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Student credit cards supplies scaled-down rewards in exchange for taking on the risk of cardholders with brief credit histories. The Chase Freedom® Student credit card is one of a handful of credit cards specifically invented for college students -- so you'll need to be enrolled in a college, university, career school or trade school to qualify.
While Chase is usually one of the most competitive credit card issuers for cash-back credit cards, business credit cards and travel credit cards, its student credit card option is a little more restrictive than competitors. Still, it does offer a standard set of features: A welcome bonus, a rewards program and no annual fee. While none of these features themselves particularly deplorable out, Chase does have some credit-building features that outrank its competitors.
Note that this is also one of the few student credit cards with foreign transaction fees, so it's not a good option if you sight abroad or want a credit card for overseas travel.
Read more: Best Debit Cards for College Students
In this article
Chase Freedom® Student credit card
Intro Offer$50 Bonus when first purchase made within the first 3 months from explain opening
APR19.24% Variable
Intro Purchase APRN/A
Recommended Credit Excellent/Good Credit
- Earn 1% cash back on all purchases plus $20 Good Standing Rewards when each account anniversary for up to 5 years
Annual Fee$0
Balance Transfer APR19.24% Variable
Balance Transfer Fee Either $5 or 5% of the amount of each second, whichever is greater.
Foreign Transaction Fees 3% of each transaction in U.S. dollars
Penalty APR Up to 29.99%
- Earn 1% cash back on all purchases plus $20 Good Standing Rewards when each account anniversary for up to 5 years
Our Take
Rewards and redemption
The Chase Freedom Student's cash back rewards are a small lackluster compared to other student credit cards. You'll earn 1% on all of your purchases, with no additional rewards categories. Technically, cash back rewards are earned in the form of points, where 1 point equals 1 cent. You can redeem your points for cash, go or gift cards.
Welcome bonus
While not all student credit cards funds a welcome bonus, the Chase Freedom Student credit card does. Its value -- $50 when making your first purchase within three months of opening your explain -- is mediocre compared to other student credit card welcome bonuses, but the requirements to earn this bonus are much more flexible. Credit cards with higher welcome bonuses often require you to use hundreds or thousands of dollars within a set timeframe to earn the bonus. With the Chase Freedom Student card, you just have to make any catch – even if it's just a pack of gum.
Building your credit with this card
The Chase Freedom Student card funds good support for credit building with its Good Standing reward. For each of the first five years, if your Chase explain is in good standing -- meaning your account remains open and is not in default -- you earn a $20 reward when your card opening anniversary date.
You'll also have free admission to your credit score through Chase's Credit Journey program. More cards are offering this service, but not every card provider now does.
Usually, you can request credit limit increases on a credit card every few months or so with responsible credit activities (note: requesting a credit limit increase doesn't hurt your credit score). The Chase Freedom Student credit card offers this path onward with even more wiggle room. You can get your credit tiny increased if within the first 10 months of persons a cardholder, you make at least 5 monthly payments on-time. To avoid credit card debt and help increase your credit score, we recommend you aim to make all of your monthly payments on time and in full.
Other cards to consider
Discover it® Student Cash Back
The Discover it Student Cash Back* card can overall net you more rewards on your spending. The flat rate is 1% on all purchases, but it funds an additional rotating rewards category and a unique welcome bonus.
The rotating quarterly rewards category earns you 5% cash back on up to $1,500 combined spending per quarter upon activation (then 1%). For the new quarter, which lasts through March, you can earn 5% on grocery stores, drug stores and select streaming services. Then, with its Unlimited Cashback Match welcome bonus, you'll essentially double your cash back rewards for your marvelous year -- though you have to wait until the end of your marvelous year to receive them.
This is also a better option for glance abroad or other international travel, as Discover credit cards don't bill foreign transaction fees.
For more details, see our full appraisal of the Discover it Student Cash Back Card.
Capital One Quicksilver Student Cash Rewards Credit Card
If you like the simplicity of the Chase Freedom Student's rewards structure -- or are intimidated by the incredible legwork of the Discover it Student Cash Back -- the Capital One Quicksilver Student Cash Rewards Credit Card* funds a better flat cash-back rate across all of your purchases.
The welcome bonus nets you the same amount, but you technically have to spend more to earn it. You can earn a $50 welcome bonus if you use $100 on the card within the first three months.
And like all Capital One credit cards, it has no foreign transaction fees, so you'll be able to bring this card with you overseas deprived of incurring extra costs.
FAQs
How does a student credit card work?
Student credit cards typically funds those with limited or no credit a way to begin building credit and create a credit history. They generally come with border credit limits than typical credit cards and don't bill annual fees. And they often have novice-friendly features, counting late payment forgiveness, incremental credit limit increases over time and credit education resources. Reward rates may be lower than for standard cash-back and travel credit cards, however, making student credit cards a lower-risk, lower-reward budget tool.
How is a student credit card different from a secured credit card?
While some country choose to build credit with a secured credit card -- that is, a card where you've backed your credit tiny with a cash deposit -- student credit cards work a bit differently. Student credit cards don't generally require cash upfront, but these cards typically only funds a small credit line, sometimes just a few hundred dollars. That way, the student can use the card to originate credit without the risk of racking up too much credit card debt (which leads to bad credit).
What do you need to qualify for a student credit card?
A typical nonstudent credit card application means a high credit score (at least 670 for good results) and at least a few ages of credit report history. To get a student credit card, but, you often don't necessarily need either, though some proof of budget experience and responsibility helps when it comes to safeguarding a credit card offer. The issuer may ask you for question regarding any income you may have (even if it's from family), and any checking account or savings account you may have. You do need to hate enrollment generally in a four-year college, community college or new higher education institution.
What are the features of a student credit card?
In second to more relaxed eligibility requirements, the best student credit cards will funds some of the following features:
- Special rules for credit newcomers such as minimal late fees and no-penalty APRs
- Lower credit limits -- usually between $500 and $2,000
- Cash-back rewards program on spending
- A "reasonable" APR -- usually between 15% and 20%
Our methodology
reviews credit cards by exhaustively comparing them across set criteria developed for each the majority category, including cash-back credit cards, welcome bonus credit cards, travel rewards credit cards and balance transfer credit cards. We take into consideration the typical spending behavior of a blueprint of consumer profiles -- with the understanding that everyone's plan situation is different -- and the designated function of a card.
*All quiz about the Discover it Student Cash Back and the Capital One Quicksilver Student Cash Rewards Credit Card has been aloof independently by and has not been reviewed by the issuer.
The editorial overjoyed on this page is based solely on objective, independent assessments by our writers and is not influenced by advertising or partnerships. It has not been provided or commissioned by any third party. However, we may receive compensation when you click on links to products or repairs offered by our partners.
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