A new CNBC report provides insight into some of the top credit cards options for college students in America.
An Overview of the Best Credit Card Options
Of the plethora of available credit cards, the Discover It Student Cash Back Rewards card, Bank of America Cash Rewards for Students card, Capital One Journey card, and Discover It Secured card made the list. Each card comes with its own options and (like all credit cards) overspending can be incredibly costly.
Discover It Student Cash Back Rewards Card
First and foremost comes the Discover it Student Cash Back Rewards card. One of the most notable upsides of this particular credit card is its 5% cash back bonuses. However, these bonuses are only applicable for specific category spending which amounts to $1,500 in charges. Accepted categories include grocery stores, gas stations, wholesale clubs, Amazon purchases, and restaurants. Discover will award any other purchases with 1% cash back bonuses.
The Discover It Student Cash Back Rewards card comes with no annual fee. However, the annual percentage rate (APR) ranges between 14.99% and 23.99% after six months of card membership. The state of the student’s credit will significantly impact their APR. This card furthermore offers a $20 statement credit for each year that students maintain a grade point average (GPA) of higher than 3.0. The aforementioned statement credit is applicable for up to five school years.
Bank of America Cash Rewards for Students Card
Like the Discover It Student Cash Back Rewards card, the Bank of America Cash Rewards for Students card also offers rewards. Gas station charges permit 3% cashback while grocery stores and certain wholesale clubs offer 2% in cash back rewards. Any other purchases are granted 1% cashback.