The Chase Student Card Review

This credit card may be the most valuable card a college student can have in his wallet. Chase wants college student to apply for the Platinum card for good reason.

The goal of any credit lender is to issue as many credit accounts as possible to consumers who are most likely to be financially responsible. For Chase, college students are a great source of new customers who are likely to become long term credit card users.

A college student can establish a credit file during his years of study. When he graduates he will have the ability to qualify to buy a car, rent an apartment or obtain additional credit cards.

There is no easier time for you to obtain a credit card than during your college years. With lower requirements and benefits such as cash rewards, the card is an excellent place for students to begin using credit.

For some time the Chase Platinum student credit card was one of the most popular options for students opening their first credit account. For years, Chase offered a choice of student cards that include MasterCard and Visa logos on their Chase Platinum credit cards.

New regulations on banks and lenders issuing credit cards led to chase discontinuing the Chase Platinum student credit card. Rather than several options for students to choose from, Chase introduced its new Chase +1 student credit card.

Chase +1 Student Credit Card

By offering only one student option, Chase is able to provide a practical card with clear terms and benefits. Benefits are in the form of Karma Points and use of the points has been tailored to fit student lifestyles and interests.

Application is simple as the primary requirement is that you prove you are enrolled full time in a college or university. The income requirements and creditworthiness required by other Chase credit cards are not required of student applicants.

Prior to application, you are asked to check a box if your credit history is clear of bankruptcy and a second box if you credit history is clear of serious delinquent accounts. That is not a problem for most college bound students.

Chase is a recognized and respected name in the credit granting industry. Your student credit card will be accepted anywhere Visa or MasterCard can be used.

Staying within a budget can be a challenge for college students who are living on their own for the first time. Chase offers free tools online to help you track spending by category to help you make your budget work.

Chase +1 Student Credit Card

  • Use Karma Points for purchases, share with friends or give to causes.
  • Earn Karma points by paying your bill on time, taking a credit quiz and more.
  • 17.24% or 21.24% APR based on creditworthiness.
  • 24.24% for cash advances.
  • Late payment fee of $35.
  • No over limit fee.
  • 4% balance transfer fee.
  • $10 minimum cash advance fee.
  • No annual fee.

Advantages

The credit card is designed for simplicity of use. The terms are clear and online tools are available to help students learn to manage credit and control spending.

Chase reports regularly to the three major credit bureaus. Most students enter college with no credit file yet established.

Using Chase +1 student credit card in a responsible way and paying the monthly bills on time will build a credit score before the student graduates and faces the necessity of having a good credit rating.

Disadvantages

The only downside of a Chase +1 student credit card is the novelty of using credit for a college student who has not learned to manage personal finances.

Using your new credit card for impulse buys and pizza without planning can cause problems when the bill arrives.

Your goal may be to build credit while having the ability to pay for items when needed even if the cash isn't yet available. The result may be a bad credit rating if you forget to pay your bills on time or charge more than you can repay.

Summary

Chase has replaced its multiple Chase Platinum student credit card options with the new Chase +1 student credit card.

The +1 Chase card is a great way for college students to begin building a good credit file and the online tools are helpful in tracking spending.