2017 Comparison Review: Discover Student Credit Card vs Wells Fargo College Credit Card vs U.S. Bank College Visa Card vs BankAmericard Cash Rewards™ Credit Card for Students
Heading to college can be a scary time. You are leaving home, leaving your friends, and quite possibly leaving the financial security of your parents. Entering college, you are an adult, which means that you need to start making smart financial decisions.
One way to set yourself ahead of the many students heading to college when it comes to personal finance is by securing a credit card.
You might think that it is impossible to get a credit card since you have no credit history, but there is still hope!
Many credit card companies gamble on the fact that younger applicants might become lifelong customers, so they offer student credit cards like the Discover it® Student Card and BankAmericard Cash Rewards™ for Students.
Source: CreditCards.Com
You may not think it is important to get a credit card, but having a card like the college credit card from Wells Fargo allows you to build up a credit history. This is important to do, as you will need strong credit for major life events down the road, like buying a house or purchasing a new vehicle.
A student credit card from Bank of America or a U.S. Bank college Visa card also allows you to build up strong credit habits. 53% of students know how important it is to have a good credit score, but they may not know where to start. If you start learning good habits at a young age, you can provide yourself with a strong financial foundation for the future.
Once you know that you want a student credit card, the issue becomes finding the right one for you. There are so many options, like the Discover card for students, Wells Fargo college card, U.S. Bank student credit card and BankAmericard Cash Rewards® for students.
AdvisoryHQ knows how puzzling it can be to narrow down to just one credit card from a list including the BankAmericard Cash Rewards™ Credit Card for Students and others. That is why we breakdown each of the features that you should concentrate on when selecting the perfect credit card for you.
By looking at how these four student credit cards stack up against each other when it comes to specific features, like fees and annual percentage rates, you will be able to determine what the best card is for you based on your individual preferences.
Take the time to consider each card to decide if the student credit card from Bank of America, Wells Fargo college card, U.S. Bank college Visa card, or the Discover credit card for students is the right fit for you.
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Why Open a Student Credit Card?
Do you know why it is a good idea to open a student credit card? The reasons go far beyond simply starting to build up a strong credit history and borrowing habits. There are many additional benefits to opening a student credit card like the Discover card for students or BankAmericard Cash Rewards® for students.
A credit card like the Wells Fargo college card will allow you to partake in the world of e-commerce. This is growing every day, and we’re sure that you’ll appreciate the savings you might find when shopping for your textbooks online instead of the campus bookstore.
Another benefit of having a card like the college credit card from Wells Fargo or Discover it® student card is that they may allow you to use them internationally without paying foreign transaction fees or worrying about currency conversions. It’s never too early to start thinking about that Spring Break trip to Cancun, right?
Once you experience the cash back that comes with a card like the Discover credit card for students, you’ll wonder where a cash back credit card was your whole life. Credit cards like the BankAmericard Cash Rewards™ Credit Card for Students offer you cash back on purchases that you will find yourself making regardless.
If you can find a student credit card like the Discover it® student card, you will appreciate the cash back rewards.
While having a student credit card like the college credit card from Wells Fargo can have many benefits, you need to be sure to use your card responsibly. 34% of Americans find themselves in credit card debt, and you do not want to join that statistic.
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2017 Comparison Reviews
The list below is sorted alphabetically:
- BankAmericard Cash Rewards™ Credit Card for Students
- Discover it® for Students Card
- U.S. Bank College Visa® Credit Card
- Wells Fargo Cash Back College Card
2017 Comparison Table
Credit Card Names | Annual Percentage Rate (APR) | Annual Fee | Type of Credit Needed | Sign-Up Bonus |
| BankAmericard Cash Rewards™ Credit Card for Students | 13.24-23.24% | None | No Credit, Poor, Bad, Average | $100 |
| Discover it® for Students Card | 13.24-22.24% | None | No Credit, Poor, Bad, Average | Cash Back Match |
| U.S. Bank College Visa® Credit Card | 12.24-21.24% | None | No Credit, Poor, Bad, Average | None |
| Wells Fargo Cash Back College Card | 11.40-21.20% | None | No Credit, Poor, Bad, Average | None |
Table: 2017 Comparison Table: Discover Student Credit Card vs BankAmericard Cash Rewards™ Credit Card for Students vs U.S. Bank Student Credit Card vs Wells Fargo College Credit Card
Discover Student Credit Card vs BankAmericard Cash Rewards™ Credit Card for Students vs U.S. Bank Student Credit Card vs Wells Fargo College Credit Card
When you are looking for a student credit card like the Discover credit card for students, it is easy to get confused by the many credit card offers that you receive.
