Best Credit Cards for Graduate Students

Jason Steele

July 11, 2017  •  3 Minute Read

Credit Cards, Student/Financial Aid

While over a third of Americans have a four-year degree, less than 15% of those over 25 ever receive their master’s or doctoral degree. Just by being a graduate student, you’ve already placed yourself in an elite group. But being a graduate student might not actually feel so elite. Grad students are known for working hard and studying incredibly long hours, while scraping by on a shoestring budget.

When it comes to choosing a credit card, graduate students need to find simple cards that offer outstanding value while they finish their studies. And since nearly all graduate students are at least 21 years old, they don’t have to worry about any of the restrictions imposed on other young adult students that are 18-21.

Student Credit Cards

There is a class of credit cards specifically designed for students, which can make sense for some graduate students. These cards have have less stringent requirements for approval, but will also have less competitive terms. If you are a graduate student without much experience using credit cards, then this is a great way to build your credit history.

Discover it® Student Cash Back. This card offers grad students both rewards and customer friendly policies. You get 5% cash back rewards on up to $1,500 spent each quarter on purchases from featured categories of merchants that can change each quarter - 1% cash back is earned on all other purchases. And after one year, Discover® will match ALL the cash back you've earned at the end of the year, automatically.

This card also offers you $20 cash back for each school year that your GPA is a 3.0 or higher, for the next 5 years. Other benefits include purchase protection, extended product warranty, and price protection. There’s no annual fee for this card, and no foreign transaction fees. Also, Discover® will automatically waive your first late payment fee, and there’s no penalty interest rate.

Journey Student Rewards from Capital One. (Offer No Longer Available) This card also offers graduate students cash back rewards, while sparing them some of the fees found on other cards. You receive 1% cash back on all purchases, and Capital One increases it to 1.25% when you make your payments on time. This card offers most new applicants a modest line of credit at first, but will give you access to a higher line of credit if you make your first five payments on time.

Benefits include fraud coverage and emergency card services. There’s no annual fee for this card, and no foreign transaction fees.

*Information for this card not reviewed by or provided by Capital One

Other Great Credit Cards For Grad Students

Blue Cash Everyday® Card from American Express. This card offers grad students cash back where they need it most. It features 3% Cash Back at U.S. supermarkets (on up to $6,000 per year in purchases, then 1%). Earn 3% Cash Back at U.S. gas stations, (on up to $6,000 per year, then 1%). Cash Back is received in the form of Reward Dollars that can be redeemed as a statement credit or at Amazon.com checkout. There’s no annual fee for this card. Terms Apply.

Citi® Double Cash Card For grad students who want the simplest way to earn cash back, the Citi® Double Cash Card comes through. Earn 2% on every purchase with unlimited 1% cash back when you buy, plus an additional 1% as you pay for those purchases. It also includes 18 months of interest free financing on new balance transfers. There is an intro balance transfer fee of 3% of each transfer (minimum $5) completed within the first 4 months of account opening. After that, your fee will be 5% of each transfer (minimum $5). There’s no annual fee for this card and to earn cash back, pay at least the minimum due on time.

*This content is not provided by the issuer. Any opinions expressed are those of the CreditSoup alone, and have not been reviewed, approved or otherwise endorsed by the issuer