Most credit card companies do not take into regard the requirements of a student. Being a student can make it a difficult job to build a credit score and even maintain a credit card. However, this does not mean that a student should not be allowed to have one. Chase Student Credit Card is designed keeping in mind what a student demands. You can earn rewards, with no annual fee, and you do not even have to worry about spending requirements.
Chase Freedom Student Credit Card offers many advantages to students. To know all about its features, continue reading our Chase Freedom Student Credit Card Review. In this Chase Freedom Student card review, we will try to cover all the aspects of this credit card. So, Let’s begin.
What is a Chase Student Credit Card?
Many credit card companies state that they are made for students’ use. However, Chase Freedom Student Card was actually designed keeping students in mind. Accessing the card is so simple, and understanding its terms and conditions is even more assorted. That is what makes it a great choice for the student cardholder.
Along with great and attractive features, Chase Student Credit Card offers you rewards, cash back, and even welcome bonuses. Chase Freedom Student credit card even eliminates annual fees and offers a low APR. This makes this card an affordable or even a profitable option for student clients.
You get a $50 bonus on the very first purchase within three months of getting a new Student Credit Card Chase. Moreover, there is not any spending requirement. Not only this, Chase Student Card gives students a fair chance to build their credit score, which is a cherry on top!
Features
Credit Building
It is difficult for students to create a credit score, let alone, any credit score. Therefore, this card will help you build a credit that will be useful in the future.
Zero Liability Protection
Chase Student Credit Card offers to cover any loss that takes place due to theft or unauthorized payments. Moreover, all the transactions will be monitored and you will be notified if anything suspicious happens. Additionally, if your Chase Freedom Student gets stolen or lost, you can immediately lock your credit card using the mobile application and request an emergency replacement.
Cost Covering
Any new product you purchase with this card is insured by the company for 120 days. In case of any damage or theft, you will get up to $500 cash back on each claim and up to $50000 on each account. Moreover, it also covers up to $1500 per person and $6000 per trip if you cancel any nonrefundable prepaid trip payments or if your trip is cut short.
Reporting
There are three major credit bureaus. They review your credit information and evaluate your credit score. Chase Freedom Student Credit Card reports to all the major credit bureaus. Thus, this credit card will always keep your credit reports updated. Moreover, you can track your credit report and score using Chase Credit Journey service’s VantageScore credit score.
Warranty Extension
Chase Freedom Student Credit Card offers to extend the warranty up to one additional year on warranties of 3 or fewer years, with terms and conditions applied.
Fast Payments
With a chip attached to the card, you can use it to pay with just one tap. Your payment will be completely contactless and with just one tap of your card on the receiver’s machine.
Fees & Annual Percentage Rate
Chase Student Card does not charge a penny for annual fees. An annual fee is a charge that you will have to pay to credit card companies in order to maintain your active status. However, with a Chase Student Card, you do not have to pay any annual fees. Moving towards other charges, when you cash out from an ATM, you will be charged $10 or 5% (whichever is higher) as cash advance fees.
Moreover, on making late payments, you will have to bear a fine of up to $40. Adding on to that, $5 or 5% (whichever is greater) will be charged when you transfer your balance from another account to a Chase Freedom Student Credit Card. You will also have to bear %on the entire foreign transaction as a fee for the same.
In case you are unable to make your Chase Freedom Student payments on time, you will have to pay interest on the due amount. The amount will become due every month and if you fail to make payment before the said date, you will have to pay 18.74%, which is the Annual Percentage Rate and is variable.
The APR of the Chase Freedom Student Credit Card is lower when compared to most of the credit cards in the market. This adds to building your credit score.
Pros and Cons
If you want to decide whether a credit card is suitable enough for you, you must know all its aspects. Therefore, the pros and cons of this card are listed below. This will help you make a properly informed decision about the Chase Student Card.
Pros
- No annual fees.
- 1% cash back on all purchases.
- $50 reward on any amount spent in the first three months.
- 5% cash back on Lyft rides.
- Three months of DashPass with DoorDash.
- Annual $20 reward for good account standing. (for five years)
- Free credit score.
- Covering canceled trips cost up to $1500 per person and $600 per trip.
- You can increase the credit limit after making five payments on time, consecutively.
- 3 months of Instacart along with membership.
- You can claim up to $500 per claim and $50000 per account on any purchase for 120 days.
- APR is low.
Cons
- The reward rate is low.
- Only designed for student clients.
- A late payment fee is charged.
- You will have to pay $5 or 5%, whichever is higher than the balance transfer fee.
