Financial independence is something that we all want in our life. Even students don't shy away from doing part-time jobs to satisfy their various monetary needs. But, what if I tell you that there is one more way available with the help of which you can satisfy the maximum number of your needs while studying in college or university? Yes, now plenty of student credit cards are available.
Credit cards always have been popular among working professionals. As you know that one can borrow money through credit and then the borrower has to return the money within the deadline and according to the terms and conditions. But, the life of the student is quite different. Hence, they need a specially designed and featured credit card.
In this post, I have compiled the experts' reviews and choices. This briefly written blog can be of great use for those students who are feeling difficulty in finding the perfect card from many student credit cards. So, let's start with one of the most basic questions:
Is a credit card available for students?
Yes, you will be glad to know that unique student credit cards are available at easy terms. After study & learning if there is something that demands students' attention is a requirement of money to fulfill a wide range of frequent necessities that appears every now & then. That's why using a credit card can be a good idea to meet the frequent requirement related to hostel fees & expenses in regards to books, tuition, and meals.
It is worth noting that a student credit card works in a quite different way from a regular one. Keeping in mind the small requirements of students, a student credit card comes with simple & easy terms of services. Also, imposes less interest rate and offers a lower credit limit.
One more noticeable point to bear in mind is that most of the cards come with no sign-up bonus and reward points. Find more information in the next section.
Should I get a student credit card or a regular credit card?
There is no harm in using a regular credit card as long as you are working and getting regular income. In case if you are a student and doing a part-time job, I recommend you to get a student credit card that comes with lenient features and easy terms. Why? Because a simple credit card for students would be enough to meet your small financial requirements. If you are doing a part-time job, it means, you will be getting a fixed salary as well. So, a fixed salary should be enough to meet your basic needs in the first place.
On the other hand, if you are a working professional and also a part-time student, then without any second thought you should go with a regular credit card because a student card will not be enough for your needs.
What is the best student credit card to get in 2020?
At first glance, a credit card for students seems to be less crucial for students. But, if you get a closer look at the ground level, you will find a different perspective. Have you heard about the credit score? If no, then be informed that it is a score that a card user gets while using the card. It shows how efficiently you use your card and pay back the lenders.
Having a good credit score can lead you to a wide range of benefits. Tasks like getting a loan for a car, home, and business becomes easy if you maintain a good credit score. So, a credit card is not just limited to your student life, it shapes your professional life as well in future.
So, let's come back to our main question- What is the best credit card for students to get in 2020. So, here is the answer to your question.
“Discover It” is one of the best credit cards for students we found in our study. It comes with a $0 annual fee. Also, it is simple to use and user-friendly. There are a few more cool features of "Discover It" student credit card which I have mentioned below:
It comes with no minimum and maximum spending.
Also, it gives 2% cash back at the purchase of more than $1000 at gas stations and restaurants (combined purchases each quarter).
The next benefit is- there are no charges or late fine on your first late payment. Also, there is no APR change in the case of delay in payment.
The best part of the "Discover It" student credit card is that it gives 100% U.S based customer service. Moreover, it provides the cardholder a free credit scorecard with a FICO credit score.
Last but not the least, it is worth noting that it comes with 0% intro APR on purchase for 6 months. Once you completed the initial six months then APR if 12.99% to 21.99% will be applicable.
Also Read: What is the best college saving plan?
Amid a large number of products & brands, choosing the best student credit card could be a difficult task. Therefore, in this post, we have discussed important aspects of credit cards made for students. Hopefully, you will find all the information quite helpful and effective. For more information and assistance, you can reach us directly.