The 7 Worst Credit Cards for College Students

 

The 7 Worst Credit Cards for College Students For many college students, credit cards are a necessary evil. They’re helpful for building credit and can be useful in a pinch, but they can also lead to a lot of debt if you’re not careful. There are some credit cards that are better for college students than others, though. In general, you want a card with a low interest rate, no annual fee, and a rewards program that will help you save money. Unfortunately, not all credit cards are created equal. There are some that are specifically designed to take advantage of college students and their lack of financial knowledge. These are the seven worst credit cards for college students:

1. Discover it® Student Cash Back 2. Citi ThankYou® Preferred Card for College Students 3. Journey® Student Rewards from Capital One® 4. Bank of America® Cash Rewards for Students credit card 5. Wells Fargo Cash Back College℠ Card 6. Chase Freedom Unlimited® Student 7. U.S. Bank College Visa®

1. Discover it® Student Cash Back

Every college student is looking for ways to save money. One way to do that is to find a credit card with great cash back rewards. Discover it® Student Cash Back is a great option for college students. Discover it® Student Cash Back offers 5% cash back on up to $1,500 in purchases in rotating categories each quarter, plus 1% cash back on all other purchases. There is no annual fee and no foreign transaction fee, so it's a great option for students who travel abroad. Plus, if you have a GPA of 3.0 or higher, you'll get a cash back bonus of 20% on all the cash back you've earned at the end of your first year.

2. Citi ThankYou® Preferred Card for College Students

The Citi ThankYou® Preferred Card for College Students is one of the worst credit cards for college students for a few reasons. First, the APR is typically high for students, which can make it difficult to pay off the balance in full each month. Second, the rewards program is not as generous as some other cards, so students may not be able to earn as much cash back or points. Finally, the annual fee is $95, which can add up over time. Overall, the Citi ThankYou® Preferred Card for College Students is not a great option for students. There are better rewards cards out there that have lower interest rates and annual fees.

3. Journey® Student Rewards from Capital One®

Journey® Student Rewards from Capital One® is one of the worst credit cards for college students. This is because it has a high APR of 24.99%, which means that if you carry a balance on your card, you will be charged a lot of interest. Additionally, there is no grace period on this card, so interest will start accruing immediately on any balances that you carry. Finally, this card has a foreign transaction fee of 3%, which means that if you use your card while traveling abroad, you will be charged a fee on top of the already high interest rate.

4. Bank of America® Cash Rewards for Students credit card

The Bank of America® Cash Rewards for Students credit card may seem like a great choice for college students, but it actually ranks as one of the worst credit cards for this demographic. Here’s why: First, the card has a relatively high APR of 23.24%. That means that if you carry a balance on your card from month to month, you’ll end up paying a lot in interest. And let’s be honest, many college students are already struggling to make ends meet, so adding interest payments on top of that can be a real burden. Second, the card has a fairly low credit limit of just $500. That may be enough for some students, but if you need to make a larger purchase (like a plane ticket home for winter break), you may need to use another form of payment. Third, the card has a foreign transaction fee of 3%, so if you use your card while traveling abroad, you’ll end up paying quite a bit in fees. And fourth, there’s an annual fee of $39, which is not waived for the first year. All in all, the Bank of America® Cash Rewards for Students credit card is not a great choice for college students. There are other cards out there that have lower interest rates, higher credit limits, and no annual fees. So if you’re a college student looking for a credit card, you’re better off going with one of those options.

