Chase Freedom^® Student credit card Review

If you’re a student with limited credit, the Chase Freedom^® Student credit card is definitely worth considering. You won’t get the high rewards rates and cardholder perks you’d get with premium rewards cards. However, the card is easier to get approved for and offers cash back on all your spending for no annual fee.

You’ll get a flat rate of 1% cash back for every dollar spent, and you can even earn a $50 bonus after first purchase made within the first 3 months from account opening. Plus, you’ll get a $20 good standing reward each year you pay your bills on time and use credit responsibly (for up to five years). It’s even possible to get a higher credit limit after five months of responsible use and on-time monthly payments.

• Easier for students to qualify for

  The Chase Freedom^® Student credit card makes it easy for eligible college students to get approved. It’s geared toward young people who have a limited credit history or hardly any credit at all. That said, you will have to be a college student to get approved for this card — in fact, Chase’s application requires you to verify your enrollment in a college or university, trade school or career college.

  You may also need to provide additional verification documents after you apply for this card, like a U.S.-issued driver’s license or a Social Security card.

• No annual fee

  One of the best features of the Chase Freedom^® Student credit card is that it’s a very affordable option for newbie cardholders. It comes with no annual fee and an APR of only 19.99% Variable.

  Cards geared toward people with limited credit histories often charge costly annual fees and APRs ranging closer to 30%. Such cards can be costly to carry in the long run and can raise the risk of accumulating debt that you can’t afford to pay off. The Chase Freedom^® Student credit card, in comparison, is a less risky choice for cardholders who are just beginning their credit journeys.

• Potential credit limit increase

  Students on the lower end of the credit range may be approved for a credit limit of only $500. However, Chase lets you work toward a higher credit limit by making on-time payments on your card for at least five months within 10 months of account opening. Note that only one payment per billing cycle counts toward this threshold, and you’ll have to make at least the minimum payment on the card.

• Modest sign-up bonus and good standing reward

  You can earn a $50 bonus after first purchase made within the first 3 months from account opening. Note, however, that this bonus offer is fairly low, even for a student credit card; you can find many student credit cards, including the Bank of America cards, that offer bonuses worth $100 more.

  That said, the card also gives you a $20 “good standing reward” when you keep your account in good standing with on-time payments for 12 months. This reward is given out once per year when you qualify, and you can earn it for up to five years in total.

• Earn cash back on every purchase

  With the Chase Freedom^® Student credit card, you can earn 1% cash back on all purchases plus $20 Good Standing Rewards after each account anniversary for up to 5 years. And remember, this is on top of  the $50 bonus after first purchase made within the first 3 months from account opening.

• Credit building benefits

  You should also note that the Chase Freedom^® Student credit card helps users build credit by reporting to the three credit bureaus. As a cardholder, students also get a free credit score through a program called Chase Credit Journey, which they can use to monitor and improve their credit score over time.

• Potential to qualify for other Chase credit cards

  The Chase Freedom^® Student credit card can help you build a long-term relationship with Chase, a card issuer known for its exceptional rewards credit cards. If you use the Chase Freedom^® Student credit card responsibly, keep debt levels low and always pay your credit card bills on time, you’ll create a good track record with Chase. This could eventually put you in a position to qualify for the best Chase credit cards on the market.

• Low rewards rate

  While the Chase Freedom^® Student credit card does offer cash back on every purchase, you should know that some other student credit cards offer more lucrative flat-rate rewards for spending. As an example, the Capital One Quicksilver Student Cash Rewards Credit Card also comes with no annual fee, but earns 1.5% Cash Back on every purchase, every day; 5% Cash Back on hotels and rental cars booked through Capital One Travel (terms apply) (see rates & fees). With this higher rate, you’ll earn $50 more in cash back rewards for every $10,000 charged to the card.

  There are also student credit cards that offer lucrative bonus categories, including the Bank of America® Customized Cash Rewards Credit Card for Students and the Capital One Savor Student Cash Rewards Credit Card. Both of these cards offer exceptionally high earning rates in select categories, which cardholders can maximize to boost their rewards haul over time.

