Deserve Student Credit Card: A Comprehensive Guide to Requirements and Benefits

For students embarking on their financial journey, a credit card can be a valuable tool for building credit, managing expenses, and gaining financial independence. The Deserve® EDU Mastercard for Students is often highlighted as a suitable option, particularly for international students or those with limited credit history. This article explores the requirements, benefits, and potential drawbacks of the Deserve EDU card, providing a comprehensive guide for prospective applicants.

Introduction

The Deserve EDU credit card is designed to help students establish credit while offering rewards and benefits tailored to their needs. It distinguishes itself by not always requiring a Social Security Number (SSN) for international students and offering a pathway to building credit from scratch. This makes it an attractive option for students who are new to the U.S. financial system.

Deserve EDU Credit Card: An Overview

The Deserve EDU Mastercard for Students is a credit card specifically designed for students, offering features like no annual fee and the possibility to apply without a Social Security Number (SSN). It is particularly suitable for international students who have just arrived in the United States.

Application Requirements

To apply for the Deserve EDU card, applicants generally need to meet certain requirements:

Age: Applicants must be at least 18 years old.
Address: A U.S. address is required, but it cannot be a P.O. box. Having a confirmed accommodation address in the U.S. is important.
Income: Applicants must demonstrate sufficient income to make the monthly minimum payments.
Bank Account: Linking a bank account is necessary for Deserve to verify the applicant's address and ability to pay.
Credit History: The Deserve EDU card is available even to students with no credit history. If an applicant has a credit report, Deserve will screen it for delinquencies or other negative marks.
SSN: While domestic students generally need to provide a Social Security number (SSN) in their applications, international students may not need one.

Requirements for International Students

International students do not need a Social Security number to apply, but they will have to provide:

A student visa
Passport ID
School documents, such as an I-20 form or DS 2019

If applying without a Social Security number, building credit is still possible. However, additional steps might be required to obtain a credit report. A credit bureau may ask for a written request and identity verification documents. If a Social Security number is obtained after applying, Deserve can be notified to streamline the process.

Requirements for US Citizens and Green Card Holders

Green card holders or US citizens will need to provide the SSN, just like applying for other credit cards in the market.

Benefits of the Deserve EDU Credit Card

The Deserve EDU card offers several benefits that make it an attractive option for students:

No SSN Required for International Students: One of the most significant advantages is that international students can apply without a Social Security number, using their passport and other documentation instead.
Building Credit: The card reports to all three major credit bureaus (Equifax, Experian, and TransUnion), allowing users to build credit history from scratch.
Cash Back Rewards: Cardholders earn 1% cash back on all purchases. While this is a low rate compared to some other cards, it's generous for someone with no credit history. Once the cash-back total reaches $25, it is automatically redeemed for statement credit if the account is in good standing. Rewards do not expire as long as the card is active.
No Annual Fee: There is no annual fee, which is particularly beneficial for students on a budget.
No Foreign Transaction Fees: No foreign transaction fee, which is ideal for students studying or traveling abroad.
Amazon Prime Student Discount: Deserve reimburses cardholders the cost of their Amazon Prime Student for one year.
Cell Phone Protection: Cardholders receive up to $600 for mobile phone damage or theft when they pay their mobile phone bill with their card (deductible $50).
Potential Upgrade: After graduating from college, cardholders may be upgraded to the Deserve® Pro Mastercard, which offers more rewards. Upgrading preserves the length of credit history, which is important for credit scores.
Refer a Friend Program: Deserve has a referral program where you can refer anyone to Deserve using your personal referral code. Upon approval, card activation and use, you'll receive $30 and so will your referral. Referral bonuses are unlimited!

Potential Drawbacks

Despite its benefits, the Deserve EDU card also has some potential drawbacks:

Low Cash-Back Rate: The 1% cash-back rate is relatively low compared to other rewards cards.
Variable APR: The interest rate is 22.99% Variable, which can be high. It is crucial to pay the balance in full each month to avoid accruing interest.
Credit Limit: The credit limit can be as high as $5,000, but students with limited credit history should not expect anything close to that.

Building Credit Without an SSN

It's a common misconception that you cannot build credit history without an SSN. Credit bureaus can use your name, date of birth, and address as identifiers. Therefore, you can build credit history even without an SSN. After you obtain your SSN, the previous credit history will be tracked and appended. Your credit history starts from the day you first borrow money (such as applying for a credit card), not from the day you obtain your SSN.

Read also: The "You Deserve It" Guide

Alternatives to Deserve EDU

For those who do not have an SSN and do not have any credit history, here are some major options for the first credit card:

Bank of America (BoA) Cash Rewards: Apply at a BoA branch. You need to have a sufficient amount of money depositing in BoA.
Find a friend: Ask to be added as an authorized user, and after you build credit history with it, you can continue to apply for other credit cards you can get without SSN (mainly AmEx).
Secured credit cards from major banks: These secured credit cards require security deposit, and they usually have annual fee.

Tips for Responsible Credit Card Use

To maximize the benefits of the Deserve EDU card and build a positive credit history, it is crucial to use the card responsibly:

Pay Bills on Time: Always pay the monthly bill on time to avoid late fees and negative impacts on your credit score.
Pay in Full: Pay the full balance each month to avoid accruing interest.
Keep Credit Utilization Low: Try to keep your credit utilization ratio (the amount of credit you're using compared to your total credit limit) below 30%.
Monitor Your Credit Report: Regularly check your credit report for any errors or signs of fraud.

Deserve EDU Credit Card Review Highlights

Annual Fee: $0.
Rewards: 1% cash back on all purchases.
Bonus: Amazon Prime Student membership after spending $500 in the first three billing cycles.
APR: 22.99% Variable.
Min Credit Needed: None.
SSN Needed: No.
Foreign Transaction Fee: $0.
Credit Limit: Up to $5,000.

Real User Experiences

Some users have reported negative experiences with Deserve, including difficulties in resolving disputed charges and mistaken missed payments affecting their credit scores. Others have expressed dissatisfaction with the lack of credit limit enhancements or exciting rewards over time. However, many users appreciate the first year of free Amazon Student Prime and the card's acceptance for international travel.

Read also: Deserving Scholarship Award

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