by Daniel | Last Updated November 21st, 2021
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Are you a student that is interested in getting your first credit card but are not sure where to start?
Then hopefully this review can help you make that choice a little easier.
I’ll be reviewing four different student credit cards, going over what the cards offer in terms of benefits and user perks, and then I’ll decide which cards are the best.
Who Are These Cards Good For?
All of these cards are specifically designed for students as none of them have an annual fee, which is a nice start. They also offer some nice benefits and user perks, and they also help you to build and manage your credit score which is extremely important.
APR
So let’s start by comparing the APR for each card.
And starting with the Chase Freedom Student credit card it has a variable APR of 14.99% that will vary with the market depending on what the Prime Rate is.
Next up, the Discover it credit card offers a 0% APR for 6 months on purchases, and then after this, it will be a standard variable rate of between 12.99% – 21.99% depending on your creditworthiness, and this APR will vary with the market based on the Prime Rate.
With the Capital One Journey Student credit card, you will have an APR of 26.99% that will vary with the market based on the Prime Rate
And finally, with the Bank of America Travel Rewards Credit Card for Students, you will get a 0% introductory APR for the first 15 billing cycles (15 months?) and then after this, the APR will be between 13.99% and 23.99% depending on what your creditworthiness is and what the Prime Rate is.
So both the Discover card and Bank of America Card have a 0% introductory APR which is nice, then the Chase Freedom card has a reasonably low APR of 14.99% and then the Capital One card has a relatively high APR of 26.99%.
Sign-up Bonus
So now let’s compare the sign-up bonus of each card and see which card offers the most value.
And starting with the Chase Freedom Student credit card you will earn 5,000 bonus points, which can be redeemed for $50 cash-back after you make a purchase within the first 3 months of opening the account.
No sign-up bonus.
No sign-up bonus.
For the Bank of America Travel Rewards credit card, you will earn 25,000 online bonus points if you spend $1,000 in the first 3 months of card ownership.
And these points can be redeemed for a $250 statement credit for either travel or dining purchases.
So for this section, the Bank of America Travel Reward credit card offers the most value with its sign-up bonus (which is four times as much as the Chase Freedom Student card).
But keep in mind that you will have to spend $1,000 in the first 90 days to receive it.
Earning Cash-Back/Points
Next up, let’s go through all of the cards and see how you can earn cash-back or points and which card offers the most value.
Starting with the Chase Freedom Student card you will earn 1% cash-back on all purchases.
And until March 2022, you will earn 4% cash-back on qualifying Lyft Rides and Lyft products that include bike and scooter rides, car rentals, and gift cards.
And when you receive the ‘cash-back’ it will be tracked through your Chase account as points, and basically, each dollar in cash-back rewards is equal to 100 points.
With the Discover it credit card you will earn up to 5% cash-back each quarter at different businesses up to a total of $1,500.
And this includes businesses such as Amazon, Walmart, Gas stations, and many more.
And for the first year of Card membership, Discover will match all of the cash-back you earn over 12 months. and this is unlimited, so if you earn $100 cash-back Discover will match it with $100.
Then all other purchases will earn 1% cash-back automatically, with no limit.
Next up, with the Capital One Journey credit card, you will earn unlimited 1% cash-back on all purchases, and if you pay your account on time you will be rewarded an extra .25% (for a total of 1.25%).
And finally, with the Bank of America Travel Reward credit card, you will earn unlimited 1.5 points per $1 spent on all purchases.
And for any purchases made through the Bank of America Travel Center, you will earn 3 points per dollar.
So for this section the Discover it credit card offers the most value from its 5% cash-back on up $1,500 spent each quarter, and if you are able to take full advantage of this you will earn $300 cash-back, and then Discover will match this with $300, so in total, you can earn $600, which is pretty good.
Benefits and User Perks
Now from here let’s look at the benefits and user perks that are offered with each card.
And starting with the Chase Freedom Student credit card you will get a complimentary 3-month DashPass which gives you unlimited deliveries and a $0 delivery fee on orders that are over $12, and after this, you will automatically be enrolled in DashPass for the following 9 months at a 50% discount, which ends up being $4.99 per month
Next up you will receive 2,000 points (which are worth $20) after each account anniversary year for up to 5 years, and to qualify for this, your account must remain open and not in default.
You will also receive free access to your credit score at any time with Credit Journey.
You will have access to Visa Signature which has a whole variety of extra benefits including Priority Pass (which is lounge access at most airports around the world), a $100 credit that can be used for either Global Entry or TSA PreCheck, and many other options.
And finally, you will be able to earn a credit increase after making 5 monthly payments on time within 10 months of opening the account.
