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Students need a credit card to have access to their dream house or a car. Even if there are more than 1000 options, we have found some of the cashback credit card for Students.
Building a good credit history is essential, no matter how young you are. It teaches you to track your finances and make reasonable financial decisions. Let’s not forget how building a good credit history helps you achieve better job prospects in the future. Having monetary freedom from a young age is great, and the best way to have that is to go for a credit card right now.
But how early should you go for a credit card?
As having a credit card at a young age is good, college students are a perfect fit. Even if you have a weak credit history or nothing at all, you can go for a student credit card or a secured card. Keep reading this article to find a list of the best cashback credit card for students in 2023. But first, let’s see
What is a Student Cashback Credit Card?
A student credit card is specially designed for college-going students to help them build credit scores and earn rewards. These credit cards reward handsomely, more than a regular card ever would. These credit card with highest rewards are given to students to encourage them to make wiser financial decisions.
These cards have almost no annual fees, and you earn reward points every time you process a payment. These points can give you a pass to hotels and restaurants and can very much take care of your travel expenses. And if you regularly deposit money, you can make an excellent credit history in the future.
Here is why a student should use a credit card:
Emergency funds:
There is no way one can predict emergencies. In situations like that, you need to pay for whatever expenses come your way. Credit cards can come to your rescue in these situations. Why not have financial aid that rescues you from vulnerable situations?
Better Job Prospects:
Credit history is great for your job prospects. It increases your recruiter’s faith in you and might end up giving you a decent payout.
Better financial goals:
As said before, a good credit score will open up more options for you. You can have a house, a car, or a property anytime in the future. You also have options to earn rewards and enjoy them fully.
Now that we know what a cashback student credit cards is and why one should have them, let’s see some of the best cashback credit card for students.
Also Read: Why is travel insurance in UK so expensive in 2023?
Top 6 Best Cashback Credit Card for Students 2023:
This list has the six best cashback credit card for students. These cards charge no annual fees, give you great rewards, and have an x-factor (that’s the motivation to include them in our list).
Discover It Students Chrome:
Discover tops the list this time and not because it’s popular, but because the rewards are just perfect. You get 2% cash back at restaurants and gas stations. You can get rewards up to USD 1,000 for purchases in every quarter.
And not just this, you are also eligible for Discover’s signature bonus (only for newcomers). As this is specially designed for students, it is one of the best cashback credit card for students.
| Annual Fee | 0 USD |
| Rate of Rewards | 2% |
| Best for | Convenience and Rewards |
| Pros: | Decent Cashback, Decent Rewards, Bonus for new cardholders. |
| Cons: | It is not good for international transactions. |
Wells Fargo Active Cash Card:
If you are looking for a card with high rewards and hassle-free, then this might be an ideal pick for you. This is the best cashback credit card for students because it gives a 200 USD cash bonus after just spending 500 USD in 3 months.
There is absolutely no annual fee and no introductory APR for 15 months straight. You also get a 600 USD phone protection cover against damages or theft if you pay your phone bills using the Wells Fargo Card.
| Annual Fee | 0 USD |
| Rate of Rewards | 2% |
| Best for | Value |
| Pros: | Free APR for 15 monthsNo Annual Fee200 USD cash rewards |
| Cons: | High APR after 15 monthsCharges on International Fees |
Capital One SavorOne Credit Card:
If you are looking for a huge bonus cashback credit card, then Capital One SavorOne could be your ideal pick. You get 8% cash back on entertainment purchases from Capital One, 3% on grocery, dining, and entertainment, and 1% on the remaining purchases. You can even earn 500 USD from referrals to your family and friends who have the Capital One credit card.
Here is why Capital One SavorOne is one of the best cashback credit card for students:
| Annual Fee | 0 USD |
| Rate of Rewards | 1 to 10% |
| Best for | Cashback |
| Pros: | High reward rate500 USD for referralsNo extra fees |
| Cons: | Keeping track of all the rewards could take time and effort. |
Discover It Secured Credit Card:
This is also a very genuine cashback credit card for students. However, this is a secured credit card– also best for those with no credit history. All you need to do is make a security deposit and use it as collateral to get a credit card.
After 7 months, if you qualify for an unsecured card, Discover evaluates your score and gives you one. You get 2% cashback on a spending amount of 1000 USD on restaurants and gas every quarter.
| Annual Fee | 0 USD |
| Rate of Rewards | 1 to 2% |
| Best for | Best in the “Secured Cards” category |
| Pros: | Best in this category2% on a spending amount of 1000 USD every quarterOption for an upgrade to an unsecured card |
| Cons: | Deposit of at least 200 USD to apply for a card.Approval isn’t guaranteed. |
Bank of America Travel Rewards Credit Card for Students:
For students who love travelling, this credit card can help them get handsome travel cashback. There is a handsome sign-up bonus for the students. The initial APR offer stays for a long time, and you can earn 1.5 points on every dollar you spend. This can increase up to 3 points per dollar on every booked travel.
| Annual Fee | 0 USD |
| Rate of Rewards | 1.5 to 3X |
| Best for | travel |
| Pros: | Handsome travel rewardsNo foreign transaction fee |
| Cons: | Not for those who don’t have a credit history |
Capital One Quicksilver Student Credit Card:
This is the best credit card for students in USA because of its flat-rate cash-back rewards. There are no extra perks except for the rewards. The reward rate is quite high, and there is absolutely no annual fee. The cashback is 1.5% on every purchase you make.
| Annual Fee | 0 USD |
| Rate of Rewards | 1.5 to 10% |
| Best for | flat-rat cashback |
| Pros: | High reward rate |
| Cons: | No extra benefits apart from cashback. |
Summary of all The Best Cashback Credit Card for Students:
| Credit Card | Reward Rate | Best for |
| Discover It Students Chrome | 1-2% | Convenience and Rewards |
| Wells Fargo Active Cash Card | 2% | Value |
| Capital One SavorOne Credit Card | 1-10% | Cashback |
| Discover It Secured Credit Card | 1-2% | In the “Secured Cards” category |
| Bank of America Travel Rewards Credit Card for Students | 1.5-3X | Travel Rewards |
| Capital One Quicksilver Student Credit Card | 1.5-10% | Flat-rate cashback |
Conclusion
Six of these best cashback credit card for students are based on their annual fees (0 USD), reward rate(1 to 10% on average), and extra perks (travel, dining, entertainment, etc.)
These were some of the most popular picks for students in 2023. The list doesn’t stop here (you have 1500 of them). But whichever card you pick, the reward rate should be decent, and there should be no annual fees.