When used with caution, a credit card can help users develop strong financial discipline and commitment. Students are often reluctant to opt for credit cards. However, these tools offer students various benefits like helping take care of routine expenses such as food, travel, and accommodation. Student-friendly credit cards are important tools that can help one build good credit and secure low-cost loans. So, here are a few options that come with good benefits.
Capital One SavorOne Students Cash Rewards Credit Card
Capital One has designed its product with careful consideration to help students get cashback on major and repetitive expenses. Those studying at universities, higher education institutions, and community colleges are eligible for this card. As it is intended for students, an average, fair, or limited credit score is good enough to buy this card. One of the cons is students do not get a low introductory APR (annual percentage rate). Capital One charges a regular variable APR of 16.49% to 26.49%. Another con is that you may end up paying a hefty late fee of up to $40, so make sure to make payments on time. However, there is also no annual fee. Other highlights of this credit card are:
Users get a joining bonus of $100
8% cash back on Capital One entertainment purchases and vivid Seats
Unlimited 5% cash back on hotel and rental cars booked through Capital One Travel
Unlimited 3% cash back on dining, entertainment, and streaming service
Unlimited 3% cash back on grocery purchases from stores other than superstores
Automatic higher credit upgrade after six months
Discover it Student Cash Back Card
Discover offers features and benefits like no annual fee and 0% introductory APR for six months to help students save some money. Discover also has an introductory offer in which the company will match the cash back you receive at the end of the first year. If you have received a cashback of $100, you will receive another $100 by the end of the year from Discover. You are exempt from the late fees for the first time. After that, you can be charged up to $41. Other key features of this card are:
5% cash back on rotating bonus categories after enrollment for payment made using Paypal (Cashback cap of $1,500 every quarter)
Users need to activate bonus categories every quarter
Unlimited and automatic cash back of 1% on all other purchases
Students can redeem rewards on any amount, and rewards do not expire Free access to FICO credit score
Discover scans the dark web to identify any identity theft risk
Bank of America Unlimited Cash Rewards Student credit card
This card is ideal for students who are looking to earn some cashback, develop good spending habits, learn to pay debts on time, and build credit. Bank of America offers an introductory $200 cash bonus on spending $1,000 within the first three months. Other highlights of this card are:
Unlimited cashback of 1.5% on all purchases
No annual fee
0% introductory APR for 15 billing cycles
Regular variable APR of 16.24–26.24%
3% fees on foreign transactions and balance transfer
A late fee of around $20 may be charged depending on the balance due
While these cards are designed for students, students should be ready to pay their dues on time every month to prevent penalties and additional interest.
There are companies that work on collecting and maintaining credit information of consumers. These are known as credit reporting agencies (CRAs). There are three such major CRAs in the country, namely Equifax, Experian, and TransUnion. Apart from these, there are other smaller-scale agencies too that specialize at the job. If you’re worried about “where to get my credit score?,” the larger CRAs are the most reliable bets.
These major CRAs obtain information from companies that you hold business and transactions with. People or companies that lend you money regularly report to these CRAs on your repaying status. There is also detailed information on the amount you are indebted and whether you have ever defaulted on your payments. Aside from the reports obtained from lenders, these companies also tally your general records based on certain other aspects. Some of these aspects are your public records from the local and state judiciary. These include your tax records and bankruptcy information. This information makes up an important chunk of your credit score and its report.
Equifax
Present in 24 countries, Equifax is an agency that offers consumers protection against identity theft and credit fraudulence. They also sell credit reports and credit monitoring assistance to businesses.
Experian
Experian started off in London and is now a trusted agency in 39 different countries. It provides you with a credit score, credit report, and even credit tracker on subscription. The agency uses FICO 8 system of credit score calculation. Experian was a part of Forbes’ “World’s Most Innovative Companies” in 2018.
TransUnion
Based across 30 countries with a database of over 1 billion consumers, TransUnion is another CRA giant. The agency, like the other ones, will provide you with your credit score and your credit reports. In case you decide to freeze your TransUnion credit report, it will also go the extra mile to notify Equifax and Experian, which frankly is a big help especially in case of identity theft and credit fraud.
So, the next time you are sat wondering “where to get my credit score?,” think of these three giants that provide you with an annual credit score and credit report for free once each year. However, if you are looking for more frequent updates, you can subscribe to their services and receive your monthly updates.
Did you know that you have more than a single credit score? Agencies calculate your credit score based on the data in your credit reports. If you are wondering, “where to get my credit score?,” there are three main credit reporting agencies. These can have different credit scores for you if your information on each of their credit reports is different. Also, these agencies charge a fee to reveal your credit score.
Recently, it has become easier to track and get hold of your credit score without paying any fees. You can get it from your credit card company, your loan provider, and even from a non-profit counselor. Here are a few tips you can use to check your score.