Deserve® EDU Mastercard for Students full review
If you are a student and in need of a reliable card for your needs, take a look at our comprehensive evaluation of this card!
Understanding the Deserve® EDU Mastercard for Students
The Deserve® EDU Mastercard for Students offers a no-annual-fee credit card specifically designed for college students, including those from overseas. It’s a great option for students who are new to credit or who don’t have a Social Security number.
One of the standout features of the Deserve® EDU Mastercard for Students is its alternative underwriting criteria. Unlike traditional credit cards, this card evaluates applicants’ creditworthiness using their financial records and a custom algorithm. It also takes into account their contact details and analyzes how they have changed over time.
By using this unique approach, Deserve aims to provide access to credit for students who may not qualify for other credit cards due to their limited credit history or lack of a Social Security number.
Another advantage of the Deserve® EDU Mastercard for Students is the lack of a security deposit requirement. Many credit cards for individuals without credit histories require a security deposit as collateral. However, this card offers the opportunity to build credit without having to provide a deposit.
Additionally, the Deserve® EDU Mastercard for Students stands out with its cash-back incentives. Unlike other credit cards for individuals without credit histories, this card offers cash-back rewards on purchases, making it an attractive option for students looking to earn rewards while building credit.
How the Deserve® EDU Mastercard for Students Works
The Deserve® EDU Mastercard for Students offers a credit limit of $5,000 and provides 1% cash back on all transactions without any restrictions. Although it may not offer the comprehensive benefits of larger banks, it does provide additional perks such as a one-year membership to Amazon Prime Student on Deserve after spending $500 in the first three billing cycles. It also offers up to $600 worth of cell phone theft and damage coverage.
All purchases made with the Deserve® EDU Mastercard for Students generate an unlimited 1% cash back, with the exception of prepaid cards and money orders. Once the cash-back rewards reach a minimum of $25, they can be redeemed as statement credits.
Maximizing Cash Back with the Deserve® EDU Mastercard for Students
In order to determine the potential rewards of the Deserve® EDU Mastercard for Students, it’s important to understand how much the average college student spends annually. Assuming an average annual expense of $13,640, a typical college student could expect to earn approximately $136.40 in cash back at a rate of 1%.
Benefits of the Deserve® EDU Mastercard for Students
Reporting to Major Credit Bureaus
The Deserve® EDU Mastercard for Students reports to the three major credit bureaus – Experian, Equifax, and TransUnion. Responsible card usage and on-time payments can help students build or improve their credit history.
Statement Credit for Amazon Prime Membership
The card offers a statement credit for a 12-month membership to Amazon Prime. This includes benefits such as free shipping, access to Prime TV and movies, and more. To qualify for this credit, cardholders must spend $500 within the first three billing cycles.
No Credit History Required
While having a credit history can be beneficial, the Deserve® EDU Mastercard for Students does not require a credit history for approval. The card company uses its own underwriting procedure that takes into account factors such as the applicant’s U.S. bank account and other elements.
No Security Deposit or Co-signer Required
Unlike many other credit cards for individuals with limited or poor credit histories, the Deserve® EDU Mastercard for Students does not require a security deposit or a co-signer. This allows students to access credit without the need for collateral or someone to guarantee the debt.
Applying for the Deserve® EDU Mastercard for Students
If you’re interested in applying for the Deserve® EDU Mastercard for Students, be sure to check out our article on how to apply. It provides step-by-step guidance on the application process and ensuring eligibility for this student credit card.
