There are a lot of credit cards, some with high charge and some of low charged but here today, I will list out the best credit cards for students and teen in 2022.
About credit card: A credit card is simply defined as a card used for payment that enables the cardholder to pay for a certain goods and services rendered to him or her.
There are many advantages and some disadvantages of a credit card, but the advantages are quite alright and it is even better to have a credit card, so that things can be easier.
With credit card, you can also have discounts, deals and offers on some online and offline product, purchase and so on. But if credit card is misused, it can put you to debt traps.
Advantages of Getting a Credit Card as a Student
There are many advantages of getting a credit card as a student or teen. Below are six (6) advanteges of having a credit card as a student in 2022:
- Offers and Deals: Most credit card contains so many offers in it which you can have access to. Some credit cards contain cash back rewards point that is been accumulated each time you use your credit card. There is also purchasing discount in which lenders offers through credit card.
- Flexible Credit: There is this certain period of time in which the cardholder is not charge with interest from any outstanding debt from the period of forty five to sixty days.
- Statement of expenses: There are records of the expenses made by you during the month which can be sent to you through your email. It is important as a student for you to know how your money is been spent.
- Purchase Protection: There is the term called cards insurance in which your card can be protected if missing or stolen and evidence can be seen in your bank statement incase of court case.
- Easy Access To Credit: With the aid of a credit card, you have easy access to borrow money because it’s function on a deferred payment basis (which means you can use your card now and pay for your purchase later).
- EMI Facility: EMI facility is a facility that allows you pays off your off your debt on monthly installments. With this process you can purchase large quantities without you paying in full. It is cheaper to pay through EMI than taking a personal loan.
Disadvantages of Getting a Credit Card
- Minimum due trap:
- High Interest Rate
- Card Fraud
1. Minimum due trap: There is a minimum amount that is been displayed on the top of a bill statement which some cardholders do not know why it exist their.
The minimum due is the minimum amount of money the company wants you to pay in other to receive credit facilities but because of the little knowledge most cardholders know about it they intend spend more of their money, thinking that the bill is low.
2. High Interest Rate
When some certain credit are overdue, interest rate increases by 3% per month and later on result to 36% annually.
3. Card Fraud
With the advance technology in our society today, it is possible to clone a credit card whereby collecting all necessary and confidential informations and using the credit card for a purchase.
So you have to be careful as a cardholders but if such occurs, you can quickly report to the bank for further actions.
We have know about Credit cards, Advantages and Disadvantages of credit card. Let’s talk about the best credit cards for students.
Best Credit Card for Student and Teen in 2022
Here are the six (6) best credit cards for students and teen in 2022. Check more details about them below:
- Discover it® Student Cash Back
- Bank of America® Travel Rewards credit card for Students
- Discover it® Student chrome
- Capital One SavorOne Student Cash Rewards Credit Card
- Bank of America® Unlimited Cash Rewards for Students
- Chase Freedom® Student credit card
1. Discover it® Student Cash Back
The credit card is very unique cause student can earn cash through cash back. The problem of discovery card is that it is not widely accepted in other countries like the master card.
There is Cashback reward of about 5% on every purchase you made. You can make purchases on Amazon, Gas station, etc. There is also a welcome offer, plus unlimited 1% Cashback on all purchases.
2. Bank of America® Travel Rewards credit card for Students
It is the second best credit card that a student should use, the credit card can also be use abroad and it has no transaction fees plus it doesn’t charge any annual fee.
Reward is given base point which you can earn 1.5 points per dollar for every purchase and also a welcome bonus point of 25,000 for a purchase that have reach up to $1,000 in the first 90days of account opening.
Each point are worth one cent and it has no foreign transaction fee .
3. Discover it® Student chrome
One of the sweetest thing this card offer is the bonus on gas and restaurant. The credit card gives a reward of 2% Cashback at gas station and restaurants on up to $1,000 in combined purchases each quarter.
The credit is not acceptable like the master’s card.
4. Capital One SavorOne Student Cash Rewards Credit Card
They offers reward of 3% Cashback on entertainment, popular streaming services etc. The issue with this credit card is that of the high APR, lack of welcome bonus, absence of an introductory APR and finally the card does not offer welcome bonus.
5. Bank of America® Unlimited Cash Rewards for Students
The card has some special benefits like the 1.5% unlimited Cashback on every purchase, a welcome offer of $200 cash bonus after making at least $1,000 within 90days on the first entry, 0% for 15 billing cycles for bank transfers and purchases, standard APR.
6. Chase Freedom® Student credit card
The chase freedom credit card has some benefits which include travel insurance, purchase protection, warranty protection, low APR, Cashback of 1% on every purchase, and a welcome bonus of $50 bonus after the first purchase within 90days.
The credit card also offers 0% annual fee with $20 per year for keeping the account in good standing for the first five years as a cardholder.
Other Credit Cards for Teens:
There are many more credit cards that can also be used by students which were not listed above. Below are few other credit cards for students and teens:
- Deserve® EDU Mastercard for Students
- Capital One Quicksilver Student Cash Rewards Credit Card
- Discover it® Secured Credit Card
- Journey Student Rewards from Capital One
- Bank of America® Customized Cash Rewards Credit Card for Student
Those are the best credit cards for students and teen in 2022. You can try out other credit cards that you know to find out how good or bad they are.