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Different credit cards offer different perks as well as different downsides.

“If you haven’t compared your cards with what’s available now, you should” (14).

It is important to pick a card that is best for you.

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“These days, picking the right rewards card—the most heavily marketed type—seems to require an advanced degree in mathematics” (14).

Fortunately, there are different sites that compare all different types of cards that can be a helpful tool to help you choose. Some sites include CardHub and NerdWallet. For this assignment I used CardHub to compare and contrast three different types of credit cards. I looked at two student credit cards aimed toward college students, and one that was marked specifically “new to credit” which turned out to be aimed toward college students anyway.

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Interest rate:
• Regular APR: 25%
• No first year offers

Fees:
• No annual fee
• No balance transfer fee

Rewards:
• 1% cash back on all purchases (pay on time to boost to 1.25% for the month)

Pros:
• minimum credit score needed
• no foreign transaction fees
• good for building up credit over short period
• raises your credit limit if you pay your bill on time five times

Cons:
• high interest rates
• high APR to rewards ratio

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Bank of America | Cash Rewards for Students 

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Bank of America | Cash Rewards for Students 

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Interest rate:
• Regular APR at 15%-25%
• 0% APR for first year

Fees:
• No annual fee
• 3% balance transfer fee

Rewards:
• Get $200 bonus after making $500 in purchases in first 3 months
• 1% cash back on every purchase
• 2% back at grocery stores and wholesale clubs
• 3% back on gas for the first $2,500 in combined grocery store, wholesale club, and gas purchases each quarter
• 10% customer bonus if you open a savings account

Pros:
• minimum credit score needed
• rewards are automatic with no expiry (besides specifically limited time offers)
• if cash rewards balance is $25 or more, you can redeem your cash rewards for a statement credit, a check, or an electronic deposit into a savings account

Cons:
• 3% foreign transaction fee
• some of the rewards are given only if you open a BoA checking account, which has high fees
• high interest rates

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Discover It | Student Chrome (Student credit card)

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Discover It | Student Chrome (Student credit card)

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Interest rate:
• Regular APR at 14%-23%
• 0% APR for first year

Fees:
• No annual fee
• 3% balance transfer fee

Rewards:
• will match all cash back you’ve earned at the end of your first year
• 2% cash back on gas and restaurants
• 1% cash back on all other purchases
• $20 statement credit each school year your GPA is 3.0 or higher for up to the next 5 years

Pros:
• minimum credit score needed
• takes into account your university rather than employment
• there is a 5% back on gas that sometimes is offered
• no foreign transaction fees

Cons:
• high interest rates
• late payment fees are very strict

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“Be sure to read all of the fine print on any offer you’re considering” (16).

The card that I decided was best for me was the Discover It Student Chrome card from Discover. This is the decision I made based on what would apply most to my own situation as well as its rewards. I chose the Discover card because it had the lowest regular APR range as compared to the other types of cards. Ideally the APR would have been even lower, but for a card that doesn’t require stellar credit in order to be accepted, a somewhat high APR is justified. I also liked that there are tons of different rewards offers that come with the Discover card, and that it is geared toward students. The pros look promising and outweigh the cons.