom Flex℠ comes with a $0 annual fee, it is essential to note that there is a foreign transaction fee of 3% for transactions made outside of the United States.

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5.Best for balance transfers: Citi Simplicity^® Card

Students carrying existing credit card debt will find the Citi Simplicity® Card particularly advantageous due to its extensive introductory APR offer for balance transfers. This card boasts a generous 0% intro APR for 21 months on Balance Transfers and a 0% introductory APR for 12 months on Purchases. Subsequently, a variable APR of 19.24% – 29.99% applies.

The Citi Simplicity® Card comes with a $0 annual fee, but it is important to note that there is a 3% foreign transaction fee for purchases conducted outside the United States.

6.Best for travel rewards: Capital One VentureOne Rewards for Good Credit

Although it may not offer as robust travel benefits as Capital One’s premium travel cards, the Capital One VentureOne Rewards for Good Credit still presents an appealing choice for students with a passion for traveling. This card allows you to earn an ongoing 1.25x miles on every purchase, with an impressive 5x miles on hotels and rental cars booked through Capital One Travel.

Furthermore, you have multiple options to utilize your earned miles, including booking trips through Capital One Travel, converting miles into statement credits, or seeking reimbursement for past travel expenses charged to the card. The Capital One VentureOne Rewards for Good Credit comes with the added perks of $0 annual fees and no foreign transaction fees.

7.Best for no credit: OpenSky® Secured Visa® Credit Card

The OpenSky® Secured Visa® Credit Card offers the advantage of not requiring a credit check for application. This secured credit card involves a $35 annual fee and a minimum refundable security deposit of $200. Responsible card usage can lead to potential credit line increases every six months, and after six months, cardholders have the opportunity to upgrade to the OpenSky® Gold Visa® Unsecured Credit Card.

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8.Best for graduate students: Chase Freedom Unlimited®

If you’re a graduate student with a solid credit history, you may be eligible for the Chase Freedom Unlimited® card. With a special offer of unlimited matched cash back, Chase automatically matches all the cash back you’ve earned at the end of your first year. The potential for cash back is limitless. Cardholders enjoy 5% cash back on travel bookings made through Chase Ultimate Rewards, 3% on dining at restaurants and purchases at drugstores, and 1.5% on all other transactions.

Chase Freedom Unlimited® proves to be an excellent choice for financing significant purchases or managing existing credit card debt, thanks to its 0% introductory APR on balance transfers for 15 months and 0% introductory APR on purchases for 15 months (after which a variable APR of 20.49% – 29.24% applies). This Chase cash back card also offers valuable partner benefits with DoorDash, Lyft, and Instacart, along with various travel protections. Notably, there is no annual fee for the Chase Freedom Unlimited® card.

9.Best secured card: Capital One Platinum Secured Credit Card

Secured credit cards provide an initial pathway to credit by requiring a refundable security deposit. This makes them a suitable option for students who may not meet the criteria for a conventional credit card. By responsibly managing a secured credit card, students can establish their credit history and eventually transition to an unsecured card. The Capital One Platinum Secured Credit Card mandates a minimum refundable deposit of $49, $99, or $200, with the added advantage of no annual or foreign transaction fees.

This card also includes automatic credit line assessments within as little as six months, offering the opportunity to upgrade to a standard Capital One Platinum Credit Card for those who exhibit responsible credit behavior. While the Capital One Platinum Secured Credit Card doesn’t boast a multitude of perks, it does provide essential benefits like account alerts, credit score monitoring, and fraud protection.

10.Best for medical students: Citi^® Double Cash Card – 18 month BT offer

The Citi® Double Cash Card – 18 month BT offer simplifies cash back earning for busy medical students, eliminating the need to meticulously track expenses. This card rewards you with 2% cash back on your purchases: 1% when you make the purchase and an additional 1% as you make your payments.

Additionally, the Citi® Double Cash Card – 18 month BT offer provides an introductory 0% APR for 18 months (subsequently, a variable APR of 19.24% – 29.24% applies). It’s worth noting, however, that this card imposes a 3% foreign transaction fee on purchases made outside the United States, making it less ideal for medical students planning international travel.

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11.Best for international students: Petal® 2 “Cash Back, No Fees” Visa® Credit Card

The Petal® 2 “Cash Back, No Fees” Visa® Credit Card opens the door for international students studying in the U.S. by accepting applications with an Individual Tax Identification Number (ITIN). This provides a means for them to establish credit and enjoy cash-back rewards. The card offers a generous cash back rate of up to 1.5% on everyday purchases and comes with a $0 annual fee. Furthermore, it serves as an excellent travel companion with the added benefit of zero foreign transaction fees.

A noteworthy advantage is that Petal reports payments to the major credit bureaus, facilitating the development of a positive payment history and credit profile for cardholders.

Our methodology

In our quest to identify the most suitable credit cards for students, we conducted a comprehensive evaluation using a range of essential criteria:

1. Credit Requirements: We considered the credit requirements, understanding that many students are new to credit and may not have an extensive credit history.
2. Introductory APR Offers: We examined any introductory APR offers that can help students save on interest charges, especially when managing their expenses.
3. Variable APRs: The variable APRs were taken into account as they have a significant impact on the long-term cost of carrying a credit card balance.
4. Annual Fees: Given that students often have limited budgets, we assessed whether the cards had annual fees, aiming to minimize unnecessary costs.
5. Card Benefits and Perks: We looked at the additional benefits and perks offered by the cards, such as cash back rewards, purchase protections, and more.
6. Travel Benefits: For students who travel, we considered whether the cards offered any travel-related benefits, like no foreign transaction fees.
7. Consumer Protections: Ensuring students’ financial security, we evaluated the level of consumer protections provided by the cards.
8. Rewards Rates: We scrutinized the rewards rates, focusing on cards that offer competitive rewards for various spending categories.
9. Welcome Offers: Any welcome offers or sign-up bonuses were taken into account to provide students with an extra incentive to choose a particular card.

