Our Verdict
Editor’s note: The Deserve® EDU Mastercard for Students is not currently available to new applicants. Please see the issuer’s website for more information on available offers. Card details have been collected independently by Forbes Advisor and have not been reviewed or approved by the card issuer.
The Deserve® EDU Mastercard for Students* offers students a way to earn basic cash-back rewards, a few decent perks and an opportunity to build better credit without an annual fee or a deposit. It lacks the power of a student card from a bigger bank but strives to be more technologically innovative and provides some of the convenience factors students might find useful.
The card could be a great option for international students, since applying doesn’t require a Social Security number or credit history and it doesn’t charge foreign transaction fees.
Pros
- No annual fee
- No foreign transaction fees
- Useful benefits like cell phone protection
- Doesn’t require a Social Security number to apply, allowing international students to qualify
Cons
- Cash-back rewards don’t exceed 1%
- Nontraditional welcome bonus
Highlights
- Receive one year of Amazon Prime Student on Deserve after spending $500 in the first three billing cycles
- Earn 1% cash back on all purchases
- No annual fee
- No international transaction fees on purchases
- Social Security Number not required for international students to apply
Introduction
The Deserve EDU Mastercard may be worthy of attention, especially from international students. The card offers an unlimited 1% cash back on all purchases and has up to a $5,000 credit limit. Though it doesn’t come with the myriad of benefits many bigger banks do, the Deserve EDU does offer 1 year of Amazon Prime Student on Deserve after spending $500 in the first three billing cycles. It also offers cell phone damage and theft insurance up to $600.
For international students the Deserve EDU could be a solid choice because it doesn’t require a Social Security number. For students studying abroad, the card presents an excellent solution because of its lack of foreign transaction and exchange fees.
Featured Partner Offers
At a Glance
- $0 annual fee
- No foreign transaction fees
- Unlimited 1% cash back on all purchases
- Easier to qualify with limited credit
- Cell phone damage and theft coverage
Deserve EDU Mastercard Rewards
Earning Rewards
The Deserve EDU Mastercard earns an unlimited 1% cash back on all purchases. “Purchases” do not include cash equivalents, like prepaid cards or money orders.
It also comes with a one-time offer of 1 year of Amazon Prime Student on Deserve after spending $500 in the first three billing cycles.
Redeeming Rewards
Reward redemption comes in the form of a statement credit. Reward statements are issued automatically in amounts of $25 once the threshold is reached.
Rewards Potential
In order to determine the rewards potential of the Deserve® EDU Mastercard for Students*, Forbes Advisor used a number of reputable sources to determine what the typical college student spends in a year. The Deserve EDU offers a rate of 1% cash back on all purchases. At a rate of 1% on typical annual expenses of $13,640, the average college student could expect to earn $136.40 cash back.
Other Deserve EDU Mastercard Benefits
- Mobile App Control: A mobile app allows card management, including card lock and enabling international transactions.
- Cell Phone Insurance: Up to $600 in coverage for a covered stolen or damaged cell phone.
- Basic Mastercard Benefits: As a Mastercard, the card comes with standard Mastercard benefits including zero liability, global emergency assistance and ID theft protection.
Fine Print
Interest Rates
- Regular APR: 22.99% Variable
- Purchase Intro APR: N/A
- Balance Transfer Intro APR: N/A
Fees
- Annual Fee: $0
- Balance Transfer Fee: See Terms
- Foreign Purchase Transaction Fee: None
How The Deserve EDU Mastercard Stacks Up
Deserve® EDU Mastercard for Students* vs. Bank of America® Travel Rewards credit card for Students
For students keen on travel, another card without foreign transaction fees is the Bank of America® Travel Rewards credit card for Students. Also carrying no annual fee, the Bank of America Travel Rewards for Students earns 1.5 points per dollar on all purchases everywhere, every time with no expiration on points as long as your account remains open. That’s 50% more value than the Deserve EDU offers but includes the major caveat that the points can only be redeemed for max value if used for travel.
The Bank of America Travel Rewards for Students card also offers significantly more in terms of benefits—though it should be noted most of the card benefits, like overdraft protection, account alerts, FICO score monitoring, etc. are the sort of minor convenience benefits that might not be perceived to be as valuable as ones like cell phone insurance.
The Bank of America Travel Rewards for Students Card, for those with the privilege of application acceptance, is hands down the better card for those who want to travel. It offers a welcome bonus: 25,000 online bonus points after spending $1,000 in purchases in the first 90 days of account opening which has far more redemption value than an Amazon Prime Student membership. But for those who aren’t travel focused, the Deserve EDU Mastercard is likely to be a better choice.
Deserve® EDU Mastercard for Students* vs. Discover it® Student Cash Back
The Discover it® Student Cash Back card also has no annual fee, but offers 5% cash back on the first $1,500 in quarterly spending in select rotating categories when you enroll. Though it has a much more complex rewards earning scheme than the Deserve EDU Mastercard, the Discover it® Student Cash Back has the potential to earn much more in rewards for the same spending, especially at the end of the first year, when Discover Cashback Match™ matches the all of the cash back that a new cardholder has earned during the first year.
The Discover it® Student Cash Back also earns the same unlimited 1% cash back the Deserve EDU Mastercard does on all other purchases. The major drawbacks of the Discover it® Student Cash Back card over the Deserve EDU are that Discover isn’t widely accepted outside the U.S., so its lack of foreign transaction fees are a moot point and that the card won’t be as easy to obtain (if not impossible to obtain) for those without Social Security numbers.
Deserve® EDU Mastercard for Students* vs. Bank of America® Customized Cash Rewards credit card for Students
The Bank of America Cash Rewards for Students offers 3% cash back in the category of choice and an automatic 2% at grocery stores and wholesale clubs. Bonus earning is limited to the first $2,500 in the 3% and 2% categories combined each quarter. Earn an unlimited 1% on all other purchases. It does all this without an annual fee and while offering a welcome bonus: $200 cash rewards bonus after making at least $1,000 in purchases in the first 90 days of account opening.
While the Bank of America Cash Rewards for Students card does have a 3% foreign transaction fee and the Deserve EDU Mastercard does not, for those not interested in international travel the Cash Rewards card remains much more likely to outearn and out benefit the Deserve EDU Mastercard.
Is The Deserve EDU Mastercard For You?
For American students, the Deserve® EDU Mastercard for Students* isn’t likely to best the other student credit cards on the market, no matter how hard it pretends to be worthy.
But for those who might not qualify for other cards or for those without a Social Security number—here’s looking at you, international students—this card makes a lot of sense and even throws in a couple nice benefits to make it worthwhile.
*The information for the following card(s) has been collected independently by Forbes Advisor: Deserve® EDU Mastercard for Students. The card details on this page have not been reviewed or provided by the card issuer.
