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Verdict: Students can begin building their own credit history when they’re in college with basic credit cards. After they’ve showed credit-card providers that they can pay their bills on time, they’ll steadily earn the credit scores they need to apply for cards with more perks, such as rewards programs or free miles. Once card that lets students begin building the credit they need is the Regions Student MasterCard.
Overview: The Regions Student MasterCard is a no-frills card, as is common with credit cards designed for consumers with little to no credit. However, it does come with fraud protection, which detects unusual activity on an account, and overdraft protection, which prevents cardholders from accidentally exceeding their credit limit.[include file=/wp-content/themes/customtheme/rec-student.php]
How This Card Works: This is not a card for consumers looking to earn cash-back bonuses, rewards points or free miles. This card, instead, is designed for college students who haven’t yet established a credit history. By using this card in a financially wise manner — paying their monthly bills on time and not running up a huge amount of credit-card debt — students can steadily improve their credit scores. Once their scores are solid, they can apply for other credit cards that come with perks such as rewards programs.
Travel and Shopping Benefits: As a credit-building card, the Regions Student MasterCard does not come with any perks. That’s OK, though; that’s not the purpose of this card.
Fees: This card does come with reasonable fees. For instance, the purchase interest rate on the Regions Student MasterCard is a solid 14.24 percent. Cash advances cost $10 or 3 percent of the advance amount, whichever is higher. The card’s late-payment fee is an industry standard $35, while the returned-payment is also a fairly common $25. There is no higher penalty interest rate assessed when cardholders miss a payment or pay their bill late. The card also comes with no annual fee.
- Students can use card to build their credit.
- Reasonable purchase interest rate.
- Other fees are also industry standard.
- No perks come with this card.
- Card does charge late-payment and returned-payment fees.