These criteria were employed to guide us in selecting the best credit cards for students. Recognizing that most student applicants may have limited credit history, we aimed to identify cards that cater to their specific needs, whether through introductory offers, low fees, or appealing rewards and benefits. The cards listed here have been chosen for their suitability for students based on their overall strength, features, and availability.

How to choose the best student credit card for you

Selecting the right credit card is a personalized process that hinges on your individual credit profile and unique needs as a student. It’s important to recognize that if you possess limited or no credit history or a lower credit score, you may not be eligible for certain cards featured in our list. In such cases, it’s advisable to embark on a journey to bolster your credit to meet the qualifications for a more advantageous credit card in the future.

To make an informed decision, consider the following factors:

1. Credit Profile: Assess your own credit profile honestly. This knowledge will help you target cards that are within your reach.
2. Card Features: Identify the specific card features that align with your priorities. For instance, if you plan to study abroad or travel frequently, opt for a card that doesn’t impose foreign transaction fees.
3. Spending Habits: Analyze your spending habits and seek cards that offer rewards in categories that match your typical expenditure. This way, you can maximize the benefits of your card.

Remember that credit cards are versatile financial tools that can help you build credit, manage expenses, and even earn valuable rewards. As a student, your financial situation is unique, and your choice of a credit card should reflect your individual circumstances and objectives. It’s an important step in your financial journey, so make sure to choose a card that aligns with your current needs while keeping an eye on your credit-building and financial goals for the future.

What are the requirements to be approved?

Many card issuers typically assess eligibility for a credit card and establish interest rates and credit limits based on credit scores, credit history, and various additional factors. While evaluating card applications, issuers may also take into account a student’s income. It’s worth noting that certain cards, particularly secured credit cards, might not necessitate a credit score or a minimum income for approval.

Can students get pre-approved for credit cards?

Whenever feasible, consider seeking out cards that provide a pre-approval option. Pre-approval enables you to inquire about card offers without causing a detrimental impact on your credit score. It’s important to understand that pre-approval doesn’t guarantee your approval for a specific card, but it does serve as an indicator that you meet the fundamental requirements for potential approval.

How to build credit (and avoid debt) once you get approved

After successfully securing a credit card, it’s essential to adopt responsible usage habits to cultivate a positive credit history. Here are several recommended practices to follow when utilizing your credit card:

1. Timely Payments: Ensure you pay your monthly bills punctually without any delays. Credit card issuers report your payment behavior to credit bureaus, and your payment history significantly influences your credit score. Consider setting up automatic minimum payments to safeguard against missing deadlines.
2. Spend Wisely: Make expenditures within your financial means. Only employ your credit card when you possess the necessary funds to cover your purchases or bills.
3. Full Balance Payment: Strive to clear your entire balance each month, which will help you evade costly interest charges.
4. Low Balances: If you do need to maintain a balance from one month to the next, aim to keep it at a minimum. Your credit utilization rate, which measures how much of your available credit you use, is another key factor impacting your credit score.
5. Rewards for Regular Spending: Make use of your credit card to earn rewards from your everyday spending. However, avoid altering your regular spending habits solely to accumulate rewards.

By adhering to these practices, you can foster responsible credit card usage, bolster your credit history, and improve your overall financial well-being.

Alternatives to student credit cards

If you find that you don’t meet the prerequisites for qualifying for a traditional credit card, there are alternative methods for accessing credit and cultivating a credit history as a student:

1. Secured Credit Cards: Securing a secured credit card doesn’t hinge on a credit inquiry. Instead, it involves a refundable deposit, which often sets your credit limit. Secured cards are generally easier to qualify for and offer an opportunity to establish credit. Some issuers conduct periodic account assessments after several months of timely payments to evaluate your eligibility for an upgrade to an unsecured card.
2. Authorized User: Another avenue to access credit is by becoming an authorized user on a parent’s credit card account. This grants you a credit card for your use and contributes to building your credit as you consistently make on-time monthly payments.
3. Prepaid Debit Cards: While prepaid cards don’t provide a credit line or contribute to your credit history, they are widely accepted, particularly those issued by major payment networks like Visa and Mastercard. Prepaid cards also help limit overspending compared to traditional credit cards. Keep a watchful eye on the associated fees, which may encompass monthly maintenance, transaction, reloading, and inactivity fees.

These alternatives can be valuable tools for students looking to establish and strengthen their credit, especially when they don’t meet the requirements for conventional credit cards.

Use student credit cards wisely to build credit

A student credit card serves as a valuable resource for acquiring essential financial skills, such as responsible spending, while simultaneously aiding in the establishment and enhancement of your credit history. As you progress through life, maintaining good credit becomes instrumental, granting you access to more favorable interest rates, discounts, and is frequently a prerequisite for tasks like securing financing, renting an apartment, and even securing employment opportunities.

Frequently asked questions (FAQs)