Top No-Fee Student Credit Cards

Overview

This lecture reviews six top no-annual-fee credit cards for college students, highlighting their benefits, cashback rewards, sign-up bonuses, and special features for new or international users.

Key Criteria for Student Credit Cards

• Prioritized cards have no annual fee and are good for beginners with limited income.
• Looked for cards with high cashback/rewards, sign-up bonuses, or unique benefits (like no foreign transaction fees).
• Importance of building credit while in college and using credit cards responsibly (pay in full each month).

Discover it Student Cashback

• No annual fee.
• 5% cashback in rotating quarterly categories (e.g., groceries, gas, restaurants, Amazon, etc.) up to $1,500 per quarter.
• 1% cashback on other purchases.
• First year cashback match (all cashback earned doubled after 1 year).
• No foreign transaction fees, but Discover may not be widely accepted outside the US.

Capital One SavorOne Student Card

• No annual fee.
• 3% cashback on dining, entertainment, streaming, and grocery (excludes Walmart/Target groceries).
• 1% cashback on other purchases.
• Occasional $100 bonus after $100 spend in first 3 months.
• No foreign transaction fees; Mastercard network.

Capital One Quicksilver Rewards for Students

• No annual fee.
• Flat 1.5% cashback on all purchases.
• Occasional $100 bonus after $100 spend in first 3 months.
• No foreign transaction fees; Mastercard network.
• Simple rewards structure for those who prefer one card.

Chase Freedom Student Credit Card

• No annual fee.
• 1% cashback on all purchases.
• $50 welcome bonus after first purchase.
• $20 annual good-standing reward.
• Points can convert to Chase Ultimate Rewards for future travel cards.
• 3% foreign transaction fee (not for use abroad).

Deserve EDU Mastercard for Students

• No annual fee.
• 1% cashback on all purchases.
• No social security number required for international students.
• Amazon Prime Student credit (up to $69) after $500 spend in 3 months.
• Cell phone protection included.
• No foreign transaction fees.

Bank of America Customized Cash Rewards for Students

• No annual fee.
• 3% cashback in one chosen category (gas, online shopping, dining, travel, drug stores, or home improvement).
• 2% cashback on groceries and wholesale clubs.
• 1% cashback on other purchases.
• $200 bonus after $1,000 spend in first 90 days.
• 3% foreign transaction fee.
• 3%/2% cashback capped at $2,500/quarter for combined categories.

Key Terms & Definitions

• Annual Fee — A yearly charge for owning a credit card.
• Cashback — A percentage of money back from purchases.
• Sign-up Bonus — Extra rewards earned after meeting initial spending requirements.
• Foreign Transaction Fee — Fee for purchases made outside of the US.
• Secured Credit Card — A card requiring a deposit, useful for building credit.

Action Items / Next Steps

• Check eligibility and offers for student credit cards mentioned.
• Use credit cards responsibly: only spend what you can pay in full each month.
• Consider starting with a secured card if not approved for student cards.
• Watch recommended video on essential lessons for credit card beginners.