Is the Discover card for students better than the Wells Fargo college credit card? Does the student credit card from Bank of America have better rewards than the others? These are all questions that may float through your head when deciding on which card to select.
It is important to breakdown the features of each card when selecting one. Be sure to consider these key elements:
- Annual fees
- APRs & introductory offers
- Cash back rewards
- Sign-up bonus
By looking at the individual features of a card like the U.S. Bank student credit card, you will have a better idea if they meet your distinct needs.
Related: Top Best Credit Cards for College Students| Ranking | Best College Student Credit Cards
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Fees
Credit card companies charge a variety of fees that you need to be aware of. Companies will charge annual fees, foreign transaction fees, balance transfer fees, and cash advance fees to their customers. When you select a card like the Discover student credit card, it is important that you pay attention to the different fees that your chosen card charges.
When it comes to annual fees, no credit cards on this list have them. That means whether you get the BankAmericard Cash Rewards™ Credit Card for Students, the Discover it® for Students Card, the U.S. Bank College Visa® Credit Card, or the Wells Fargo Cash Back College Card, you will never be charged an annual fee.
When it comes to balance transfer fees, the BankAmericard Cash Rewards™ Credit Card for Students, Discover student credit card, and U.S. Bank student credit card all have a fee of 3%. The Wells Fargo college credit card has a variable rate between 3 percent and 5 percent. When it comes down to it, neither of these cards really shines here.
As we get to cash advance fees, there are more separations. The Discover student credit card and Wells Fargo college credit card each have a cash advance fee of 5%, which is the highest. The U.S. Bank student credit card comes in second with 4%, and the BankAmericard Cash Rewards™ Credit Card for Students falls somewhere into the mix with a variable rate between 3 percent and 5 percent.
Foreign transaction fees are also something that you need to be concerned with, especially if you are planning that spring break trip out of the country. You will be charged this rate if you use your credit card internationally, so it is a good idea to know whether your card charges one.
For foreign transaction fees, the Wells Fargo college credit card and BankAmericard Cash Rewards™ Credit Card for Students have the highest fees at 3%. The U.S. Bank student credit card falls somewhere in the middle with a variable rate between 2 percent and 3 perfect. The Discover student credit card stands alone, with no foreign transaction fee.
When you are looking at credit cards like the BankAmericard Cash Rewards™ Credit Card for Students and Discover student credit card, it is important that you keep fees in mind. It is also a good idea to know what fees matter most to you.
If you travel internationally, you may want a card with no international fees. If you need cash advances regularly, that is also something to keep in mind, as the BankAmericard Cash Rewards™ Credit Card for Students might be a good choice.
APRs & Introductory Offers
Credit card companies charge an annual percentage rate, or APR. An APR is the annual rate charged for borrowing through a credit card. This percentage represents the yearly cost of funds borrowed over the course of a loan.
When you are deciding between the Wells Fargo college credit card, the U.S. Bank student credit card, and others, it is best to find one with a lower APR. If you have a lower APR, you will accrue less interest when carrying a balance on your credit card. Though this matters less for those who pay their bill in full every month, it is always a good idea to find a card with a lower APR.
If you are looking for the lowest APR, the Wells Fargo college credit card shines here. With a variable rate between 11.40% and 21.40%, this card has the lowest starting APR on our list.
