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When you are just starting out in the world of credit, your card may be limited. Luckily, if you are a student, you are eligible for student credit cards, which allow you to start earning rewards while improving your credit history and financial health.
Chase Freedom® Student Credit Card, Chase’s only student card, offers cash back and incentives for good credit behavior. And it also gives young people the opportunity to upgrade to some of the most popular cards on the market.
Read on to learn more about what the Chase Freedom Student Card offers and how to get the most out of it.
Applying for a Chase Freedom Student Card
The Chase Freedom Student Card, issued at Chase affiliates in 2019, is available to students aged 18 and over. Credit requirements for student cards are generally less stringent than for traditional reward credit cards, giving young people the opportunity to improve their credit while earning cash.
Using the Chase Freedom Student Card
The Chase Freedom student card offers students the opportunity to get started on their credit and rewards cardholders for making the right credit moves. Here is what you get with it:
Cashback 1% from every purchase
Cardholders will receive 1% cashback for every purchase they make, with no cap on the amount they can earn. Once you earn a reward, you can use it for cashback, travel, Apple purchases, and more.
Sign up bonus $50
New cardholders are eligible to receive a $50 bonus. To receive it, you must make the first purchase on the card within the first three months from the date of opening the account.
Good reputation bonus
In addition to a nice signup bonus, the Chase Freedom student card offers a $20 reward for your account anniversary each year for the first five years – as long as your account is still open and in good standing.
This is a good incentive for new credit card users to develop good credit habits. Remember that nothing is more important to your credit history than making payments on time. The Chase Freedom student card encourages a positive payment history, which can help students learn how to use their cards responsibly.
Opportunities to increase the credit limit
To help students improve their credit, the Chase Freedom student card automatically checks accounts for credit limit increases after five timely payments within the first 10 months of opening an account.
A higher credit limit may result in a higher credit score if the cardholder does not increase spending. This is because the credit utilization ratio – the percentage of credit line utilization in relation to the card limit – is the second most influential credit rating factor and is responsible for 30% of your score.
No annual fee
The Chase Freedom Student Card has no annual fee, so students can try it out without worrying about the cost. The card is part of Chase’s suite of tools designed to encourage young people to be financially independent.
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Why Freedom Student is a Good Choice for Young People
The Chase Freedom student card is Chase’s debut in the student card space, but it’s already a top competitor. While it’s not the first student card to offer a 1% return on every purchase, the flexible repayment scheme and automatic credit limit increase review set it apart from the package.
While a 1% cashback might not seem like the most exciting reward rate, many cards designed to boost credit don’t earn rewards at all. Credit card options are limited when the borrower does not have an established positive credit history, as issuers see you as more of a risk to lend. With that in mind, earning even 1% on every purchase is not a bad deal.
At the same time, other student credit cards may offer a higher cashback rate. For example, you can get 1% back on all purchases with Discover it® Student Cash Back and 5% back on quarterly bonuses (on purchases up to $1,500 per quarter after activation, then 1%).
However, it is important to remember that the student ID is a “starter” card that you can upgrade. For students looking to start earning rewards, it also offers the first step towards one of the most valuable rewards programs, Chase Ultimate Rewards.
Starting with the Chase Freedom student card, you can get Pursuit of Unlimited Freedom®great card with cashback or even very popular Chase Sapphire Reserve® – among other options.
How to Maximize Student Freedom Card
If you decide Freedom Student is the right starter card for you, use these tips to get the most out of it:
- Use your card for all daily expenses to maximize your cashback.
- Pay off your balance in full each month so that interest doesn’t detract from your rewards.
- Always pay on time to receive a $20 bonus annually for the first five years.
- Try to stay close to your credit limit to prevent overspending and damaging your credit.
bottom line
For college students over 18 who want to start accumulating credit and earn flexible rewards, Chase Freedom Student can be a great introduction to credit cards.
In addition, you can get a nice registration bonus only for the first purchase with a card within the first three months. If you would like to apply, you can do so by visiting the Chase branch.
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