- No introduction Annual Percentage Rate (APR) offers.
- Every time you use the Student Credit Cards Chase to cash out from an ATM, you will have to pay an additional $10 or 5% (higher amount) as a cash advance fee.
- 3% of the entire foreign transaction is charged as a fee.
Eligibility
Chase Student Credit Card is specifically designed with a student-focused mindset. Therefore, it is most suitable for a student. If you do not have any credit history or poor credit, the Chase Freedom Student Credit Card can be a good choice as your very first credit-building credit card. Moreover, with its relatively lower annual percentage rate and no annual fees, a student can easily afford this card.
Knowing the rewards, cash backs, and bonuses it offers, the Chase Student Card makes up a very attractive option. However, you might end up spending more than usual in order to earn more and more rewards. Therefore, all you need to remember is that rewards are limited to an extent. Do not go around spending recklessly as it can lead to reducing your credit score if you are unable to make payments on time.
Benefits
Services
- It helps you in building credit.
- It reports to all three major credit bureaus, i.e. Equifax, Experian, and TransUnion.
- You don’t have to pay annual fees.
- Relatively low APR.
- One-tap payment. Fast and contactless.
Protection
- Any unauthorized payments will be covered by Chase Freedom Student. Therefore providing you zero fraud liability.
- You can lock and unlock your card from the mobile app, in case the card gets stolen or lost.
- You will be alerted whenever any suspicious activity is identified.
- This card tracks all your transactions. Therefore, you will know when and where your card is being used.
- Any purchase will be insured for 120 days. In case the product gets damaged or stolen, you can claim up to $500 per claim and up to $50000 per account.
Rewards
- All purchases are rewarded with 1% cash back.
- You will get $50 cash back on your first purchase within three months of getting a Chase Student Credit Card. (no spending limit)
- All Lyft rides will be rewarded with 5% cash back.
- DashPass of 3 months with DoorDash.
- An Annual $20 reward for good account standing. (for five years)
- Covering canceled trips cost up to $1500 per person and $600 per trip.
- Instacart of 3 months with membership.
- Claim up to $500/claim and $ 50,000/account on any purchase for 120 days.
Fees
- APR is around 18.74% and is variable.
- No annual fees.
- Late payment fee $40.
- The balance transfer fee is $5 or 5% (whichever is higher).
- 3% foreign transaction fee.
- The cash advance fee is $10 or 5% (whichever is high).
How to Apply for a Chase Student Credit Card?
The application process for those under 21 and those over 21, is different. If you are under 21, you necessarily need a co-signer. However, if you are over 21, you will not require a co-signer until and unless you can show proof of stable income. Another document you will have to present is proof that you are a student. This proof can be your school or university-related document that proves you are enrolled in one.
You will also have to show proof of income and your cosigner’s income as well.
Under 21:
- Start with learning about all the requirements for the application.
- Collect proof of being enrolled in a school. You can contact the National Clearinghouse for the same.
- Collect details of the co-signer, in case you miss any payments, the co-signer will be held responsible.
- Gather income proof of yours and your co-signers.
- Finally, go to the official website of Chase Freedom Student Credit Card and submit your application.
Over 21:
- Start with learning about all the requirements for the application.
- Gather proof of your income and your assets.
- Collect proof that you are a student and are enrolled in a university or school. You can contact the National Clearinghouse for the same.
- Finally, go to the official website of Chase Freedom Student Credit Card and submit your application.
How to Redeem Your Chase Student Credit Card Rewards?
The rewards that you earn can be redeemed in the form of:
- Statement credit
- Gift cards
- A check in the mail
- Travel purchases
- Points to shop on Amazon
- Apple users can redeem the rewards for all the Apple purchases they make through ultimate rewards.
- You can also use ultimate rewards for travel purchases.
Alternatives to Chase Student Credit Card
1. Chase Freedom Unlimited Credit Card
Although Chase Freedom Unlimited Credit Card seems the same as Chase Freedom Student Credit Card but is distinctly different from others. Along with higher rewards and introductory APR offer on one hand and high credit score requirements on the other, Chase Freedom Unlimited Credit Card is suitable for those with a decent credit history.
Pros
- If you book your travel purchases like hotels, airplane tickets, etc using the Chase Freedom Unlimited Credit Card, then you will get 5% cashback.
- You will earn 3% cash back on dining and drugstore payments.
- All the other purchases will reward you with 1.5% of cashback.
- As a welcome reward, a $200 reward on spending $500, in the first three months.
- 0% APR for fifteen months.
