Students who use credit cards have unique requirements. First, they need a product that they can be approved for, as young adults will have less of a credit history than most applicants. Next, they will want a relatively simple card with no annual fee. Finally, they will enjoy some rewards for the kinds of spending they do most.
Discover it® for Students
This card has many of the features students are looking for. For example, it comes in a special version for students that has less stringent qualifications. Cardholders also earn 1% cash back on all purchases, and 5% rewards on up to $1,5000 spent on categories of purchases that change each quarter. Students can keep track of their FICO scores every month as they are included on their statements. [click to continue…]
The Chase Freedom® is one of the most popular reward cards offered. It features 1% cash back on all purchases, or 5% bonus cash back on up to $1,500 spent each quarter at qualifying merchants. But what few people know is that Chase also offers a 10% annual Exclusives bonus when cardholders have both a Chase Freedom® card a Chase checking account.
How this works
At the end of the year, Chase adds up the number of points the cardholder has earned and adds another 10% to their account. This includes all of the points earned at both one point per dollar and 5 points per dollar. Therefore, cardholders who also have a checking account are earning 1.1 cents and 5.5 cents per dollar.
To put it another way, a cardholder who spends the entire $6,000 eligible for 5x points can earn 33,000 points each year. [click to continue…]