While 1% cash back might not seem like the most exciting rewards rate, many cards geared toward building credit don’t earn rewards at all. Even though it’s not the first student card to offer 1% back on every purchase, a flexible rewards redemption scheme and automatic review for a credit limit increase set it apart from the pack. The Chase Freedom Student card is Chase’s debut in the student card space, but it’s already a top competitor. Why the Freedom Student is a good choice for young adults $20 good-standing bonus each year on your card anniversary.$50 bonus when you make your first purchase within the first 3 months.With cash back on every purchase and reasonable interest rates, the Chase Freedom Student card is a great introduction to credit cards for fledgling cardholders. The card is a part of a slate of tools from Chase designed to encourage financial independence in young adults. The Chase Freedom Student card doesn’t charge an annual fee, so students can try it out without worrying about the cost. This is because credit utilization ratio – the percentage of credit line used relative to the card’s limit – is the second most influential credit score factor, and it’s responsible for 30% of your score. To help students improve their credit, the Chase Freedom Student card automatically reviews accounts for a credit limit increase after five on-time payments in the first 10 months of account opening.Ī higher credit limit can translate into a higher credit score if the cardholder doesn’t increase spending. The Chase Freedom Student card encourages maintaining a positive payment history, which can help students learn to use their cards responsibly.
Remember, there’s nothing more important to your credit score than on-time payments. This is a nice incentive for new credit card users to develop good credit habits. On top of a nice sign-up bonus, the Chase Freedom Student card offers a $20 good-standing reward on your account anniversary every year for the first five years – as long as your account is still open and in good standing. To get it, you need to make the first purchase on the card during the first three months from account opening. New cardholders are eligible to earn a $50 bonus. Once you’ve earned rewards, you can redeem them for cash back, travel, Apple purchases and much more. Here’s what you’ll get with it: 1% cash back on every purchaseĬardholders will earn 1% cash back on every purchase they make, with no limit to how much they can earn. The Chase Freedom Student card offers a way for students to start working on their credit and rewards cardholders for taking the right credit steps.
Credit requirements for student cards are generally less strict than those for traditional rewards credit cards, providing a pathway for young adults to improve their credit while earning cash back. The Chase Freedom Student card, which launched in Chase branches in 2019, is available for students who are at least 18 years or older. Applying for the Chase Freedom Student card
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Read on to learn more about what the Chase Freedom Student card offers and how to make the most of it. And it also provides a way for young adults to graduate to some of the most popular cards in the market. The Chase Freedom® Student credit card, Chase’s only student card, offers cash back and incentives for good credit behavior. Luckily, if you’re a student, you’re eligible for student credit cards that allow you to start earning rewards while improving your credit history and financial health. When you’re just starting out in the world of credit, your card options may be limited.
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