Referral bonuses are unlimited! So you could turn $50 cash back into $100. When you pay off your balance each month it helps your credit score and prevents interest from accumulating. When used responsibly, a student credit card can be a great tool for building your credit history. No annual fee: Student credit cards typically won’t charge an annual fee There are other potential benefits that may be worth considering, but only if you use the student credit card responsibly: Spread the cost of purchases : You can pay for large purchases up front and spread the cost by paying back the money you borrowed in monthly repayments. "Annual Rewards" is calculated by combining our default $2,000 in monthly spending ($24,000 annually) spread across 8 different spending categories (gas, groceries, travel, etc) with our point value estimates. Another great benefit – it’s easy to be placed on the account and even easy to be taken off. to maintain accurate information. Generally, debit and prepaid cards can't help you build a credit history. Otherwise, applying for a card, no matter your credit, is pretty much the same – you need to make sure you have the right required credit, and you will be asked a series of questions on the application that will help the card issuer decide if you are a good credit risk. Plus, earn unlimited 1% cash back on all other purchases - automatically. Indeed, many student credit cards very closely resemble their non-student counterparts, offering low fees and purchase rewards that would otherwise require good to excellent credit to enjoy. They’re designed for people with little to no credit history, which is common among college students who haven’t had many opportunities to establish credit yet. It's a real credit card. In addition, credit cards are safer than debit cards because of federal protections that are in place. Here’s another tip: Check with your card issuer and see if you qualify for an upgrade that will allow you to keep your credit history. For international students or students without a credit history, the Deserve EDU Mastercard is a compelling option with no annual fee and a flat 1% cash back reward. Scotiabank has designed credit cards for students so they can choose the suitable student credit cards among all. This is one of the most important habits to establish as a new cardholder. Rewards points can usually be redeemed for travel, gift cards, electronics, and other prizes. "Welcome Bonus" is calculated by combining all one-time bonuses available to new cardholders within the first year with our point value estimates. Balance transfer fees. While it’s unlikely she would be asked to co-sign for a card, because few if any card issuers accept co-signers, she might be asked to be on the hook for a car or personal loan. A no annual fee student credit card from BMO is a good way to start building a healthy credit history. However, all credit card information is presented without warranty. So, here goes: The easiest way and fastest way to build credit is with a credit card, but that can be a tough nut to crack for consumers under 21 years old. Many of these cards are designed and marketed specifically for college students, and they may often include features tailored to their needs. There’s a lot to love about the Journey Student Rewards card, but even though it only recommends fair credit, you’ll need to have independent income if you are under 21 because of the Credit CARD Act of 2009. Build a credit history just by using your card; Low or no annual fee options available; Built-in insurance offers protection for your purchases; Browse Student Credit Cards The thing with credit cards is they will often give you some incentive to use them over other payment methods, like small percentages of cash back on our purchases, or travel points or miles for every dollar you spend. Intro Offer: Unlimited Cashback Match - only from Discover. Even though no credit history is required with this card, making it easier to get than other cards, you’ll want to make sure you are reasonably organized so that you pay in full and on time each month in order to build your credit. If you can’t find a suitable store credit card for no credit, consider a normal credit card designed for people with limited or no credit history. With her own card, she needs to make sure she has a place in her budget for emergencies so the card isn’t a crutch. 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