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Konrad2012

2015 Master Student Credit Card thread

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I am compiling this thread to help college students find credit card products that are suitable towards beginning their credit journey. I am aware there is a past thread, but it has been untouched for nearly 1.5 years, and a large majority of the links are no longer valid. Rather than discouraging people with outdated information, I will start anew.

 

I am going to start with banks, if I feel motivated I will go back and do CU's at a later date.

 

Anyone who knows of CURRENT products or has CURRENT experience relevant to 2015, please add on.

 

I will also add now that I have looked at every card on my list, the best combination of cards in my opinion will be the BankAmericard Cash Rewards for Students, Citi ThankYou Preferred Card for Students, and the Discover it 5% rotating categories. The BofA product gives 3% on gas, 2% on groceries with a 1,500 quarterly cap and 1% on everything else (also includes the BankAmerideals with targeted cash back offers on businesses near your mailing zip code) The Citi product gives 2% on restaurants and 2% on entertainment with 1% on everything else. The Discover it 5% product has rotating 5% quarterly categories, with 1% on the remaining spend (with access to the Discover Cash Back mall). All three of these cards will continue to be useful cards long into the future, and the BofA and Citi products can be product changed in the future to other offerings if desired while maintaining the credit history.

 

Surprisingly to me, I didn't see a student card pushing bookstores, Amazon etc.

 

Here's the list of banks:

 

Bank of America - BankAmericard Cash Rewards for Students

https://www.bankofamerica.com/credit-cards/products/student-cash-back-credit-card.go

 

 

Bank of America - BankAmericard Travel Rewards for Students
Bank of America - BankAmericard for Students
Bremer Bank - College Rewards Visa
Capitol One - Journey Student Rewards
Citi- ThankYou Preferred Card for Students
Comerica - College Rewards Visa
Discover it Student 2% gas/restaurants
Discover it Student 5% rotating categories
East West Bank - College Rewards Visa
Lake City Bank - College Rewards Visa
Regions Bank - Student Visa
State Farm - Student Visa
US Bank - College Visa
Wells Fargo - Cash Back College Student Card

 

 

 

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This is a good thread. :good:

 

The BOA Travel Rewards card, IMO, doesn't get enough love.

 

The 3-2-1 cash card has its virtues but may not be the better choice for some people. For some, like students, the 3% cash back at gas stations is meaningless if the person doesn't have a car. That makes it 2% back at grocery stores, and 1% back for everything else. Is the student on a meal plan? Then that 2% back may not happen often. What if the student gets a Sallie Mae down the road? Then the 3-2-1 collects dust.

 

Then there are FTFs. Some students spend a semester abroad. Having a card that doesn't charge 3% FTF is a good thing.

 

The one downside to the Travel Rewards card is that the 1.5% back is restricted to redemptions against travel expenses, but the restriction is not that bad.

 

Then there is scalability. That 1.5% can easily become a 1.65% card for just being a BOA customer. The Travel Rewards card, like the 3-2-1 Cash Rewards card, is eligible for BOA's Preferred Rewards. Eventually, this card can be a 1.875%, 2.25%, or even a 2.625% card! So the utility of the card can grow with the cardholder.

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It's going to definitely depend on the individual.

 

Where I went to school in Southern California, everyone had a car. The only public transportation was the bus...and taking a bus in South Central in the early to mid 90's wasn't a smart idea. :ph34r:

 

If you are going abroad, the BofA Travel Rewards is a great option. 1.5% on uncategorized spend, no AF, and you're obviously going to have travel expenses :)

 

The best thing about either BofA product is that you can PC it to something else and keep the history. Same with the Citi. Notice a lot of the student cards are Elan products...pretty much garbage. With D* dead, getting products you can build history with and then change as your needs/life changes while retaining that history is more important than ever.

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Upromise is not so nice unless you know glitches to ms with it

Around 40% of the time the cash back is screwed and they require receipts as proof

Even then it's a two month wait for cb to post

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Sallie Mae and Upromise. I don't have experience with either, so I'll leave it for others to comment.

 

:dntknw: From what I can gather, Barlcays doesn't like to give cards to people with limited-to-no history and limited-to-no income.

 

Hopefully if someone has experience as a student with one of these they can chime in for the record.

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Sallie Mae and Upromise. I don't have experience with either, so I'll leave it for others to comment.

:dntknw: From what I can gather, Barlcays doesn't like to give cards to people with limited-to-no history and limited-to-no income.

 

Hopefully if someone has experience as a student with one of these they can chime in for the record.

This is correct. ..I got carried on griping about their cash back

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I have wondered for a long time, do student cards have any benefit over their non-student counterparts? Is approval easier because you are a student?

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I have wondered for a long time, do student cards have any benefit over their non-student counterparts? Is approval easier because you are a student?

 

It's a group of products designed with UW requirements for people with limited-to-no credit history and low income. Although with the rewards that more products are offering, it is obviously deemed a lucrative market by the banks.

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This link BobWang posted a while ago of GET.com's Best Student Credit Cards

appears to auto update every year: https://get.com/student-credit-cards/

 

I’m a returning student. I’m also rebuilding and repairing my credit (bunch of medical collections.) I have 4 positive TLs reporting right now. I’ll apply for a student card in June 2016.

Edited by domainstar

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