8 BEST CREDIT CARDS FOR YOUNG ADULTS
Building credit is a significant part of young adulthood. Many young adults enter college, and they wonder what the best credit cards for college students are? Getting the right credit card depends on how you want to use it. Getting the best credit cards for young adults is essential if you are a college student because the right card offers savings and rewards on your most frequent expenses.
DISCOVER IT STUDENT CASHBACK
This credit card is a starter card for students with no credit history. It is famous for its rewards like the 5% cashback on everyday purchases at different places such as grocery stores, amazon.com, and gas stations. You also earn 5% cashback when you use PayPal. Also, you automatically earn 1% cashback on all other purchases. This card is not suitable for young adults who want to earn a sign-up bonus quickly or want a high rewards rate on all purchases.
Things to note;
No credit score is needed to apply.
No late fee on the first payment. No APR charge for late payment.
No annual fee.
Refer a friend; you get a statement credit when you refer a friend, and they become approved.
Intro offer-Unlimited Cashback Match; at the end of the first year, Discover will automatically match all cashback you have gotten at the end of the year. For example, you can turn $100 into $200 or $50 into $100. You get a dollar-for-dollar match with no minimum spending or maximum rewards.
You earn rewards as you build your credit history, which will come in handy after graduation.
Enrollment is required quarterly.
It pays a low rewards rate on most purchases made.
CHASE FREEDOM UNLIMITED
As a cardholder, you will earn 5% cashback on travel purchased through Chase Ultimate Rewards, 3% cashback on drugstore and dining purchases (takeout and delivery services inclusive), and 1.5% cashback on all other purchases. In addition, there is a 0% introductory annual percentage rate for fifteen months from account opening on balance transfers and purchases. Chase freedom unlimited uses an annual percentage rate between 1.99% -and 23.74% variable at the end of the introductory period. An annual fee is not inclusive, and new cardholders earn a bonus of 1.5% on anything they purchase (up to $20,000 spent in the first year) worth up to a cashback of $300.
It is good for fee-averse credit card users and those who want a solid rewards program. But unfortunately, it is not good for those who want a simpler rewards program and who are balancing careers.
Things to note;
Provides a good sign up bonus,
There is 0% APR for fifteen months from account opening on purchases and balance transfers.
Cashback rewards do not expire as long as your account is open.
Charges a potentially high annual percentage rate.
Evaluates a balance transfer fee.
CAPITAL ONE QUICKSILVER STUDENT CASH REWARDS CREDIT CARD
This card is one of the best credit cards for young adults. It offers college students the opportunity to build their credit and earn a solid rewards rate on all purchases. There is a flat 1.5% cashback on every dollar spent. There are no foreign transaction fees or annual fees, making it a solid option for studying abroad. This credit card allows college students who have at least fair credit to build their credit history. As a cardholder, you are automatically considered for a higher credit line in as little as six months after opening the account.
Things to note;
It provides a solid reward rate for students with huge expenses outside of all other student cards’ bonus categories.
No hidden fees, annual fees, or foreign transaction fees.
There are no bonus rewards categories.
Relatively high annual percentage rate.
No introductory incentives.
There is $0 fraud liability if your credit card gets stolen or lost.
Every month, payments will be made automatically when you set up autopay for your account.
DISCOVER IT STUDENT CHROME
The discover it student chrome provides 2% cash back on the first $1000 spent in combined purchases at restaurants and gas stations each quarter. This allows cardholders to double all the cashback earned in the first year. However, this card might not be the best for those who want a credit card with rotating bonus categories and a higher earning potential.
Things to note;
It offers a low base reward of 1%.
It is not good for people who do not spend that much on dining or gas. Applying for the card can be made without a credit score.
This card does not require an APR change for late payment, annual Fee, or late Fee on the first late payment.
As a cardholder, you earn a statement credit whenever you refer a friend, and they become approved.
It is accepted nationwide by almost all places that take credit cards.
There is 0% APR on purchases for six months, after which the standard variable purchase APR of 13.24% to 22.24% applies.
You have an intro offer of a limitless cashback match as a cardholder. This means that you are automatically matched with all the cash back you have earned at the end of your first year! That is, you can turn your $50 cashback into $100 or $100 into $200. There are no maximum rewards or minimum spending because you get a dollar-for-dollar match.
CHASE FREEDOM FLEX
Although Chase Freedom Flex has a reward program that is quite complicated, it offers a vast array of value. For example, if you meet the low minimum spending requirement as a new cardholder, you can earn a modest sign-up bonus. In addition, there is up to 5% cash back on purchases in some select bonus categories.
Things to note;
There is a 0% intro APR for fifteen months from the day you opened the account on the balance transfers and purchases. After which, the APR of 14.99% – 23.74% applies.
As a new cardholder, you earn a $200 bonus after spending $500 on purchases in the first three months the day the account was opened.
No annual fee.
BLUE CASH EVERYDAY CARD FROM AMERICAN EXPRESS
This card is one of the best credit cards for young adults, and it allows one to earn tangible rewards.
Things to note;
It has a $25 redemption minimum.
Charges 2.7% foreign transaction fee.
No annual fee.
You get 2% cash back at U.S. gas stations, 3% at U.S. supermarkets (up to $6000 a year on purchases, then 1%), and 1% on other purchases.
Terms apply.
No annual fee is required.
You will earn a low base rewards rate of 1%.
DISCOVER IT CASHBACK
Discover it cashback is one of the best credit cards for college students, and it is good for those who want to maximize their rewards on specific everyday spending categories and students who do not wish to pay an annual fee. It is not good for people who want high rewards rate on every purchase and a less complicated program. It does not offer some benefits (extended warranty coverage and price protection) from other credit cards. However, as a cardholder, you have free access to your FICO credit score and zero-liability fraud protection. When your social security number appears on a risky website, you get an alert. In addition, you can freeze your card if you lose it or it gets stolen. You do this by freezing your account from your online account or mobile phone, and you can also get free delivery for a replacement card.
Things to note;
You can earn an automatic unlimited 1% cashback on all other purchases.
An annual fee is not required.
You can make use of your rewards at Amazon.com check out.
Discover it cashback can be used nationwide at 99% of credit card places.
Your rewards never expire, and you can redeem cashback in any amount. Discover automatically matches all the cashback you earned at the end of the first year. That is, you can turn $150 into $300.
CITI DOUBLE CASH CARD-18 MONTHS BT OFFER
This card is one of the best credit cards for young adults because it has a simple cashback program. With this card, you can earn 1% cashback whenever you make a purchase and 1% when you pay it off. Hence, this is an excellent card for everyday purchases. It is good for fee-averse consumers. However, it is not great for those who love to travel.
Things to note;
The card allows you to pay at least the minimum due on time to earn cashback.
The card allows you to earn 2% on all purchases made with limitless 1% cashback when you buy. And an additional 1% when you make payment for the purchases.
There is no sign-up bonus.
No annual fee.
Charges high APR.
No cash back is earned on balance transfers.
The intro balance transfer fee is 3% of each transfer ($5 minimum) completed within the first four months the account was opened. After which, the Fee becomes 5% of each transfer (minimum $5).
Conclusion
Thorough research should be conducted before getting the credit you want to use. Ensure that you research the pros, cons, and benefits before selecting a card!
