Credit card lenders offer designated credit cards for college students to use. These credit cards usually have a low credit line but over time as the student increases credit score, it can be increased. As a college student, if you’ve never used a credit card before you may need to put a security deposit though.
However, this depends on the credit card product you’re looking to get. Either way, you can get a credit card and get your security deposit back after a while you establish credit.
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Discover it® Student Chrome
Discover it® Student Chrome is a great starter credit cars where you can earn 2% cash back on most of your purchases. For every quarter, you can earn 2% cash back in restaurants and gas stations. All of your other purchases will grant you a 1% cash back.
On top of this, Discover will automatically match all the cash back you earned during the course of the first year at the end of the year. Given there is no limit on how much of can be matched, you will double your cash backs.
Discover it® Student Chrome will a $20 statement credit for each school year your GPA is 3.0 or higher. This is available for up to next five years you get your credit card.
In addition to cash backs and the statement credit for good grades, you will get free alerts from Experian regards to your credit report. You will be notified when your credit score is increases. You may also get alerts from Discover for increasing your available credit line. This can give you the opportunity to carry your credit score even higher.
With no annual fee, not just for the first year but for the duration you hold the credit card, Discover it® Student Chrome is definitely the best credit card for college students. As for the Annual Percentage Rate (APR), it is 0% for the first six months on purchases, then 12.99% to 21.99.