Deserve® EDU Mastercard for Students full review
Check out our detailed assessment of this card if you're a student and you need a dependable card for your requirements!
What do I need to know about the Deserve® EDU Mastercard for Students?
The Deserve® EDU Mastercard for Students, which has no annual fee, is a great first credit card for college students in general and overseas students in particular.
Deserve’s alternative underwriting criteria make it feasible to get approved for the card even if you have no credit history.
Additionally, foreign students are eligible even without a Social Security number, which is frequently not achievable with conventional credit cards.
Additionally, there is no need for a security deposit. With bonuses like cash-back incentives, which are uncommon on cards for people without credit histories, the card sticks out even more.
In contrast to conventional credit cards, the Deserve® EDU Mastercard for Students evaluates applicants’ creditworthiness using their financial records and a custom algorithm.
To assess your capacity to pay, the upstart company also examines the balances of your American bank accounts. Your contact details, including your home address, email, and phone number, are also taken into account.
In order to decide if you can quickly access that information, Deserve examines how it has changed throughout time.
For many students, Deserve lowers some barriers to credit, but by law, all applicants under 21 must demonstrate their ability to pay their own bills. Co-signers are not permitted by Deserve, like many other issuers.
How does the Deserve® EDU Mastercard for Students work?
The Deserve EDU Mastercard should be taken into consideration, especially by international students. The card has a $5,000 credit limit and gives 1% cash back on all transactions without any restrictions.
Though it doesn’t offer the full benefits many large banks do, the Deserve EDU does offer 1 year of Amazon Prime Student on Deserve after spending $500 in the first three billing cycles.
Additionally, it offers up to $600 worth of cell phone theft and damage coverage.
With the Deserve EDU Mastercard, all purchases generate an unlimited 1% cash back. Prepaid cards and money orders are not considered to be “purchases” under this definition.
Additionally, after spending $500 in the first three billing cycles, there is a one-time offer for a year of Amazon Prime Student on Deserve.
Statement credits are used as redemption for rewards. Once the barrier is met, reward statements are automatically sent out in increments of $25.
How much cashback can you make with it?
We need to seek a lot of reliable sources to find out how much the average college student spends annually in order to assess the rewards potential of the Deserve® EDU Mastercard for Students.
On every purchase, The Deserve EDU gives 1% cash back. The typical college student could anticipate receiving $136.40 in cash back at a rate of 1% on annual expenses of $13,640.
Deserve® EDU Mastercard for Students benefits
Report to three major credit bureaus
Experian, Equifax, and TransUnion. You might be able to improve your credit by making on-time card payments and prudent borrowing.
Statement credit for a 12-month membership to Amazon Prime
Take advantage of free shipping, Prime TV and movies, and more. A six-month free trial of Prime is already available to new customers, and after spending $500 over the course of the first three billing cycles, Deserve will cover up to 12 months in the form of a statement credit.
No credit history required
Deserve will check your credit report for late payments or other adverse marks if you have one.
However, Deserve utilizes its own underwriting procedure to assess your application if you don’t have a credit history.
Your U.S. bank account will be examined together with other elements.
No Security Deposit or Co-signer Required
A secured credit card, which requires you to put down a security deposit that serves as your credit limit, is typically your only choice if you have a poor credit history or no credit history at all.
Or you must have a co-signer who will be responsible for the debt if you are unable to pay it.
How to apply for the Deserve® EDU Mastercard for Students
If you have enjoyed all the benefits this card has to offer, make sure to check out our “How to apply” article on the card