- No annual fee is charged.
Cons
- APR is high, varying from the 18.74%–27.49% range.
- Not suitable for students.
- You need to have a medium to high credit score to get a Chase Freedom Unlimited Credit Card.
- In order to earn a welcome bonus, you need to spend $500.
- A foreign transaction fee is 3%.
2. Discover it® Student Cash Back
The Discover it Student Cash Back is an amazing choice for students. It does not require any credit limit and offers great rewards and welcome bonuses. Along with the introductory APR scheme, Discover it Student Cash Back also offers to rebuild your credit score. The Discover it card does not charge any annual fee and is suitable for student clients.
Pros
- No annual fee.
- 0% introductory APR for six months.
- You can earn up to 5% of cash back on rotating categories.
- 1% cash back on all purchases
- All your rewards will be doubled by the year-end of the initial first year.
- Offers
- There is no limit
- Suitable for students.
- Zero foreign transaction fee.
Cons
- Rewards are very less.
- You earn rewards on rotating categories which you have to select every quarter.
- APR is potentially higher.
- No welcome bonus offer.
3. Bank of America® Unlimited Cash Rewards for Students
The Bank of America Unlimited Cash Rewards for Students offers continuous cash backs but are low in amount. It is specifically suitable for students who have built their credit scores. Along with introductory APR schemes, and mediocre rewards, Bank of America Unlimited Cash Rewards for Students offers you a welcome bonus as well.
Pros
- Introductory APR at 0% for eighteen months.
- On a spending limit of $1000 in the first three months, you will earn $200 cash back.
- 1.5% cash back reward on all purchases.
- No annual fee is charged.
Cons
- The welcome bonus spending limit is high, i.e. $1000.
- The reward rate is lower.
- Suitable for those who have already built their credit.
- You will have to pay a foreign transaction fee.
- High APR varying from 16.99%–26.99%.
Frequently Asked Questions (FAQs)
Q: Is a Chase student credit card easy to get?
If you are a student and you meet the eligibility and application protocols for Chase student credit cards, then there are fair and high chances of you getting approved. Make sure you submit all the documents and meet all the requirements for applying for the card.
Q: How does Chase verify student status?
There are many ways to verify student status such as student ID, social security card, taxpayer identification number, etc. However, during the time of application, you are required to submit proof that you are enrolled in a school or university. This document can be obtained from the National Clearinghouse.
Q: What information is needed to apply for the Chase Freedom® Student card?
- You will have to submit your proof of enrollment into a university or school.
- If you are under 21, you will need to provide co-signers data.
- Your income proof and co-signers income proof.
- Proof of all the assets you own, if you are over 21.
- A valid ID proof and birth certificate.
- Proof of residence.
Q: Does Chase offer other credit cards besides the Chase Freedom® Student card?
Chase cards are categorized into different sectors. These are:
- Rewards cards
- Travel credit cards
- Cash-back credit cards
- Starter credit cards
- Business credit cards
- Co-branded credit cards
Q: How to apply for a Chase student credit card?
- First, learn the requirements of the application.
- Gather proof of enrollment in university or school from the national clearing house.
- Gather co signer’s information, if you are under 21.
- If you are over 21, gather proof of all the assets you own.
- Collect your income proof.
- Go to the official website of Chase and apply.
Q: What is the limit on a Chase student credit card?
The credit limit of your Chase student credit card starts from $500 & above.
Conclusion
Chase Student Credit Card is specifically designed for students to help them build their credit score while earning rewards. However, it has its downsides too. You will have to pay all the other charges except for the annual fee. These include late payments, foreign transactions, balance transfers, and cash advances. Other than this, APR is relatively lower than other credit cards.
In this review, we have presented you with all the details about Chase Freedom Student Credit Card. The rewards and the welcome bonus is a profitable option if you are willing to pay other charges. However, the decision is yours to make. You should definitely go for this card if you meet all the suitability protocols.
Author Profile
- Elizabeth Jones is one of our editorial team’s leading authors on credit card offers, services & more. With over two decades of experience in the consumer credit industry and as a nationally recognized credit expert, Elizabeth provides in-depth analysis of both traditional & alternative forms of credit. Elizabeth regularly appears on many major media outlets including NBC Nightly News, Fox Business Network, CNBC & Yahoo! Finance. She is also a frequent contributor to Forbes Magazine. As a highly appreciated author for our exclusive Editorial Team, Elizabeth strives to provide readers with a trustworthy advice on how to manage their credit accounts while staying informed on the latest offers in the marketplace.
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