Don't mind the lack of rewards. The U.S. Bank College Visa Credit Card is a good first general purpose credit card for young people, with low interest rates and no annual fee.
Who the U.S. Bank College Visa Credit Card Is For
- College students.
Credit Rating Required
- Fair and up (660+).
About the U.S. Bank College Visa Credit Card
Pros
- No annual fee.
- Low APRs.
- Low balance transfer fee.
Cons
- No rewards.
APRs
- 11.99 to 20.99 percent on purchases and balance transfers.
Fees
- Balance transfer fee: 3 percent of balance.
- Late payment fee: Up to $39.
- Returned payment fee: $39.
- Over limit fee: $39.
Website: http://www.usbank.com/cgi_w/cfm/creditcards/college/college_visa.cfm
U.S. Bank College Visa Credit Card Review
The U.S. Bank College Visa is a nice, simple, no-frills card appropriate for students and young people.
While some people might be turned off by the lack of rewards, people just establishing their credit histories need to be focused on paying their bills in full and on time, not spending as much as possible to earn rewards. Once you've established those good habits, then you can start to focus on earning rewards.
The card does have its good points. There's no annual fee, and the APR is as low as 11.99 percent - if you qualify, of course. That's lower than Bank of America's Student Platinum Plus Visa. The balance transfer fee is a modest three percent of the balance, same as BofA's.
Recommendation
Spending rewards for students and young people often induce negative spending and credit behavior - by design. This card helps you avoid temptation and focus on good bill payment.