GREENSBORO, N.C. — The day your child turns 18, the credit card offers start showing up in the mail. You might not want them to get one, but it's a great way to start building credit. You just need to consider a few things before getting that card.
First, experts say don't be distracted by those low APR's offered upfront. They can lead to high rates once that period ends. APR rates and credit limits vary based on your credit. So leave some wiggle room in your expectations. And banks have the final say when it comes to being accepted. These recommendations are based on someone with average credit.
USA Today recommends the Journey Student Rewards from capital one. It gives an extra .25% on top of 1% cashback for on-time payments. But be careful. If you're late, the APR can jump to nearly 27%.
The Discover It Student Chrome card offers up to 4% cashback from restaurants and gas purchases for the first year. It drops to 2% after that and 1% on everything else. They also offer $20 each year you have a GPA of 3.0 or higher. After the first 6 months, the APR rises to somewhere between 15.24% and 20.24.%
The Bank of America Travel Rewards Credit Card for Students racks up points quickly. You get 25,000 bonus points for spending $1,000 in the first 90 days. That can get you $250 in travel spending. And if you have a Bank of America checking and savings account you get an additional 10% bonus points.
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