With endless needs in college, students often find themselves cash-strapped and at some point, they might need to look for extra money to cater to their daily needs. For some, they are able to cater to all their needs from the beginning of the semester to the end with minimal or no hustle at all.
However, there is a category that has to look for other financing methods in order to supplement their budgets in college. One good way to do this is to apply for a credit card. With a student credit card, you will not only get the much-needed financing but also enable you to build your credit score in the long run.
If you are looking for a student credit card that will offer value for your hard-earned money, a Chase student credit card is the best choice for you. Here, you will be able to earn cashback rewards without incurring an annual fee. In this article, we shall demystify this card more so that you can have a better understanding.
What is a Chase Student Credit Card?
The above-mentioned credit card is ideal for those students who want to earn rewards without having to worry about activating or keeping track of spending categories. With this credit card, you can trust that you will earn 1% back on every purchase you make. The good news is that your rewards will not expire. In addition, there is no minimum amount you have to redeem in order to get cashback.
Besides this, the card allows you to enjoy a $50 bonus whenever you make your first purchase. However, you have to do it within the first 3 months of opening your account. Regardless of the purchase that you make, you can be sure that you will earn a reward. In fact, small purchases such as groceries or even sheets will enable you to earn an extra $50.This feature actually sets it apart from other credit cards.
How Do You Apply for a Chase Student Credit Card?
If you want to apply for this card, there is a process that you should follow. However, this process normally depends on your age and current financial standing. Here, you can readily apply for the card if you are under the age of 21 or if you are 21 years of age and above.
How to apply for a chase student credit card if you are under the age of 21?
- First, you should research the best type of student credit card for your needs.
- Once you have researched about the credit card that you want, the time is ripe for you to learn about the necessary requirements you should meet during the application process.
- Get proof that you have enrolled in a learning institution. This is usually the case because you are applying for a student credit card.
- Obtain co-signer information. The role of the co-signer will be to make missed or defaulted payments. Also, you should not forget to include proof of his income.
- Submit your application with all the above-mentioned documents.
How to apply for a student credit card if you are 21 years old and above?
- To start with, you should research the best type of credit card that you want to apply for.
- Know the requirements that you should meet during the application process.
- Ensure that you obtain relevant proof of your personal assets or income.
- Obtain relevant proof that you have enrolled in a learning institution.
- Once you have verified everything is right, you can now submit your application. This application should be accompanied by the above-mentioned documents.
Generally, you can apply for this card whether you are below the age of 21 or above the age of 21 years. As long as you meet the above-mentioned requirements, you will be good to go.
What are the Benefits of Chase Student Credit Card?
There are many benefits that come with chase a student credit card. Once you apply for this card, you can be sure that you will enjoy the following advantages:
1) Ongoing Rewards
With this credit card, you can be sure that you will earn 1% cashback on all your purchases. This becomes very helpful when you are trying to meet all your needs while at the same time meeting your tight budget. Besides this, if your account is in good standing, you stand to qualify for an extra $20 after each account anniversary. This normally happens for the first 5 years.
Apart from the above-mentioned rewards, the card allows you to earn a $50 bonus after the first purchase you make within the first 3 months from account opening. The good news is that you do not need to meet the minimum spending requirement in order to earn it. This feature makes it different from other credit cards out there.
2) Your Credit Status will not be Checked
Unlike other credit cards, your credit score will not be checked when applying for this card. However, you need to be a student. In most instances, Chase might have to verify that you are actually a student who is enrolled in a learning institution. If you are below the age of 21 years, you will need to show proof of independent income when making your application.
3) The Credit Card Might help you Build your Credit Score in the Long Run
It is imperative to note that Chase student credit card normally reports to all 3 major bureaus namely;
- Equifax.
- Transunion.
- Experian.
If you make your payment as agreed, you can be sure that you will have a good credit score and consequently, a good credit report from the above-mentioned credit bureaus. Remember that most lenders are very keen to check your credit score before issuing a loan to you. If you have a good credit score, you stand chances of getting a higher loan amount or better still, qualifying for prime cards in the future.
4) Credit Limit Lncrease
Besides the above-mentioned advantages, this credit card offers qualifying cardholders an automatic credit limit increase. However, they have to make 5 monthly payments on time within the first 10 months of opening the account. Once your credit limit increases, there will be a positive impact on your current credit score. This is because it actually reduces the percentage of available credit for use and these factors into your credit score.
Allows you to Upgrade to a Regular Credit Card after Graduation.