5. Wells Fargo Cash Back College℠ Card

No credit card is perfect, but some are definitely better than others when it comes to college students. The Wells Fargo Cash Back College℠ Card is one of the worst cards for college students for several reasons. First, the card has a high APR of 24.99%. That's almost 10 percentage points higher than the average credit card APR, and it's a number that can quickly get out of control if you don't pay your balance in full and on time every month. College students are often working with tight budgets as it is, and a high APR can make it difficult to make ends meet. Second, the card also has an annual fee of $25. That may not sound like much, but it can add up over time, and it's a fee that you simply don't need to be paying. There are plenty of other cards out there that don't charge an annual fee. Third, the Wells Fargo Cash Back College℠ Card offers rewards in the form of cash back. While that may sound great at first, the truth is that most college students would be better off with a different kind of rewards card. Why? Because cash back rewards can be difficult to use if you're not careful. For example, let's say you've got $50 in cash back rewards. You might be tempted to spend that $50 on something you don't really need. But if you had a points-based rewards card, you could use those points to get a discount on travel or some other expense that would actually help you out. Fourth, the wells Fargo Cash Back College℠ Card has a foreign transaction fee of 3%. That's higher than the average foreign transaction fee, and it's something to keep in mind if you're studying abroad or planning to travel outside the country. Finally, the customer service team at Wells Fargo has a reputation for being difficult to work with. If you're having any problems with your card, you'll likely have a hard time getting the help you need from customer service. All in all, the Wells Fargo Cash Back College℠ Card is a card to avoid if you're a college student. There are much better options out there that will better suit your needs.

6. Chase Freedom Unlimited® Student

As a college student, you're probably looking for a credit card that will give you the most bang for your buck. Unfortunately, the Chase Freedom Unlimited® Student card is not one of those cards. Here's why: 1. The card has a high APR of 19.24%. That means that if you carry a balance on your card from month to month, you'll be paying a lot in interest. 2. There's no grace period on purchases. That means that interest starts accruing on your balance as soon as you make a purchase. 3. There's a foreign transaction fee of 3%. So, if you use your card while traveling abroad, you'll be hit with a fee. 4. There's an annual fee of $0. So, if you're looking for a card with no annual fee, this isn't the card for you. 5. The late payment fee is up to $37. So, if you're late on a payment, you'll be charged a hefty fee. 6. There's no introductory APR period. That means that if you're looking to transfer a balance from another card, you'll be charged interest right away. All in all, the Chase Freedom Unlimited® Student card is not a great option for college students. There are better options out there that will save you money in the long run.

7. U.S. Bank College Visa®

There are a lot of options out there for college students when it comes to credit cards. But not all of them are created equal. In fact, some of them can be downright terrible for your financial health. So if you're a college student looking for a credit card, make sure to avoid these seven worst offenders. 1. U.S. Bank College Visa® This credit card from U.S. Bank is marketed specifically to college students. But it comes with a lot of traps that can end up costing you a lot of money. For starters, it has a high APR of 22.99%. That's almost double the average APR for credit cards. So any interest you accrue on this card is going to be very expensive. There's also a late fee of up to $38, which is pretty steep. And if you miss a payment, you'll get hit with a penalty APR of 29.99%. So this card can end up costing you a lot of money if you're not careful. 2. Citibank Citi® Platinum Select® Card This card from Citibank has a lot of the same problems as the U.S. Bank card. It has a high APR of 22.99% and a late fee of up to $35. But it also has a few unique drawbacks. First, it has a foreign transaction fee of 3%. So if you use this card while traveling abroad, you'll end up paying an extra 3% on all of your purchases. That can add up quickly. Second, this card has an annual fee of $95. That's a lot to pay just to have a credit card. And it's not even a rewards card. So unless you're sure you can use this card responsibly and avoid the fees, you're better off avoiding it altogether. 3. Chase Slate® This card from Chase has a few things going for it. It has no annual fee and no foreign transaction fees. But it also has a high APR of 22.99%. So any interest you accrue on this card is going to be very expensive. It also has a balance transfer fee of 5%, which is pretty high. And if you miss a payment, you'll get hit with a penalty APR of 29.99%. So this card can end up costing you a lot of money if you're not careful. 4. Discover it® Student Cash Back This card from Discover is a rewards card specifically for students. So if you're looking to earn cash back on your purchases, this card could be a good option. But it comes with a few drawbacks. First, it has a high APR of 21.99%. So any interest you accrue on this card is going to be very expensive. Second, it has a late fee of up to $35. And if you miss a payment, you'll

The seven worst credit cards for college students are ones that have high annual fees, high interest rates, and low credit limits. College students should avoid these cards and instead focus on building a solid credit history with a card that has no annual fee and a low interest rate. Once they have established a good credit history, they can then apply for a card with a higher credit limit.