As a student who just secured admission into the university, proper management of your finance is very necessary. It won’t be wise to move around with cash or always make withdrawals since the world has now gone online. However, it is difficult to make online transactions or even withdrawals without a credit card.
As a student, you might be wondering which credit card is best for you. This is why in this article, we would be looking at the Best Credit Cards for Students With no Credit history. Kindly stay with us.
To some students, this is their first time opening a credit account or owning a credit card. Meaning that they have no credit score or any loan record. However, students with plans of seeking an approved mortgage or a favorable insurance rate sometime later in the future can start building their credit score from this point because credit score isn’t built overnight as it takes a longer time. Before we move into our list of the best credit cards for students with no credit history, let’s start with a brief introduction of what credit cards are about.
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What is a Credit Card?
According to Investopedia, a credit card is a small rectangular piece of plastic or metal provided by a bank or financial services business that enables cardholders to borrow funds to pay for products and services at merchants who accept credit cards.
As a credit cardholder, you are forced to pay back any money you have borrowed through the card, not excluding the interest and the agreed-upon charges tied to it over the stipulated time. Also, there are other forms of consumer loans, but credit card remains the one that charges higher Annual Percentage Rate.
After a month the loan or money was borrowed, the interest levied on the card will be imposed since the balance is unpaid. Now that we have established a comprehensive foundation of what credit cards are about, let’s now look at the best credit cards for students with no credit history.
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Best Credit Cards for Students With no Credit
As a student, you are entitled to own any credit card out of a wide range of credit cards that are beneficial and specifically for students. However, students’ credit cards are not difficult to acquire. This is because the card issuers are aware of students’ little or no bank history. There are different credit cards available to students in varieties and different qualities. Below is a list of the best credit cards for students with no credit:
#1. Petal® 2 Cash Back, No Fees Visa® Credit Card
The first on the list of best credit cards for students with no credit is the Petal 2 “Cash Back, No Fees”. It is a Visa starter credit card that aims at succeeding people. This is done by granting access to borrow money, regulating how they spend their money, and helping students budget their finance.
To have a “Petal® 2 Cash Back, No Fees Visa® Credit Card” you don’t necessarily need to have a credit history. This is kindly because Petal 2 will accept students or any interested individual based on Cash flow single underwriting.
However, the Petal 2 is not just for people with no bank history. If you possess a credit score, you can also gain acceptance with a considerable credit rating. A credit score of 600 is the minimum requirement, while a credit score of 720 and above grants you an automatic grants approval.
#2. Petal 1 Visa Credit Card
The second on the list of best credit cards for students with no credit is the Petal 1 Visa Credit Card. Just like the Petal 2 credit card, the Petal 1 is an alternative to the Petal 2. The Petal 1 is designed to help the cardholders gain access to borrowing money, regulate how they spend their money, and help the cardholder budget their finance.
Just like Petal 2, Petal 1 also cardholder doesn’t necessarily need to have a credit history. This is because Petal 2 will accept students or any interested individual based on Cash flow single underwriting.
In terms of credit score, If you possess a credit score of 550 or higher you can be grain acceptance. However, a credit score of 720 or higher can grant you automatic acceptance.
#3. The Secured Sable ONE Credit Card – Sable
The third on the list of best credit cards for students with no credit is The Secured Sable ONE Credit Card – Sable. This particular credit card made the list because it is specifically for students or people with or without a credit score. The interested students or persons might be trying to build their credit score from the root or afresh.
When applying for this credit card, you don’t need a credit score. Have in mind that it doesn’t affect your credit score. This particular credit card is not the same as the regular credit card because here you make a deposit. This card allows you to spend via your card and also pay for what you buy.
Don’t worry much about your deposit, as far as you prove to the card issuer that you are capable and willing to pay back your credit on time (either full payment or half payment) in four months you can get back your deposit.
Another important feature of this credit card that makes it different from others is the cashback of 2% when used in some specific stores. The credit card issuer allows you to decide the amount of deposit you can make.
#4. Deserve® EDU Mastercard for Students.
The fourth on the list of best credit cards for students with no credit is the Deserve® EDU Mastercard for Students. This particular credit card won the award for the best student credit card, irrespective of nationality. One benefit of this credit card is that as an international student, you do not have to present a Social Security Number(SSN) if you don’t have one. The card will still serve you properly.
Another advantage of this credit card is that, only by signing up, you get a great opportunity of receiving Amazon Prime student for a year but you must make a purchase of $500 in the first three billing cycles.
This credit card is unique to the extent that whenever you purchase an item, you are entitled to a 1% cashback. When you make any International transaction abroad, there would be zero fee charge to it.
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#5. Chase Freedom® Student Credit Card
The Chase Freedom® Student Credit Card is the last on the list. Chase Freedom has lines of credit cards available but the Chase Freedom Student Credit Card is the most basic choice.
Although the Chase Freedom Student Credit Card lacks the features of its family members, it nonetheless provides some useful benefits in terms of convenience and security. For instance, when you purchase any item with a credit card, you get a flat 1% cashback. It also protects your purchases, as well as insurance, and increases your warranty protection.
The Chase Freedom Student Credit Card also allows you to earn a bonus of $50 after your first deposit. The first purchase must be within three months of opening the account to gain this offer.
There is no annual fee for the Chase Freedom Student Credit Card. However, the credit card offers $20 annually to students who ensure the account is in a stable form. Thus, the account must be in good condition for up to five years of owning the credit card.
In summary, as a student, you need to properly manage your expenses. And this article has been able to look at the best credit cards for students with no credit. I also hope this article was able to clear your curiosity and the information was useful enough for you. Good luck with your decision.
What is a Credit Card?
A credit card is a small rectangular piece of plastic or metal provided by a bank or financial services business that enables cardholders to borrow funds to pay for products and services at merchants that accept credit cards.
What makes the Deserve® EDU Mastercard for Students unique?
This credit card is unique to the extent that whenever you purchase an item, you are entitled to a 1% cashback. When you make any International transaction abroad, there would be zero fee charge to it.
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