Deserve EDU Mastercard Review
Building your credit and learning to manage your finances early is essential. The Deserve EDU card can help with both these goals. As a credit card for international students, the Deserve EDU Mastercard comes with several unique perks. So we’ll outline all of them for you below. This way, you can decide if the Deserve EDU credit card is a good choice for your situation or not.
Deserve EDU Mastercard Pros
1. The Deserve EDU Card Helps Build Credit
This Mastercard comes specifically designed for students. This means that it has requirements suited for students for the approval process. When you start making payments, you build your credit. As long as you don’t miss any, it lays the foundation for a solid credit score. Lenders will look favorably on this, and it makes them open for offering other credit lines.
2. No Annual Fee
Since you’re just learning how to use a credit card, you may not use it as much. The Deserve EDU Mastercard doesn’t come with an annual fee. This is great news for anyone who uses it. You can use it as much or as little as you need without trying to justify paying a fee. It also lets you keep all of the rewards you earn throughout the year.
3. No Co-Signer or Deposit
Many credit cards for young applicants require a deposit or co-signer for approval. Most college kids don’t have much money so that a deposit would be out of the question. You don’t have to worry about this with the Deserve EDU Mastercard. You can apply on your own for this student credit card, and you don’t need additional money to secure it.
4. Scholarship Opportunity for International Students
If you’re an international student with this card, there are scholarship opportunities. There will be 10 scholarships for $10,000 each with the Deserve International Student Scholarship. For many people, this could help get through at least two semesters, or it could cover room and board. It’s very quick and easy to apply for them too.
5. No Social Security Number Required
Many international students don’t have a credit history or social security number. This stops them from getting virtually any type of credit card. However, the Deserve EDU Mastercard is different. It doesn’t use a traditional route to check your creditworthiness. It uses your major, U.S. bank account balance, student visa, and how easy it will be for you to find a job. So if you pass that check, they’ll extend a line of credit. This helps you avoid being rejected for a student credit card.
6. No Foreign Transaction Fee
If you want to go home for a vacation, you can use your card abroad. There is no foreign transaction fee with this card. It makes sense since Mastercard designed it for international students. You can use it at virtually any ATM or non-US bank in the world without additional fees.
7. Roadside Assistance
Cardholders get roadside assistance when they get this card. Roadside assistance protects you if your car should break down. A tow will come to get your car and give you a ride. They do this without charging you money for it. For most cards, it also includes flat tires, battery services, lockouts, fuel delivery, and extrication. You can call 24 hours a day.
8. Price Protection
You should make your expensive purchases on the Deserve EDU Mastercard. If you do, it entitles you to price protection. If the cardholder finds the item for a lower price, they’ll refund you the difference. This is great if you have to buy a tablet or a computer for your school.
9. ID Theft Protection
If you lose your card or someone steals it, Mastercard will protect you. If someone steals your ID, any charges won’t be your responsibility. Mastercard will close out your card and reissue it. They’ll wipe out any charges that aren’t yours to protect your money. Since ID theft is so common, this is an extremely important feature to have on any card.
10. Deserve EDU Credit Card Waiver for the First Late Payment
If you miss a payment or forget to pay it, Mastercard will forgive it. This can protect your payment history. Even a single late payment can result in damage to your credit score. However, they won’t forgive more than one payment. If you can, put your card on automatic payments. This way, you’ll never have to worry about missing another one.
11. Deserve EDU Card Rewards
This card is a rewards card, and this is rare for a beginner credit card. You’ll earn 3% back on entertainment and travel. There’s 2% cash back at restaurants, and 1% back on everything else. Once you get $25 in rewards, it turns into a statement credit. This can help you pay the bill.
Deserve EDU Mastercard Cons
1. The Deserve EDU Credit Card is Only for Students
If you can’t produce of enrollment in a college or college program, you can’t get this card. The Deserve EDU Mastercard requires you to provide your school when you apply for it. This shuts out a huge amount of potential applicants. Fortunately, the Deserve Pro Mastercard® is an option for those who not students.
2. High APR
You’ll pay an 18.74% Variable APR each month you carry a balance. This can quickly add a decent amount of money to your balance. It’s also a way to get deeper into debt if you’re not careful. The APR is also variable. This means that it can change over time. However, this is usually very gradual and slow.
3. Deserve EDU Credit Card Credit Limit
The Deserve EDU Mastercard has a credit limit that tops out at $5,000. While this isn’t terrible, it’s something to consider. If you only want to use 33% at the most, you can’t go over $1,650. In an emergency, this wouldn’t be difficult to blow past this amount.
Bottom Line on the Deserve EDU Card for International Students
Finally, for international students, the Deserve EDU Mastercard is a solid option. Vendors around the world accept it, and it has a host of perks associated with it. It’s worth a look, even if you only use it in an emergency.
CreditFast has reviewed the best student credit cards on the market. Some of the credit card offers are from our advertising partners. CreditFast has objectively reviewed the features and benefits of each college credit card. We have chosen student credit card offers based on our editor’s recommendations.