• Charges foreign transaction fees

  Note too that the Chase Freedom^® Student credit card charges a foreign transaction fee of 3% of each transaction in U.S. dollars when you use it for purchases outside the United States. This may not matter to you if you don’t plan to travel, but paying this fee can get expensive if you take trips during college breaks or plan to study overseas.

  If you want to avoid paying foreign transaction fees, consider student credit cards that don’t charge this fee, like the Discover it^® Student Cash Back or the Capital One Quicksilver Student Cash Rewards Credit Card (see rates & fees).

• Potential for low starting credit limit

  While you may have the chance to increase your credit limit over time, the Chase Freedom^® Student credit card can start you with a minimum credit limit as low as $500. This can limit your purchasing power tremendously. Plus, having a low credit limit can make it difficult to keep your credit utilization ratio below the recommended 30% threshold to keep your credit score in the best possible shape.

Chase Freedom Unlimited^®

If you’re a college student who has a good/excellent credit score (a FICO Score of 670 or above), you can also consider the Chase Freedom Unlimited^® credit card. This cash back credit card comes with a higher rewards rate and more perks overall.

Enjoy 5% cash back on travel purchased through Chase Travel℠, our premier rewards program that lets you redeem rewards for cash back, travel, gift cards and more; 3% cash back on drugstore purchases and dining at restaurants, including takeout and eligible delivery service, and 1.5% on all other purchases.

You can also earn an extra 1.5% on everything you buy (on up to $20,000 spent in the first year) — worth up to $300 cash back. That's 6.5% on travel purchased through Chase Travel℠, 4.5% on dining and drugstores, and 3% on all other purchases.

The card even comes with a 0% Intro APR on Purchases for 15 months and a 0% Intro APR on Balance Transfers for 15 months (followed by 19.74% - 28.49% Variable APR). Other perks include purchase protection, extended warranties, trip cancellation and interruption insurance and three complimentary months of DoorDash DashPass membership.

Discover it^® Student Cash Back

If you have limited credit but want a student credit card with a higher rewards rate for some purchases, you can also check out the Discover it^® Student Cash Back. This card also comes with no annual fee and no foreign transaction fees. Plus, it features an excellent cash back program, if you don’t mind enrolling in its quarterly categories each month. With that program, you can earn 5% cash back at different places each quarter up to the quarterly maximum when you activate. 1% unlimited cash back on all other purchases - automatically. Discover will even double all rewards earned after the first year for new cardholders.

In addition, you get a modest 0% Intro APR for 6 months on purchases (followed by 17.49% - 26.49% Variable APR *Rates as of December 12, 2024).

Capital One Savor Student Cash Rewards Credit Card

The Capital One Savor Student Cash Rewards Credit Card is geared toward college students who spend more than average on food and entertainment. This card offers a much higher overall rewards rate than the Chase Freedom^® Student credit card: Cardholders earn 3% Cash Back at grocery stores (excluding superstores like Walmart® and Target®), on dining, entertainment and popular streaming services, 5% Cash Back on hotels and rental cars booked through Capital One Travel (terms apply), 8% Cash Back on Capital One Entertainment purchases, 1% Cash Back on all other purchases.

The Capital One Savor Student Cash Rewards Credit Card also comes with a $50 cash bonus when you spend at least $100 within three months of account opening. Plus, it doesn’t charge a foreign transaction fee, making it a good alternative for foreign travel (see rates & fees).

The Chase Freedom^® Student credit card doesn’t offer the highest cash back rewards rate among student credit cards. Still, it is a solid option if you want a flat-rate card that charges a $0 annual fee. It also offers tools to help encourage responsible card usage — like credit limit increases, free credit scores and credit bureau reporting — if you’re looking to establish and build credit.

All this being said, there are other student credit cards to consider, including ones that come with higher rewards rates, more benefits and no foreign transaction fees. If you want to earn more rewards or plan to travel abroad, check out alternatives like the Capital One Savor Student Cash Rewards Credit Card and the Discover it^® Student Cash Back.