Good Credit Cards for College Students

Good credit cards for college students will keep costs low while still developing student credit. Look for a blend of these two features when selecting the card that works for you. It is also wise to look for added bonuses you can use in your specific situation to reward good spending habits.

Avoid Prepaid Cards

Prepaid cards may appear to be a good option because they have no interest rates. However, you will still pay a fee each time you add funds to the card. Further, in return for this fee, you gain no positive credit report. Since there is no actual loaning of funds in this example, the credit card company will not report the debt to a credit agency, and you will gain nothing from paying your card on schedule.

Choose Cards with Deferral Options

As a college student, you will likely fluctuate between periods of work and study. On breaks and in the summer, you can earn money with brief periods of employment. However, when you are in school, it can be very hard to continue to make payments on a credit card since you are not likely earning a large salary. In this case, a good option is to elect a card with deferral options where no interest is charged. Look for cards that allow you to defer payments in six-month periods without any additional compounding of interest.

Gain Spending Rewards

Many banks and lenders offer specific student credit cards that reward you where you need it most. For example, you can locate a card that will give you cash for airline tickets, books or campus meal plans. Look for a reward program focused on the items you need most. You may find student cards can help pay for necessary expenditures through these reward programs.