Now with the Discover credit card, you will earn a $20 statement credit each school year if your GPA is 3.0 or higher for up to 5 years.
Next up with the Capital One Journey Student Credit card, you will earn $5 per month for 12 months that can be used on select streaming services that include Audible, Disney+, Hulu, Netflix, SiriusXM, and many more.
And finally, with the Bank of America Travel Rewards Credit Card for Students, you will get quite a few benefits as it is a visa signature card.
First of all, you will get a Priority Pass that gives you access to a large selection of airport lounges from all over the world.
You will also get a $100 credit that can be used for either Global Entry or TSA PreCheck.
Next up, you will be part of the Visa Signature Luxury Hotel Collection, which has benefits that include room upgrades upon check-in when available, a $25 food and beverage credit, continental breakfast for the length of your stay, and 3 pm checkout upon request.
Along with all of these perks, there are quite a few other benefits that come with Visa Signature cards.
And finally, you will have the lock/unlock feature which gives you the ability to quickly and easily lock or unlock your credit card from your mobile phone to instantly block any new purchases, cash advances, or balance transfers.
And best of all, it won’t affect any automatic payments.
So when it comes to benefits and user perks, the Chase Freedom Student credit card is the best value, as it is part of Signature Visa you get quite a lot of nice extra perks, and along with this you also get a 3-month complimentary DashPass membership and 2,000 points each year for 5 years which is worth up to $100.
Insurance-related Benefits
So now let’s go over the insurance-related benefits of each card.
Starting with the Chase Freedom Student credit card you will get trip cancellation/interruption insurance that will cover up to $1,500 per person and $6,000 per trip if your trip is canceled or cut short by sickness, severe weather, or any other covered situations.
You will also get purchase protection that covers any new purchases for up to 120 days for theft or damage up to $500 per claim and $5,000 per account.
Next up you will get extended warranty protection that will give you 1 extra year of warranty on eligible US warranties that are 3 years or less.
Chase will also provide you with fraud alerts, so if there is any unusual activity on your account they can notify you by phone, text, or email.
And finally, you will have the lock/unlock feature which gives you the ability to quickly and easily lock or unlock your credit card from your mobile phone to instantly block any new purchases, cash advances, or balance transfers.
And best of all, it won’t affect any automatic payments.
Now with the Discover it credit card, you will have a safety option called ‘Freeze It’. And this allows you to stop any new purchases, cash advances, or balance transfers, all whilst keeping any recurring payments ongoing.
You will also have access to Discover Identity Alerts, and this offers a few different benefits.
First of all, it will monitor your Experian credit report and alert you if and when there is a new inquiry made.
It will also monitor thousands of Dark Web sites that are known for revealing personal information, and if they find your Social Security number on any of the sites they will alert you immediately.
And finally, you will have free access to your FICO score.
Next up, with the Capital One Journey credit card, you will get ‘Card Lock’ which gives you the ability to actually lock your card if it is misplaced, lost, or stolen.
You get a $0 fraud liability protection which means that you won’t be responsible for any unauthorized charges that are made to your card.
There are security alerts that can notify you by, text, email, and phone if any suspicious transactions are made on your account.
You will have access to emergency card replacement if your card happens to be lost or stolen.
And there are no foreign transaction fees.
And finally, with the Bank of America Travel Rewards Credit Card for Students you will get a $0 liability guarantee which means that if there are any fraudulent charges made to your card, you won’t have to pay for them.
You will have free monthly access to your FICO score with no negative impact on your credit score.
There is the option to set up multiple alerts for your account to help remind you of any payments that are due and that have been paid.
You will have access to Visa Signature benefits that include a decent range of insurance-related coverage that is similar to the Chase Freedom Student card.
And finally, you will have an optional service called overdraft protection which is designed to help prevent any declined purchases, returned checks, or other overdrafts.
So when it comes to insurance-related benefits, both the Chase Freedom Student card and the Bank of America Travel Rewards card offer the most coverage out of the four cards
Final Thoughts
So what are my thoughts about these credit cards?
All of the cards offer some decent benefits and user perks, and two of them even have a decent sign-up bonus.
I honestly think it comes down to what suits you the most in a credit card.
If you’re looking for a good sign-up bonus, then the Bank of America Travel rewards credit card is the best option as it offers the ability to earn 25,000 points which are worth $250.
If earning cash-back rewards is more your thing, then the Discover it credit card is the best choice as it has the ability to earn you up to $600 in the first year just from its 5% cash-back each quarter and the fact that Discover will match whatever you earn in cash back at the end of the first year.
And finally, if you want good benefits, user perks, and insurance-related coverage, then the Chase Freedom Student card is the best option.