When it comes to credit cards, college students have very limited knowledge about them. Although some people are hesitant to sign up for credit cards, building credit is essential to your future. Here are the best credit cards for college students.
With this credit card, you’ll receive an initial $200 after making a security deposit of $49, $99, or $200. There is no annual fee and students will be able to quickly build credit if used responsibly. You can easily manage your account by downloading the Capital One mobile app or accessing your information online. After making your first 5 payments on time, you can increase your credit line with no additional security deposit. The Capital One Secured Mastercard is accepted at millions of locations worldwide, making it easy to shop wherever you go.
The Green Dot Primor Visa Gold Secured Credit Card is perfect for college students with no credit background. With no processing or application fees, you can easily fill out the application in minutes. Credit lines range from $200 to $5,000 with a 9.99% interest rate on purchases. If used responsibly, you’ll be able to build credit in no time.
With the OpenSky Secured Credit Visa Card, you get to determine the amount of your credit line. With no required credit history, OpenSky gives everyone the opportunity to apply for a credit card. After submitting your application, you’ll be asked to deposit as little as $200 to jumpstart your credit line. If you prefer to increase your credit line, just simply increase the amount of money you deposit. Not only does OpenSky offer credit education, but they allow for you to share your experiences and insights in an open forum on Facebook. It’s been noted that 99% of people looking to build credit have been able to do so in a matter of 6 months.
The Citi Secured Mastercard allows for students to build credit with no annual fee. Although there are no processing or application fees, a security deposit is required. Similar to the OpenSky credit card, your credit line will be based on your security deposit. Every month, your credit history will be reported to 3 major credit bureaus, allowing you to keep track of your online FICO score. In order to use your credit card responsibly, you can stay on track with Auto Pay or schedule account alerts. Similar to the Capital One Secured Mastercard, the Citi Secured Mastercard is accepted worldwide, making it easy to use your credit card at multiple locations.
With this credit card, students will be able to not only build credit, but increase their credit line as well. In a matter of 60 seconds, you can see if you’re pre-qualified without hurting your credit score. If you make your minimum payment on time for the first 7 months, you’ll be able to double your credit line in no time. If you’re not satisfied with your credit card, Merrick Bank will allow for you to pay off your balance and receive your deposit back at any time. Additionally, monthly reports will be sent to 3 major credit bureaus, to establish a credit history. With 24/7 access to your account, you’ll be able to check in on your progress. Best of all, there are no penalty rates or over limit fees.