Best for students with no credit history
- Rewards rate: 1 percent cash back on all purchases
- Welcome offer: Up to $59 of Amazon Prime Student subscription reimbursement after spending $500 in the first three months of card membership
- Annual fee: $0
- Purchase intro APR: N/A
- Balance transfer intro APR: N/A
- Regular APR: 22.99 percent variable
Current welcome offer
Students who make purchases totaling $500 within the first three statement cycles of card membership qualify to have their Amazon Prime Student subscription reimbursed for up to $59 in statement credits.
Depending on how you choose to pay for your Amazon Prime Student membership, you’ll receive your statement credit(s) differently. Your reimbursement begins after your six-month Amazon Prime Student free trial ends, but you can either receive the one-time maximum $59 statement credit if you pay for a whole yearly membership (which covers the whole year) or nine monthly $6.49 credits if you pay by the month. Since the monthly payment approach only reimburses you up to $58.41 and you’ll still owe $19.47 on your first year of Amazon Student Prime, we recommend paying the $59 yearly membership cost upfront.
Many student credit cards don’t provide welcome offers, but the Deserve EDU card’s roughly $60 intro value is on par with the few bonuses you’ll get among other student cards. For example, the Chase Freedom® Student credit card* poses a $50 cash bonus after your first purchase within the first three months. The best student card sign-up bonus you can earn in your first few months is the $200 cash bonus from the Bank of America® Cash Rewards Credit Card for Students after spending $1,000 within the first 90 days, but you’ll need to have already established good to excellent credit (a 670+ FICO score) in order to qualify for that card. If you have a limited credit history, the Deserve EDU card’s intro offer is a good value all things considered.
Students spend a significant amount on school supplies, textbooks and gear each year—costly categories that typically don’t earn rewards—and the Deserve EDU Mastercard earns flat-rate cash back on these expenses plus more.
How you earn
Cards with bonus categories to track may be a lot for a new credit card user to juggle while learning the credit card basics. The Deserve EDU Mastercard for Students may be a more streamlined choice since it earns unlimited 1 percent cash back on all purchases.
As with most lenders, there are some transactions that aren’t eligible for flat-rate cash back, such as gambling-related purchases and account costs like interest payments.
How you redeem
At the end of the billing cycle, your cash back is calculated at a rate of 1 percent of every qualifying purchase. This amount is then automatically credited back to your statement in increments of $25, meaning it might take a few months to see a return if your everyday spending is low.
Although automatic statement credits are an easy redemption method for credit newcomers, some student cards do offer more cash back redemption choices, such as direct bank account deposits, gift cards and more.
How much are rewards worth?
Like other cash back programs, your Deserve EDU cash back is calculated based on a percentage of dollars back on your total purchase. This card’s flat 1 percent cash back rate means you’ll get 1 cent back for every dollar you spend.