14 Top Student Credit Cards If You Have Bad Credit

Any college student not long ago with a pulse and could sign his name took their pick when it came to credit cards. Companies that dealt with credit cards would promote campus activities and give credit card applications in frat parties such in red cups. College students not surprisingly most of whom were struggling in making ends meet took the card thereby maxing out their credit line.

In 2009 the CARD Act went an extended way for protecting college students against aggressive credit touting methods. It needed financial institutions to make sure that a college student had a co-signer ready to handle the debtor had the savings or income for repaying their credit line. Such changes made it challenging for college students to qualify for credit. Those who qualified were often overwhelmed by expensive living costs as well as fall under the debt blob of a credit card.

Students Credit Card Use and 5 Basic Guidelines

As per the above discussion does it mean that college students must avoid credit cards? Well, not at all. Credit cards when used wisely can act as a reliable tool for every college student. Along with offering useful cash source for paying big-ticket items, this will also help them in building a good credit history. Before delving deep into the specifics of students’ credit cards take a look at its 5 basic guidelines that every student should be familiar with.

• First and foremost the student must use the credit card for building credit and not debt.
• Avoid Using the Credit Card for Paying Tuition Fees
• Look for cards that have no annual fees
• Do not use a co-signer
• Go for Secured Credit Cards

Types of Students Credit Card In Case of Bad Credit

Take a look at the different choices of student credit cards if you have bad credit,

• Discover- This is one of the best credit cards for students with bad credit. There is no annual fee, no overdraft fees, no late fee during the first missed payment and no fees for the foreign transaction. The icing on the cake is there is no penalty fee.

• Journey Student Rewards- The only card specially made for college students this indeed is a winner. Its most alluring feature is it offers a cash-back of 1% on every purchase and also trains the student in managing their finances via throwing in an additional 0.25% when they monthly payments on time. It includes no annual fee, penalty APR, transfer fees or over the credit limit. The best part a student’s credit line will be increased by Capital One after 5 on-time monthly payments.
• Cash Rewards from Bank of America- This is the no-frills card with no annual fee which targets students in college with good to fair credit. Bank of America promises to report to all the three credit bureaus, and this is vital when a student is trying in building or repairing their credit.

• Thank You, Preferred Card, from Citi- This is a top contender when it comes to student credit cards. Here again, there is no annual fee, and if the student spends about $500 in the initial 3  months, they will receive a bonus of 2500 along with 2 points on each dollar made on entertainment and restaurants and 1 point on other purchases.

• College Visa Card from US Bank- This is a primary card having no reward program and no annual fee too. It offers useful tools for managing finances like automated payments, online account access for free and personalized mobile alerts.

• World Mastercard from Sallie Mae- For those with student loans there cannot be a better choice than this. This card will allow the student in linking the reward programs’ credit card with their student loan. So this way their loans will get cleared earlier and they can also save well on interest. Here the rewards will not expire, there is no annual fee, and within 3 months of opening the account, the student will receive an intro bonus of 2500.

• Student Visa from State Farm- It comes with the bare-bones reward program, no annual fee and offers generous 50% discounts on leading online shops.

• College Cash Bank from Wells Fargo- There is no annual fee here, but students will receive a cash-back of 3% on drugstore purchases, grocery and gas for 6 months and 1% on other purchases.

• College Rewards from East West Bank- Again there is no annual fee, but with this card, you can use just any ATM without paying ATM surcharges.

• Comerica College Rewards- This card is a sound option in case of college students having no credit or having bad credit. That includes no annual fee and offers cash back of 1% on every purchase.

• College Rewards from Bremer Bank- This card offers a cashback reward program of 1% along with a sign-up bonus of $25 after the first purchase. The best part it has 0% introductory APR especially on six months in case of bank transfers and new purchases and no annual fee.
• Secured Credit Cards- Having a secured credit card instead of a prepaid card indeed is a better choice for students. This is because its use is reported to credit bureaus that will aid repair or build a student’s credit.

• Life Miles Visa Secured from US Bank- Under secured cards, it is a unique and rare breed as it offers decent reward programs. The best part is the student can earn 5000 bonus LifeMiles though their first card use along with $500,000 in case of travel accident insurance and 15% surplus baggage redemption. Here the annual fee will be waived just during the first year.

• DCU Visa Platinum- Under secured credit this is the best choice. It includes no annual fee, no cash advance fees, and no balance transfer. Being a credit union, the student needs to be a member to qualify for this card.

The bottom line is students must choose a credit card as per their preferences and needs to make the most of it.