Student Credit Cards - The Rewards
by: Tom Tessin

If you’re looking for your first credit card or you’re possibly looking to add to your collection, you’ll find that there are a ton of options you’ll have when browsing. Whether you’re looking for gas rewards or just a point based system, most bank issuer’s have just what you’re looking for.

Below, we will try to best define what each reward can do for you. Rewards vary from getting airline miles to just simply a point based system. In fact, there are credit cards out there that give you nothing at all. Why would I get a credit card like that? A lot of the times you will find that credit cards with no perks offer better APR rates or sometimes are just simply targeted towards people with bad credit.


Point based system

A majority of the credit cards you’ll be looking at are geared toward a point based system. Citi bank is known for this type of system with their program called the “ThankYou Network”. This type of system is fairly simple. Every dollar you spend, you’ll receive a reward point. With these reward points, you will be able to buy just about anything on their online store. When we say the word everything, we mean it. You can purchase anything from plane tickets to a simple gift card to any major retailer like Circuit City or Best Buy.


Cash back system

A cash back system is straight to the point. Discover card is known for their great cash back system and this is why they are one of the bigger hits. A cash back program is simply giving you cash back on each statement. Depending on what kind of card you get will determine how much cash you’ll get back at the end of each month. If your terms show you’ll get 5% cash back on all purchases and you spend $100 for the month, you’ll get $5. This example alone can show you how much you can save with cash back points.


Gas rebates

Gas rebate type credit cards are geared more toward the student who tends to drive a lot. If you live on campus, you’re obviously not going to go to a lot of places, so this credit card won’t be for you. In case you do tend to drive a lot, the Citi driver’s edge credit card is for you. This card in particular offers rebates on gas, auto maintenance, and more. On top of the automotive rebates, you can also earn certain cash back on each mile you drive.


Airline rewards

This type of reward is hard to come by if you’re a college student. A few credit cards do exist out there that offer this type of reward but many students don’t fly enough to actually use the points. With airline rewards, you’ll simply get a mile for each dollar spent. Once you get enough miles, you’ll be able to purchase an airline ticket through that particular airliner.


These are just the basic reward programs you’ll encounter when you sign up for a credit card. We highly recommend that you research your cards before applying. When you do decide on a credit card, we highly suggest that you get a card with rewards. This way you’re at least getting something for your money!

Credit Report Scores
Below is a chart of credit report scores. Credit report scores are important when it comes to applying for a credit card. To find out what your credit report score is, please click on the link below.
Great Credit
Good Credit
Fair Credit
Poor Credit
No Credit
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