Students have a lot of questions when it comes to money (and rightfully so; it’s not something that’s largely talked about or taught in school). How do I get started? What's the best way to save? And even, what should my debit card be?
It can be tough answering all these questions on your own, especially as a university student or international student heading to the US from abroad. So, we've put together this article with some ideas and tips for you.
We'll start by looking at how various cards compare against each other in terms of fees and rewards. Then we'll talk about which type of students might need a different type of card, whether it's because they're traveling abroad or because they want to use their debit card as an ATM.
Without further ado: here are some of the best debit cards for students in 2021.
The Best Debit Cards for College Students
As mentioned above, the questions you have about the best debit cards for students are difficult to answer if it’s your first time learning about banking on your own. We understand that this stress is increased ten-fold if you’re an international student struggling with the language and adjusting to life in a new culture.
In general, when looking for a debit card as a student, the three main things you’ll want to pay attention to are:
- Can you open an account without a SSN? Most international students don’t have a social security number to apply with.
- What are the fees associated with the card?
- Are there any rewards such as cashback or points?
Based on the questions above, let’s dive into some of the best debit cards for students you’ll find this year.
The Best Debit Card with a Signup Bonus: Chase Bank College Checking Account
If you’re a US citizen and are between the ages of 17 and 24, the Chase Bank College Checking Account is one of the best debit card options for you as a student. Some of the perks include a $100 signup bonus, no monthly fee, and access to a large network of fee-free ATMs.
However, the monthly fee waiver is only valid until you graduate. Unfortunately, after you graduate, you will be charged a monthly fee. And, there is no overdraft protection. This means that if you happen to overdraft your account, you’ll be charged $34.
The Best Fee-Free Debit Card: Discover Cashback Debit Account
If you’re looking for a student debit card that is fee-free and allows you to earn a little bit of cashback, the Discover Cashback Debit Account is a great option. It comes with no monthly fee, minimum deposit, overdraft fee, or ATM fee. And, unlike the Chase account, those perks don’t stop after you graduate.
When it comes to cashback, we will note that while they don’t offer quite the amount of cashback that a card like the Cheese Debit Card does (up to 10% in some cases), their 1% cashback offer on all purchases is a great way to slowly earn money while you spend. It’s not a standard offering for student debit cards, and it’s certainly not something you’ll see with other banks such as Wells Fargo and Bank of America.
The Best Debit Card with Additional Tools: Bank of America Advantage Banking
If you’d like to get a debit card that provides you with access to other financial tools such as budgeting calculators and more, the Bank of America Advantage Banking card is a great option for students. And, as long as you’re a student under the age of 24, all fees will be waived.
Aside from the helpful budgeting and tracking tools, this account comes with other perks, such as access to the Keep the Change program which can help you amp up your savings. What’s not so great, however, is that after you turn 24, you will have to pay fees to maintain the account.
The Best All-Around Debit Card for Students: Cheese Debit Card
We might be a bit biased, but the Cheese Debit Card is by far the best debit card for students, both domestic and international. For starters, to open your account, all you need to apply is an established US address, passport, and valid visa. This makes it the best debit card for international students by far.
However, the benefits don’t stop there. We combine fee-free banking with cashback to offer a student debit card that acts more like a really great credit card in some cases. With zero monthly fees, ATM fees, overdraft fees, and insufficient fund fees, you’ll never have to pay just to bank.
Plus, we’re offering up to a 3% savings bonus, up to 10% cashback with every purchase, and a $5 cash bonus just for signing up. What more could you want out of your debit card?!
Ready to get started? Download the Cheese Mobile Banking App for Android or iOS and create your account. It’s free and you’ll be able to access your digital debit card within minutes of approval.
