When it comes to managing finances as a student, finding effective ways to save money is crucial. Cashback credit cards are an excellent option for students who want to earn rewards on their everyday purchases. Below is a comprehensive rundown of the top cashback cards for students, highlighting their features, benefits, and eligibility.
1. Discover it® Student Cash Back
The Discover it® Student Cash Back card is specifically designed for students looking to earn rewards without the hassle of annual fees. This card offers 5% cashback on up to $1,500 in rotating categories each quarter (activation required), and 1% on all other purchases. Popular categories include gas stations, grocery stores, restaurants, and more.
Key Features:
- No Annual Fee: Ideal for budget-conscious students.
- Cashback Match: Discover matches all the cashback earned during the first year.
- Free FICO Score: Access to your credit score for easy tracking.
Eligibility:
Students aged 18 or older can apply with no credit history necessary, making it an accessible option for first-time credit users.
2. Journey Student Rewards from Capital One
The Journey Student Rewards from Capital One offers a straightforward rewards structure. Cardholders earn 1% cashback on every purchase, with the potential to boost it to 1.25% if payments are made on time. This card is a great starting point for students looking to build their credit score while earning rewards.
Key Features:
- No Annual Fee: Suitable for students on a tight budget.
- Flexible Payment Options: Build credit with responsible usage and payments.
- No Foreign Transaction Fees: Perfect for students studying abroad or traveling.
Eligibility:
Full-time students aged 18 or older can apply, even with little to no credit history.
3. Citi Rewards+® Student Card
The Citi Rewards+® Student Card is unique in its approach, automatically rounding up your cashback earnings to the nearest 10 points on each purchase, making every transaction feel rewarding. Cardholders earn 2X points at supermarkets and gas stations for the first $6,000 spent per year, and 1X points on all other purchases.
Key Features:
- No Annual Fee: A cost-effective option for students.
- Bonus Points: Earn 15,000 bonus points after spending $500 in the first 3 months.
- Rounding Up: Amplifies the value of small purchases.
Eligibility:
This card is available to undergraduate students with no credit history.
4. Bank of America® Travel Rewards Credit Card for Students
Though not a traditional cashback card, the Bank of America® Travel Rewards Credit Card for Students allows students to potentially earn cash equivalents through travel rewards. Cardholders earn 1.5 points for every dollar spent on all purchases, making the rewards versatile.
Key Features:
- No Annual Fee: Financially friendly for students.
- Travel Rewards: Points can be redeemed for various travel expenses.
- No Foreign Transaction Fees: Ideal for international travel, popular among students studying abroad.
Eligibility:
Available to students with limited credit, making it accessible for most first-time cardholders.
5. Chase Freedom® Student Credit Card
The Chase Freedom® Student Credit Card is an excellent choice for students eager to build their credit history while earning rewards. It offers 1% cashback on all purchases, along with a $50 bonus after the first purchase within the first three months.
Key Features:
- No Annual Fee: Helps students manage their expenses.
- Cashback Bonuses: Build rewards without spending in specific categories.
- Credit Score Access: Free access to credit score for users.
Eligibility:
Students over 18 years old can apply, even without a solid credit history.
6. Petal 2 “Cash Back, No Fees” Visa Credit Card
The Petal 2 “Cash Back, No Fees” Visa Credit Card is a solid option for students who may not qualify for traditional cards. It offers 1% cashback on all purchases, which increases up to 1.5% after on-time payments for 12 months.
Key Features:
- No Annual Fee: Completely free to hold.
- No Late Fees: Designed to be student-friendly without penalty fees.
- Credit Building: Ideal for new users with credit-building tools.
Eligibility:
No credit history is required, making it an excellent choice for students starting fresh.
7. Desjardins cashback Mastercard for Students
The Desjardins cashback Mastercard for Students is designed for Canadian students, offering a simple yet effective cashback program. Users earn 1% cashback on all eligible everyday purchases.
Key Features:
- No Annual Fee: Friendly for student budgets.
- Favorable Terms for Students: Built to help students manage their finances better.
- Easy Application Process: Simple and straightforward.
Eligibility:
Open to students and new users, this card is a great choice for those with little to no credit history.
8. Capital One QuicksilverOne Cash Rewards Credit Card
The Capital One QuicksilverOne Cash Rewards Credit Card is ideal for students seeking unlimited rewards. It offers 1.5% cashback on all purchases, with no revolving categories to monitor.
Key Features:
- No Bonus Categories: Simplicity in earning cashback.
- Credit Rewards: Build credit with responsible usage.
- No Foreign Transaction Fees: Suitable for international travel.
Eligibility:
Available to students with varying credit histories, even those with poor credit ratings can apply.
9. Wells Fargo Cash Back College Card
The Wells Fargo Cash Back College Card is tailored for college students, allowing them to earn 3% cashback on gas, grocery, and drugstore purchases for the first six months, turning into 1% afterward.
Key Features:
- No Annual Fee: Designed for students managing their finances.
- Cashback on Essentials: Great for daily spending categories.
- Credit Reporting: Helps students establish a credit history.
Eligibility:
Must be a college student, providing an accessible option for young adults.
10. U.S. Bank Visa® Platinum Card for Students
The U.S. Bank Visa® Platinum Card for Students primarily focuses on low-interest rates rather than cashback but is suitable for students looking to manage their overall expenses. The card provides a lengthy 0% introductory APR on purchases and balance transfers for the first 20 billing cycles.
Key Features:
- No Annual Fee: Economically viable for students.
- 0% Introductory APR: Great for managing payments over time.
- Tools for Budgeting: Budgeting tools are available through the mobile app.
Eligibility:
Available for students with varying credit backgrounds.
Cashback Strategies
While the rewards and benefits of these cards can significantly impact a student’s budget, maximizing cashback entails strategic usage. Here are some tips to make the most out of cashback cards:
1. Pay Off Balances Monthly
Always pay off the balance in full to avoid interest charges that can offset cash rewards.
2. Utilize Rotating Categories
If the card has rotating categories, make sure to activate them and plan purchases around those categories to maximize earnings.
3. Monitor Spending
Utilize budgeting tools associated with the card to track spending habits and find areas to maximize cashback rewards.
4. Keep an Eye on Promotions
Many cards provide competitive introductory offers. Capitalize on these for major purchases.
5. Use for Everyday Expenses
Use the card for all everyday purchases such as groceries, gas, and dining to accumulate rewards quickly.
By leveraging cashback credit cards, students can smarten their financial management while earning rewards that can ease their budget constraints. Whether it’s for making everyday purchases, managing expenses, or building a solid credit score, these cards offer a variety of choices to suit different needs.
