Introduced in 2011, the Capital One Journey Rewards Card was created especially with students in mind. The Journey Rewards Card is a "role model for student credit cards," says Ann Campbell of indexcreditcards.com. It introduces students with a blank credit report or a limited credit history to financial responsibility. Students are rewarded with 1 percent cash back on all purchases, and if their bill is paid on time, cardholders will receive a 25 percent bonus for the cash back that is earned. As of February 2011, the card has a variable annual percentage rate (APR) of 19.8 percent. The initial credit line will be mailed within 7 to 10 days after approval.
Bank of America makes it easy for students to get a major credit card. The BankAmericard is a secured Visa that requires a deposit of $300 to $10,000, which becomes your credit line. Bank of America grants unsecured cards to those who prove the ability to make timely payments after a period of time. The annual fee is $39 and the card has an annual variable APR of 20.24 percent as of February 2011.
The Capital One Cash Rewards Card for Newcomers is an excellent card for students that are new to the United States. The card offers no annual fee, no foreign transaction fees, 2 percent cash rewards on travel purchases or 1 percent on all other purchases. This card reports to all three credit bureaus to build credit quicker. Credit increases vary depending on payment history. The Newcomers card has an variable APR of 24.9 percent as of February 2011.
The Citibank Secured MasterCard is an easy way to build credit while earning money. The required deposit is $200 to $5,000 and is placed into a certificate of deposit (CD) that draws interest based on daily rates. The deposit amount then becomes your available credit line. After 18 months of good payment, cardholders are then eligible for an unsecured card. The annual fee is $29 and has a variable APR of 18.24 percent as of February 2011.