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Choosing The Right Student Credit Card

April 24, 2018

Choosing The Right Student Credit Card

College is supposed to be the best time of your life.

It’s your last chance to go crazy, try new things and screw up in a relatively controlled environment. After four or five (why rush?) years, students are allegedly ready for the real world. What they conveniently forget to mention in the college brochure is that, unless your parents are extremely generous, you’re basically going to be broke for the “best time of your life.” Ramen noodles, cobbling together money for pizza and odd jobs make up many, many hours of the college experience.

Yet, it is an inherent truth that the more money you have, the more fun you’ll likely be having. They say that money can’t buy happiness, but it can buy an all-inclusive weekend trip to Cancun, which for a college kid might as well be the real thing. So what’s a broke college student to do? Having the right credit card is a good start for any student.

While The Ridge Wallet ensures you're keeping cards in a safe, minimalist wallet, we put together a brief guide to talk about the best cards to put inside The Ridge.

Straight Cash Homie: The Discover Cash-back rewards

While credit cards are great for a multitude of reasons, they can also get you in a lot of trouble, fast. As Spiderman’s uncle said, “With great power comes great responsibility.” In the wrong hands, a credit card can drastically complicate your financial future if you aren't careful. That’s why the Discover Cash-back rewards card is perfect for the ever maturing young student. It’s simple and straightforward. For the first year, you get a dollar for dollar match of all cash back you’ve earned. The cash back is earned by spending at restaurants, grocery stores, even Amazon. All places students frequent anyway. You also get some cash back for good grades!

Slow and Steady: Journey Student Rewards from Capital One

No annual fees and 1% percent cash back on all purchases headline the benefits of this Capital One Journey card. Capital One also raises your cash back to 1.25% for every month that you pay your bill on time. This card eases a neophyte spender into adulthood, incentivizing you to learn good habits while earning some nice cash back in return. There is also the option to raise your credit after five months of on-time credit. It’s a great way for students to learn and build good credit at the same time.

For the Precocious Student: Bank of America Cash Reward for Students

This last card has slightly more fine print and requires more diligence than the other two. However, if used correctly can generate more cash back. Earn 3% cash back on gas, 2% at grocery stores and wholesale clubs like Costco and 1% on all other purchases. Since groceries and gas typically make up the bulk of a college student’s requirements, this card is perfect for the savvy spender. You can also earn $150 if you spend on $500 within the first 90 days. Rewards also don’t expire!

College isn’t cheap, so having the right credit card can make the difference between a trip to Cabo or a spring break spent watching Netflix. Choose wisely and spend responsibly!