The U.S. Bank student credit card falls second on the list, with a variable APR between 12.24% and 21.24%. This leaves the BankAmericard Cash Rewards™ Credit Card for Students and Discover student credit card last on our list, with variable APRs of 13.24%-23.24% and 13.24%-22.24%, respectively.
Some credit card companies also offer 0% introductory APR periods. This means that you will accrue no interest if you carry a balance on your credit card for a certain amount of time. This time period is unique to the company, but it is a great way to offset some of the upfront costs of textbooks or dorm room supplies.
The U.S. Bank student credit card falls short here, with no intro APR period for their credit card. If you must have this feature, then you may want to pass on the U.S. Bank student credit card.
The Discover student credit card and Wells Fargo college credit card come second on the list, each with a 6-month long introductory APR period.
The BankAmericard Cash Rewards™ Credit Card for Students really shines here with a 12-month intro APR period for both purchases and balance transfers. This is a great feature to have, especially in a student credit card.
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Cash Back Rewards
On average, Americans have at least 3 credit cards in their wallets. Issuers make money when you use their credit card instead of the other ones in your wallet, so they offer cash back rewards as an incentive. When you use a card like the Discover student credit card, you earn rewards that you may not earn by using other cards.
The U.S. Bank student credit card does not reward you with cash back. If this is a must-have in a credit card, this may not be the right card for you.
With the Discover student credit card, you will get 5% cash back on rotating categories every month, with 1% cash back on all other purchases. These rewards can add up quickly, and as a bonus, Discover gives you $20 cash back every year that you keep a 3.0 GPA.
The BankAmericard Cash Rewards™ Credit Card for Students also has good earning potential. You will get 3% cash back on gas, 2% cash back on grocery, and 1% cash back on every other purchase you make. These rewards also won’t expire, which is great to know.
Finally, the Wells Fargo college credit card offers 3% cash back on gas, groceries, and drug stores for the first 6 months. You will get 1% cash back on everything else. If you plan to have many upfront expenses in those categories, the Wells Fargo college credit card is a good card to own.
Sign-Up Bonus
While companies offer cash back rewards to get you to use their card, they also offer sign-up bonuses to encourage you to sign up for their credit card. When you get credit card offers in the mail, they hope that you will be lured in by a bonus offer like the BankAmericard Cash Rewards™ Credit Card for Students offers.
Unfortunately, the BankAmericard Cash Rewards™ Credit Card for Students is the only card that offers an upfront sign-up bonus. The U.S. Bank student credit card and Wells Fargo college credit card do not offer a bonus. This isn’t unheard of for a student credit card, but it would be nice to have.
The Discover student credit card offers a bonus, but it is not upfront. With the Discover student credit card, Discover will match your cash back for the first year. This feature is one that you will appreciate, especially if you rack up a lot of cash back in the first year.
With the BankAmericard Cash Rewards™ Credit Card for Students, you will get $100 cash back. To achieve this bonus, you need to spend $500 in the first three months.
Although a sign-up bonus is not make or break, it is a great feature to have in a student credit card.
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Conclusion: Discover Student Credit Card vs BankAmericard Cash Rewards™ Credit Card for Students vs U.S. Bank Student Credit Card vs Wells Fargo College Credit Card
When you are choosing between a Wells Fargo college card and the others on our list of good student credit cards, be sure to do your research.
Source: Money – U.S. News
Don’t just get drawn in by an enticing cash back offer on a card like Discover credit card for students. The Discover it® student card might be the best option for you, but make sure that you do thorough research on other cards, too.
Be sure to take note of the following features of the credit cards that you are considering:
- Annual fees
- APRs & introductory offers
- Cash back rewards
- Sign-up bonus
When it comes down to making a final decision on a student credit card, choose the card that meets your individual needs best. The Wells Fargo college credit card might appeal to your friends or roommates more, but if you think that the features of the Discover student credit card or U.S. Bank student credit card work better with your financial situation and needs, choose that one.
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