Top 5 Credit Cards for College Students in 2020

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In this video, we are going to go over the top 5 credit cards for college students in 2020.

Some of the cards I will go over today give between 1-10% cashback on eligible purchases, but that is completely useless if you keep a balance on the cards and pay 15 to 25% or more in interest.

As long as you pay the full amount before the due date, you will pay no interest, and you still get to take advantage of all of the rewards programs credit cards offer.

You also get the added benefit of building your creditworthiness, which will help you when you go to purchase your first house, lower your car insurance premium, and so much more.

It may even improve your odds of getting a more lucrative job, yes, that is right. Some industries will run a credit check on you during the interview phase, and if you have bad credit this could be a disqualifying factor in hiring you.

So now that we have cleared that up, as a first-time credit card holder, what should you look for?

Most important in your first few cards is no annual fee, remember part of your overall credit score is calculated on how long your credit history is.

So it is best to keep your credit cards open for years or decades if possible. Cards with high annual fees are hard to justify keeping for 10-15 years. A card that has no annual fee is easy for you to keep open even after you β€œout-grow” it for your daily use.

Before we get to the list, please hit the like & subscribe buttons. Doing so helps so much with the YouTube algorithm to show this video to more and more people. Thanks, and now to the list.

βœ… #5 State Farm Bank Student Visa Credit Card

βœ… #4 Citi Rewards+ Student Card

βœ…#3 Journey Student Rewards from Capital One

βœ… #2 & #1 Discover it Student Cash Back Card and the Discover it Student Chrome Card.

These cards are by far my favorite cards for those just starting to build credit.

The Cash Back card offers 5% cashback on everyday purchases in a rotating category each quarter like grocery stores, restaurants, gas stations, select rideshares, and online shopping. The only downside is they limit your 5% to a specific category like β€œdining” or β€œfuel,” which may limit your reward protentional. Then all other purchases get outside that bonus category gets 1% cashback automatically.

So if you spend most of your money in one specific category, then the 5% may be best for you.

If you do not want to be limited to a specific category, you may be better off with the Student Chrome card. You will lose the β€œ5% bonus”, but what you lose there you gain by doubling all other purchases to 2% instead of 1%. All without keeping track of categories.

Whichever card you choose, Discover will DOUBLE your cashback rewards for the first year.

Plus, if you are a good student and keep your GPA above 3.0, they will give you $20 statement credit each year for a maximum of 5 years.

Like all other cards on this list, there are no annual fees. Unlike some of the others, they give you a one-time forgivingness on the first late payment. But we know you will NEVER be late on your card payment, right! Right?

You can even monitor your FICO score free of charge with this card via their online portal.

Then to top all this off you get 0% APR for your first six months, then a variable APR starting at 19.49% Of course, because you are never leaving a balance on the card you SHOULD NEVER PAY INTEREST ANYWAYS.

The only downside is fewer merchants accept Discover than VISA or Mastercard, but aside from that, you cannot go wrong with this card.

No matter which card you choose as your first credit card, make sure you follow the requirements to maximize your reward points. Some cards require you to charge $3,000 in the first three months; others do not. Just pay attention to the rules.

Of course, as I said at the beginning of this video, only charge purchases that you can afford to pay off at the end of each month and DO NO CARY A BALANCE.

Use your card responsibly and after three months, request a credit limit increase on your first card and then apply for a second with another bank. Repeat this process every 4-6 months and watch your credit score build quickly to 750+

If you found this information useful please like this video and subscribe to my channel, it really helps with the YouTube algorithm.

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