This is another feature that makes this card better than its peers. Here, you will have the luxury to upgrade to a regular credit card with the same issuer. You will be able to upgrade to a card with better benefits and incentives. Depending on your eligibility, you can switch cards after graduating from your college or university.
Advantages that Come with this Card Include
- You will not be responsible for any unauthorized purchases.
- The card allows you to enjoy purchase protection. Here, the card covers new purchases against damage or theft of up to $500 per claim for 120 days after purchases are made. It is important to note that the maximum coverage is $50000 per account.
- The card comes with warranty protection from the manufacturer. Also, you will enjoy an extended warranty of one year for all eligible warranties of 3 years or less.
- You can now lock or unlock your credit card online or using the Chase Mobile app. This makes it convenient for most students out there. Besides this, you will be able to prevent unauthorized transactions, thanks to this feature.
- This credit card allows you to transfer your points to another Chase card with Ultimate Rewards. However, the account has to belong to you or a member of your household. For instance, you can transfer your points to your brother who has a qualifying Ultimate Rewards card. Thereafter, you can redeem the combined points and use the cash for travel expenses among other expenses.
- Finally, you will enjoy great customer care services in case you have issues with the card. As we speak, you can now contact the customer care service through the mobile app. Better still, you can reach them through a secure messaging center once you log into your account. In addition, you can contact them on 1-800-432-3117 and you will be good to go.
The Best Chase Student Credit Card for College Students
1) Chase Freedom
According to the most recent evaluation done on credit cards, this one comes in place as one of the best credit cards available for college students. On top of that, this credit card can also be accessed by people with no credit history at all. Acquiring the card is quite cheap as it charges no annual fees. Plus, it gives users a 200$ welcome bonus after they join for the first time.
However, in case you have applied for more than five credit cards within the last ten months, the chances of getting approved for this chase credit card are quite limited. Additionally, more advantages will follow people with other chase credit cards. This is because if you have other points in your wallet, you can pool the points you earn on this freedom card.
Highlights:
- There are no yearly fees charged.
- It gives up to 20000 chase ultimate rewards point to users who have spent over 500$ on purchases. However, this has to be within the first three months of opening the account.
- It renders 5% cash back on purchases worth 1500$ in rotating categories each quarter. However, you need to activate this bonus for your account so that you can enjoy this offer.
- For people with the chase sapphire reserve card, they get a 50% bonus any time they book for travel. Although this only happens when you book through the chase portal.
- It gives 1% cash back on all purchases made.
- Other fees such as foreign transaction fees are charged in case you transact with it while you are overseas.
- In case you have other chase credit cards like the chase sapphire preferred card. You will get a 25% bonus when redeeming your travel points.
- It does not charge any annual fees.
- Gives users a welcome bonus.
- Its welcome bonus has a minimum expenditure of 500$.
- It charges foreign transaction fees.
2) Chase Freedom Unlimited
Here is yet another very favorable credit card for college students. Just like the above-mentioned card, this also charges zero annual fees. The card gives users 200$ bonus after they spend 500$ within the first three months of creating the account. Also, this credit card is likely to be approved by people with a credit score of more than 680 points. Besides that, this card follows the chase 5/24 law that suggests; in case you have opened more than five credit accounts within the last year, the chances of you getting approved are quite minimal.
It also offers an extended warranty on eligible warranties of three years or below. The coverage is limited to $10000 for each claim and 50000$ per account.
Highlights:
- It gives 1.5% cash back on purchases without any kind of limits.
- In case you book for travel through the chase portal, you will get a 5% off.
- This card also allows users to earn a 3% once you shop at drugstores or in restaurants.
- It does not charge any annual fees.
- There isn’t any minimum required to redeem for cash back.
- Users get 1.5% cash back on all other purchases.
- During the first year of getting this account, you earn 5% cash back on grocery stores. Note that this does not apply if you shop on both Walmart and Target.
- It does not have any minimum amount required for users to redeem their points.
- Users get a 1.5% for cashback rewards
- They don’t charge any annual fees
- It charges foreign transactions fee to users outside the United States.
- Welcome bonus requires a minimum expenditure of 500$.
3) Chase Sapphire Preferred
This is another incredible chase credit card available for college students. Although it has no annual fee bonus to its users, it is still endowed with other amazing features. First of all, this credit card does not charge additional fees while overseas. This means that if you love traveling quite often you can save more. Apart from that, it gives users up to 80000 bonus points (this is up to 800$ in cash) after they spend 4000$ dollars during the first three months of opening the account. Moreover, its annual fees extend up to 95$ per annum.
Highlights:
- Incase your flight is delayed for more than half a day; it gives you a triple delay reimbursement. Which means you can get up to 500$ back for your delayed flight.
