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Chase is one of the most widely-recognized banks in the world. Shockingly, the Chase Freedom Student credit card is one of the only starter credit cards the bank provides to college students.
If you’re a college student with a limited or non-existent credit history and want to elevate your credit score, then this option is ideal for you. In fact, this Chase college credit card is beneficial toward earning cash back on eligible purchases.
Cardholders can also expect to improve their credit limit after establishing a good payment history. People considering the Chase credit card for no credit should nonetheless be mindful of the drawbacks it offers, such as a foreign transaction fee.
This best Chase credit card for students review will discuss the specifications, pros, and cons of this option to help you make an informed decision.
Chase Credit Card for Students: Overview
Among all other starter credit cards, the Chase Freedom Student credit card is a wonderful option, considering that cardholders pay a $0 annual fee.
There is also potential for cardholders to advance to more premium Chase credit cards, great incentives, and massive credit-building features. The only caveat to be mindful of is that you must be a college student to apply.
Nevertheless, the underwriting of this credit card is flexible enough to include people with a limited or no credit history. In comparison to other available options, most credit cards from Chase require cardholders to have an excellent credit score.
This can make it difficult to college students new to using a credit card to successfully apply. In addition, cardholders can qualify for an increase in their credit limit and even a product change after using their card responsibly.
Though, if you’re studying abroad, this card may not be an ideal choice, as there is a foreign transaction fee. Also, there are better ongoing rewards for other starter cards issued by different banks.
Chase Freedom Student Credit Card: Quick Facts
If you’re considering applying for the Chase Freedom Student credit card, there are a number of things to be aware of. Below, you’ll find a collection of several quick facts that include:
- Once you make your first purchase within 3 months of opening your account, you’ll receive a $50 bonus.
- Cardholders can earn 1% cash back on all purchases.
- There is no annual fee.
- Up to five years, you can earn $20 worth of good standing rewards every anniversary year of your account’s opening.
- After making at least five on-time credit card payments within 10 months of opening your account, your credit limit can increase.
- Cash back rewards will never expire as long as the account is open. There is also no minimum redemption amount for cash back.
- You can receive a free credit score inquiry with Chase Credit Journey.
There are a few different things to note here. To begin, every cardholder can earn 1% cash back on all purchases. This benefit essentially rewards you for using your credit card regularly.
Finally, this student credit card from Chase rewards cardholders who make responsible purchases. If you make on-time, regular payments, your credit limit can increase.
This opens up the possibility to improve your FICO score if you’re new to using your credit.
Chase Credit Card for Students: Specification
Below, you find the four major specifications of applying for this student credit card from Chase:
- Annual Fee: $0
- Regular APR: 14.99% APR Variable
- Introductory APR: None
- Credit Score Range: 690-850 (Good to Excellent)
One of the best features about the Chase Freedom Student Card is that it has a $0 annual fee. This is ideal for college students who are on a tight budget. In fact, many other starter credit cards will charge a nominal annual fee, as high as $95.
Furthermore, this credit card has a modest interest rate. If you simply make all your credit cards on time, you’ll have nothing to worry about. If you err from making on-time payments, then you can look forward to hefty penalties and late fees from Chase.
Now, two disadvantages of applying for this credit card do exist. The non-existent introductory APR is concerning. College students new to using their credit could certainly benefit from having their interest rate waived for at least 12 months.
There are other options that provide that benefit if this is a deal-breaker for you. Finally, cardholders are expected to have a good credit score at the very least. This means that you can’t have any recent judgements against your credit if you plan on applying for this credit card.
Chase Freedom Student Credit Card: Who is This Card For?
Everyone knows that building credit when you don’t have any history can be extremely challenging. Many credit cards require a great credit score to apply, and the reality is that college students usually don’t have a history.
The Chase Freedom Student credit card is the perfect starter credit card for most college students. When you apply and make your on-time payments, your credit limit can eventually increase.
This will give you the opportunity of maximizing your cash flow, while improving your FICO score for future use. This starter credit card doesn’t have an annual fee, and the low interest rate is also beneficial for college students.
Universally, this credit card is available to all college students without any existing credit judgements.
Chase Credit Card for Students: Main Benefits
As previously mentioned, the Chase Freedom Student credit card offers several wonderful benefits for college students. Below, you can view all of the benefits cardholders can take advantage of:
Valuable Ongoing Rewards:
For college students, every single dollar counts. Fortunately, cardholders can earn 1% cash back for all purchases, as well as $20 after each account anniversary for up to five years.
Most starter credit cards don’t offer a sign-up bonus, but this option does. Simply make a purchase within 3 months of opening your account and receive a $50 bonus.
This money can be well-spent on pizza delivery during a study session or groceries.
No Credit History Necessary:
You don’t need any credit history to apply for this credit card. However, you must be actively enrolled in an educational institution. Chase will verify this status upon the receipt of your application.
It’s important to be mindful that just because you’re a college student doesn’t mean that you will automatically become eligible. If you are younger than 21, you’ll need to show proof of independent income, which is an industry-standard procedure.
Reports to All Three Major Credit Bureaus:
Like other starter credit cards, this Chase student credit card reports to TransUnion, Equifax and Experian. This will help to improve your credit score universally to improve the success of future loan applications, such as mortgages and car loans.
Potential Upgrades Available:
If you make on-time, regular payments, you can become eligible for a credit limit increase. This can help reduce your credit utilization ratio, which will in turn, improve your credit score over time.
Also, you can graduate to more premium Chase credit cards if you make responsible purchases. For example, you can potentially apply for unsecured credit cards with a high credit limit and low interest rates for later use.
Chase Freedom Student Credit Card: Main Drawbacks
Not every starter credit card is perfect. Even this Chase student credit card has its disadvantages. Below, are some of the more concerning drawbacks of using this credit card:
Other Cards Offer More Valuable Rewards:
The Chase student credit card is, by design, a starter credit card. It’s not a rewards credit card that will help you earn valuable rewards as you spend. However, other starter cards have been known to provide this benefit.
In fact, other starter cards even offer a sizable sign-up bonus to college students. It’s worth considering that other starter credit cards can allow you to earn rewards on groceries, restaurants, and important services such as Uber, Lyft, and Amazon.
There’s No Introductory APR:
Again, this credit card is a huge letdown if you were planning to take advantage of a 0% introductory APR. The truth is that it could have been a valuable benefit for college students to adjust using their credit card without interest.
Other starter credit cards offer an introductory APR of 0% for at least 12-15 months.
Not Ideal for International Students:
The Chase Freedom Student credit card has a foreign transaction fee. This means you’ll be spending more money to process international purchases. If you’re studying abroad, you could end up overrunning your budget for school and basic living expenses.
Chase Credit Card for Students: The Final Verdict
If you’re looking for a great starter credit card to get through school, the Chase Freedom Student credit card is an amazing option. It doesn’t carry an annual fee, offers 1% cash back, and doesn’t have an expensive interest rate.
Chase doesn’t offer an identical starter credit card. Therefore, you can apply for this option, receive the training wheels you need to advance your credit score, and upgrade to better Chase credit cards in the future.