To get approved without a traditional credit history, you’ll need to share access to your bank statements and provide more information about yourself than you’d typically give a credit card issuer. But in return, you could get access to a much better deal than you would otherwise be able to get.
You’re also eligible for ID theft protection services through Mastercard. This provides you with a dashboard where you can see if your identity has been compromised and your details placed for sale on the dark web. If your identity is ever stolen, you can also get access to ID theft resolution experts to help you fix things.
- The Deserve Edu Mastercard for students makes redeeming your rewards easy.
- Once approved, you’ll automatically start earning cash back on all purchases.
- For example, it doesn’t charge a penalty rate, so you don’t have to worry about your APR spiking to unaffordable levels if you fall behind on payments.
- This is a game-changer for students who initiate and pay for a rental car with their Deserve EDU Mastercard.
- The Deserve® EDU Mastercard for Students may not come with a signup bonus offer, but it does offer one year of Amazon Prime Student, a $59 value.
- This category only includes cookies that ensures basic functionalities and security features of the website.
The new brand identity, name, voice and tone guidelines, characteristics and attributes we created clearly resonated. In the year we launched, Deserve earned the highest share of voice score (34%) compared to all competing student credit cards. Credit card applications for Deserve cards went up 200% among young adults and students. It was this success that led the company to raise $50 million in capital to continue growing. No credit score or SSN necessary to apply for this student credit card. A rewards credit card designed for students with little to no credit history, as well as for international students.
Average Cash Back Rewards
This card also comes with the same premium Mastercard benefits as the Edu card as well, like cell phone insurance, car rental collision damage waiver, and travel assistance services. Our credit card articles, reviews and ratings maintain strict editorial integrity; however we may be compensated when you click on or are approved for offers from our partners. With credit card debt at an all-time high, we believe you should know the cost of carrying a balance. Because of that, we give regular purchase APRs significant weight in overall scores, and cards receive low marks if they have an array of pricey fees.
Is deserve a good company?
Deserve® EDU Mastercard is a good option for students looking to build credit. Since a Social Security number isn’t needed to apply if you’re an international student, it may also be an option for international students struggling to qualify for other credit cards.
Deserve offers a mobile app that you can use to manage your card, including helpful things like setting spending limits on your cards, locking the card for all purchases or international-only purchases, and more. You can also see your credit score in the app, as well as what factors are affecting it and what could be improved on. Also aim to keep your card balance low throughout the billing cycle—even if you intend to pay your bill in full when it’s due—to keep your credit utilization ratio low.
She would like to visit every country and try as many different local culinary specialties as possible. For American students, the Deserve EDU Mastercard isn’t likely to best the nicer student credit cards on the market, no matter how hard it pretends to be worthy. This is just one scoring method and a credit card issuer may use another method when considering your application. These are provided as guidelines only and approval is not guaranteed. With a variable APR of 18.74% Variable, the Deserve EDU Mastercard is an expensive card to carry a balance on, but it’s not the worst student card out there. There are certainly student cards that might have lower APRs, but not many that don’t require a strong credit history.
We partnered with them to architect a brand that would resonate with those that didn’t have traditional FICO scores due to lack of credit and financial history. , that’s somewhat high, though it’s kind of in the middle of the range that many comparable student credit cards offer. To be fair, this card is for students, and rewards aren’t its focus. But some of the best student credit cards earn bonus rewards in select spending categories and/or offer sign-up bonuses. You do, however, need to be over age 18, enrolled in college and have a U.S. bank account. For international students or students with limited credit histories, the Deserve Edu Mastercard for students is a solid option.
Write A Review
Please don’t interpret the order in which products appear on our Site as any endorsement or recommendation from us. finder.com compares a wide range of products, providers and services but we don’t provide information on all available products, providers or services. Please appreciate that there may be other options available to you than the products, providers or services covered by our service.
We’re proud of our content and guidance, and the information we provide is objective, independent, and free. We’re sorry, but something went wrong and we couldn’t find your approval odds. Instead, you’ll see recommended credit ranges from the issuers listed next to cards on our site to help you determine which cards you’re likely to be approved for. For students who can’t get a traditional card’s lowest available interest rate, the Deserve EDU Mastercard may not actually be such a bad deal. normal balance The average maximum APR on a student card, for example, is currently 24.18 — well above what the Deserve EDU card charges. Whereas issuers usually determine an applicant’s creditworthiness by relying on scoring models such as FICO, this isn’t as effective when assessing those with little to no credit history. If you do have a credit history, Deserve will pull it with a hard inquiry, but this won’t be the only information it uses when deciding whether or not to approve you for a card.
