As far as we are concerned, the most important feature of a student credit card is the annual percentage rate (APR); the lower the better. The Wells Fargo Cash Back College Card has a low APR and excellent features – enough to win the TopTenREVIEWS Silver Award. It also has a simple and effective rewards program that is easy to understand.
After a six-month introductory period during which you pay zero interest, students with good credit get an 11.15% APR and students with poor credit get a 21.99% APR. Balance transfers are in the same range, 11.15-21.99%. Cash advances cost 23.99%. If you completely pay for your purchases within the 25-day grace period, you will not have any interest to pay. But if you are seduced into using the card too much by the promise of rewards, it might lead to having to carry a balance, which is something to avoid.
The Wells Fargo Cash Back College Card is a student credit card with an easy-to-understand rewards program. You accumulate cash back rewards at the rate of 1%. There is no need to keep track of categories that rotate each quarter. And there is no need to keep in mind the sorts of programs that either start after you’ve spent the first $3,000 or stop after some period of time. There is no upper limit to what you can accrue. One-percent cash back is easy to understand and an honest and elegant benefit.
These rewards and redemptions are not as complicated as many other programs from competitors. To redeem the cash back rewards, you can take it as account credit, deposit it into a bank account or receive a check. Wells Fargo’s Cash Back College Card doesn’t offer gift cards, partner shopping credit or charity donations. Who cares about that stuff anyway? If you’ve got the cash, you can get anything anyway, or you can give it to someone in need.
This college student credit card has no annual fee, and it will protect you from fraud liability, provide travel assistance, extend warranties, insure you against travel accidents and insure you when you rent cars. But you must prove that you are enrolled in an accredited college, university or trade school. If you make at least $3,000 a year, you can apply on your own. But if you make less than $3,000 a year, you must have a co-applicant. Once you are approved, you can customize the design of the card. And you can manage the account online to track expenses, choose a monthly payment due date, and arrange for automatic or online payments.
Late payments will cost as much as $35. International purchases cost 3% of the transaction, so if you plan on any student abroad activities, this is not the card you are looking for. Balance transfers are 3% and cash advances are 5%. These fees are designed to control your behavior. Obviously they don’t want to encourage you to take this card to Europe. They don’t want you to make late payments. And they are not too keen on handling your balance transfers or cash advances. So avoid these behaviors or pay for them.
In our review of college student credit cards, the Wells Fargo Cash Back College Card stands out as one of the best credit cards for students. You can customize it to look the way you want. We could not locate a student credit card with a lower APR, and you pay no interest for the first six months. The grace period for payments is more generous than the law requires. The reward system is also a strong cash back benefit that is easy to track, with none of the silly restrictions and fine print that seem to accompany rewards systems from competitors. Unless you need a student credit card for travel outside of the United States, the Wells Fargo Cash Back College Card is excellent.
This student credit card offers the best APR if you have good credit.
There is a 3% charge if you use the card outside of the United States.
Wells Fargo Cash Back College Card is one of the best college student credit cards.