![]() ![]() **For Capital One products listed on this page, some of the above benefits are provided by Visa® or Mastercard® and may vary by product. *All information about the Capital One SavorOne Student Cash Rewards Credit Card, Discover it Student Cash Back, Capital One Quicksilver Student Cash Rewards Credit Card, and the Bank of America Travel Rewards Credit Card for Students has been collected independently by CNET and has not been reviewed by the issuer. None of the cards listed above charge foreign transaction fees, making them good choices to bring on your international travels. Both are rolled together on your credit card statement. The credit card network may charge a currency conversion fee or up to 2%, while the credit card issuer could charge a foreign transaction fee. If a credit card issuer and network charges a foreign transaction fee, it’ll typically charge you 3% to 5% of the purchase you made in another country. Their credit payment history and credit age will then reflect on your credit report as well. If you can, become an authorized user on a responsible person’s account. As a college student, you may or may not have had a credit product for a long time. The age of credit accounts also contributes to your credit score. A higher credit utilization ratio could indicate to lenders that you’re spending more than you can afford to pay back - and can drop your credit score. If you’re constantly charging up to your credit limit, try to cut back on your expenses. So long as you’re using under 30% of your total available credit, your credit score should be in good shape. A history of on-time payments contributes the most to your credit score, along with your debt-to-credit ratio, or credit utilization. The easiest way to build credit is by paying your credit products on time, whether you’re managing a student loan, auto loan, personal loan, mortgage or credit card. How to use your student card to build credit Some could come in handy if you find yourself in an emergency situation. Lastly, familiarize yourself with any additional card perks your student card offers. For most of the student cards on this list, this means opting for statement credits. You also want to make sure you’re redeeming your rewards in the most lucrative way. Most of the student credit cards here have fairly low spending requirements, which should help prevent you from overspending. If you can’t afford to pay off your balance in full, the interest you accrue could eat into any bonus rewards you earn. “You typically get the best rates by paying in the local currency and having your credit card company run the currency conversion.”Īdditionally, don’t feel pressured into overspending to reach a welcome bonus. “Dynamic currency conversion is almost always a bad deal,” Ted Rossman, a senior industry analyst at CNET-sister site Bankrate, said. However, you may be asked to select between dynamic or local currencies when paying with your student card.ĭynamic currency conversion shows prices in your home country’s currency and may seem like the best choice - but selecting DCC often comes with hidden fees. Using a credit card abroad works similarly to charging a purchase in the US. All three networks included here have wide acceptance, but Discover is the least inclusive. While it likely won’t be an issue, double-check to see which card networks are widely accepted where you’re planning to travel to. But, we recommend having a back-up card, just in case. However, according to Discover’s site, its cards are still accepted at over 60 million locations around the world, so you shouldn’t run into too much trouble with acceptance. While Visa and Mastercard are accepted practically everywhere, Discover has the lowest acceptance rates. The above cards are issued by three prominent payment networks: Visa, Mastercard and Discover. Interest charges can stack up if you carry a balanceĬredit cards require some work to get the most from them ![]() ![]() Could damage your credit with irresponsible use ![]()
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