By paying a deposit as low as $49, users start off with an initial credit limit of $200 and might gain access to a higher credit line by making the first five consecutive monthly payments on time. College comes with many firsts, and it’s often a natural time to sign up for your first credit card. He regularly writes about investing, student loan debt, and general personal finance topics geared towards anyone wanting to earn more, get out of debt, and start building wealth for the future. While not everyone will be approved for a Deserve card, it’s certainly worth a try if you are trying to build your credit and don’t have too many options. Note that you are not able to request a credit limit increase on Deserve cards. However, Deserve does periodically analyze customer accounts and will increase credit limits depending on customer creditworthiness. Let’s look at each of the three different credit card offerings in detail.
Interest Rates
The card also offers some extras that could save you money, particularly the free year of Amazon Prime Student and cell phone insurance. The Deserve Edu Mastercard for Students may not be the most well-known student credit card, but it’s not for a lack of benefits. It offers everything from standard perks like cash back to unique features, including a spending credit with a furniture rental company.
Establish your credit line with your tax return by providing a refundable security deposit of at least $200 after being approved. Bank information must be provided when submitting your deposit. No Annual Fee, earn cash back, and build your credit with responsible use.
For those international students who cannot obtain a SSN in a short time, this card is a great choice as the first credit card. finder.com is an independent comparison platform and information service that aims to provide you with the tools you need to make better decisions. While we are independent, the offers that appear on this site are from companies from which finder.com receives compensation. We may receive compensation from our partners for placement of their products or services. We may also receive compensation if you click on certain links posted on our site. While compensation arrangements may affect the order, position or placement of product information, it doesn’t influence our assessment of those products.
He makes sure that Credit Card Insider is covering the most important credit topics transparently and precisely, and that we have up-to-date reviews of credit cards so you can find cards that are right for you. Credit Card Insider receives compensation from advertisers whose products may be mentioned on this page. Advertising partners do not edit or endorse our editorial content. Content is accurate to the best of our knowledge when it’s published. 99% of our customers who started without a credit score earned a credit score record with the credit bureaus in as little as 6 months.
If you’re a U.S. citizen or permanent resident, Deserve may request that you connect your U.S. bank account during the application process. It does so to verify your address and your ability to pay credit card bills. You’ll connect your account online through a secure service called Plaid.
Deserve doesn’t allow co-signers, so all applicants under 21 must prove their independent ability to pay in order to qualify. For applicants with little or no credit, Deserve uses an algorithm instead of FICO scores to determine creditworthiness. Deserve is open to eligible candidates who lack a Social Security number, a credit history or both. Many or all of the products featured here are from our partners who compensate us. This may influence which products we write about and where and how the product appears on a page. Deserve reserves the right to modify or discontinue its products or offerings at any time and without notice.
Card Categories
The Discover It Student Cash Back card rewards good grades, and the Journey Student Rewards card’s cash back rate has a slight edge over the Deserve bookkeeping EDU’s rewards. If you are looking to improve damaged credit, however, the Capital One Secured Mastercard could be a more suitable option for you.
You can expect pretty standard security features with the Deserve Edu Mastercard. Deserve’s app also helps with security by providing credit updates and allowing you to lock the card against any purchases made. You can also use the app to notify Deserve if you’ll be travelling and plan to use the card abroad. We publish unbiased reviews; our opinions are Deserve Cards our own and are not influenced by payments we receive from our advertising partners. Learn about our independent review process and partners in our advertiser disclosure. Deserve’s turnkey, cloud-based and API-based Deserve Credit Platform promises partners the ability to set up a program in as fast as 90 days, instead of the typical 18 to 24 months.
If you are unsure, you should get independent advice before you apply for any product or commit to any plan. It may not be your most attractive credit option, but it doesn’t require a deposit and could be your path to more lucrative cards. If you’re not sure a Deserve card is right for you, compare the best secured cards and look into other rewards cards. You may apply for a Deserve card even if you’re not a US citizen.
In order to determine the rewards potential of the Deserve EDU Credit Card, Forbes Advisor used a number of reputable sources to determine what the typical college student spends in a year. At a rate of 1% on typical annual expenses of $13,640, the average college student could expect to earn $136.40 cash back. is for all eligible students — including international students — who are attending a U.S. college or university and want to get an early start on building credit while also earning rewards.
The Deserve Edu Mastercard has no annual fee, 1% cash back on all purchases, no foreign transaction fees and Amazon Prime Student benefits. Although any college student or soon-to-be student is welcome to apply, the Deserve Edu Mastercard really shines when it comes to credit newcomers and international students. It can be tricky to get approved for a credit card if you don’t yet have a credit history or if you’re an international student without a Social Security number, but the Deserve Edu Mastercard skips past those requirements. Students from abroad can substitute their passport ID, student visa, and Form I-20 instead, as long as they have a U.S. bank account balance. The Deserve EDU Mastercard may be worthy of attention, especially from international students. The card offers unlimited 1% cash back and has up to a $5,000 credit limit. It also offers cell phone damage and theft insurance up to $600.
Author: Maggie Kate Fitzgerald