- It also offers coverage in case of damage or theft to your rental car. However, this only applies if at all you pay for the rental with your card.
- It does not charge any foreign transactions fees.
- Offers two times reward points per dollar for expenditure on both travel and dining. This is irrespective of your location. Also, it offers 1× reward points per dollar for all other purchases made.
- It charges an annual fee of 95$.
- Gives up to 50$ in statement credits towards grocery store purchases during the first twelve months after signing up for the credit card.
- It gives all users a large welcome bonus.
- Covers users in case of damage or theft on auto theft.
- Users earn points from travel and dining expenditure.
- The welcome bonus requires a minimum expenditure of 4000$.
4) Chase Sapphire Reserve
Unlike previously mentioned cards, the chase sapphire reserve card comes with a slightly steep annual fee. To be more precise, it exhibits an annual fee of up to 550$. Nevertheless, it allows you to earn up to 60000 bonus points. This comes after spending up to 4000$ dollars after the first three months of opening your account. This means you will get up to 900$ on travel after redeeming these points. Note that if your credit score is 750-850 points, your chances of getting approved are quite robust.
Highlights:
- You will get up to 300$ annual travel credit as reimbursement for travel purchases charged to your account. As a matter of fact, from December 31, 2021, both gas station and grocery store purchases will be used to determine your travel credit.
- Their APR rates are variable ranging 16.99% to 23.99%.
- It gives users up to 3 times rewards.
- It gives users access to 1300+ airport lounges worldwide just after your first time enrollment. Now, isn’t that amazing.
- Users are also covered In case of damage or theft on auto rental. And, you are also compensated in case of a lost luggage
- You get a 1.1times point transfers to best airlines and hotel loyalty programs.
- Users get compensated in case their trips are cancelled or interrupted. This compensation varies depending on the cost of your ticket.
- It gives a welcome bonus.
- Users are given up to 300$ annual travel credit.
- Has point transfer to airline and hotel partner programs
- It welcomes bonus requires a minimum expenditure of 4000$
- Has a steep annual fee of 550$.
5) Amazon Prime Rewards Visa Signature
If you are still in college and need a credit card, this is another reliable credit card to consider. First of all, this card does not charge any recurrent annual fees whatsoever thus cheap to maintain. Apart from that, it gives a welcome bonus that does not have any minimum spending requirement to all its users. This bonus comes in form of a 70$ amazon.com gift card. Additionally, with this card, you won’t have to pay for any foreign transaction fees irrespective of your location.
Highlights:
- Gives users a 70$ Amazon gift card as a welcome bonus.
- Allows you to earn 2% cashback on expenditure at drugstores, gas stations, and restaurants.
- Users earn up to 1% cashback on all other purchases.
- No minimum rewards are needed in order for you to redeem.
- There are no annual fees charged.
- Zero transaction costs irrespective of your location.
- If you are a prime member this card allows you to earn a 5% cashback at whole food markets as well as amazon.com.
- Their APR rates are variable on both purchases and balance transfers. Of which they range between 14.24% and 22.24%.
- It entails Visa signature benefits.
- Its welcome bonus applies to everyone and it does not require you to spend a certainly amount to qualify.
- It does not charge any foreign transactions fees.
- The 5% cash back offer only applies for people living within the United States.
- It does not come with an APR intro offer. The APR can be high based on your credit worthiness.
Frequently Asked Questions (FAQs)
If you are looking for the best credit card for students, you should not hesitate to choose the Discover it a Student credit card. This card is known to help students earn cash back for all the purchases they make out there. Besides this, the card comes with no annual fee, thereby helping students to save more in the long run.
Not really. For you to qualify for this card, you have to be a U.S citizen or a resident with a Social Security Number. Also, you must be 18 years or older. If you are below the age of 21 years, you should show that you earn sufficient income such as a part-time job and so on.
Yes. As we speak, there are credit cards that are designed specifically for those who might be studying at college or university, but they do not have the much-needed credit score and income for one to be approved for a standard credit card.
The highest credit limit for Chase Freedom is around $20000.However, there are some cardholders who received an initial $24000 limit.
Although Chase does not clearly state the minimum credit scores needed, most Chase cards normally require a cardholder to have a minimum credit score of 600.
Final Thoughts
From allowing you to enjoy the much-needed financing to enabling you earn rewards and bonuses, there are many advantages of applying for the Chase student credit card. If you are able to make timely payments, your credit score will increase in the long run. Generally, this card will help you build good financial habits for the future. Apply for this card today and you will enjoy the above-mentioned benefits. This card is truly incredible.