When starting out, it’s difficult being approved for a credit card, especially because of the lack of financial history. Deserve EDU MasterCard is designed for local and international students who don’t have a credit history or have a very limited credit history. To apply for this card students don’t require a cosigner and have to fill out the details in the application form to be approved.
If you have an SSN and a credit history then Deserve would evaluate your application similarly as done by all credit card companies.
If you do not have an SSN and credit history they would evaluate academic information, spending habits, income, and consider your passport & Visa details for approving a Deserve EDU Mastercard. Deserve has an internal mechanism through which they decide the credibility of the individual while approving for the credit card.
Distinct features of Deserve EDU Mastercard
- No Annual Fee
- No Deposit Required
- Any student can apply (International students without SSN and credit history are eligible to apply)
Special Benefits of Deserve EDU Mastercard
Cashback Reward
You earn 1% cashback on everything you purchase.
Reimbursement for your Amazon Prime Student Membership
You can get back $59 for an annual subscription or $6.49 for the monthly subscription. To be eligible for this benefit you must pay for the subscription with the Deserve EDU card. After the end of the trial period, you would receive the reimbursement.
Saving on Foreign Transaction Fee
You do not have to pay any fees for the purchases you make abroad. Credit cards charge between 1 to 3% as foreign transaction fee per transaction. You save this when you use a Deserve EDU card.
Cell Phone Protection Benefit
You can get a cell phone coverage up to $600 per claim in the event your phone is damaged or stolen if you pay for your cell phone bill using your Deserve EDU Mastercard. There is a $50 deductible and the maximum coverage for a year is $1000. To know more click on the link
Lemonade Credit
If you are signing up for Lemonade service and you make three consecutive monthly payments using your Deserve card, then you will receive the one time $10 credit on your statement.
Feather Subscription Discount
Buying furniture may throw you off your budget when you have limited funds. However, if you’re renting furniture then by using your deserve card you can receive a $100 discount for the first month. If you enroll for Feather Furniture subscription, during checkout use the “Deserve 100” promo code to receive a discount on rentals which are over three months. You must pay for the subscriptions with your Deserve card to be eligible for the benefit.
Extended Warranty
All new qualified purchases are covered by extended warranty benefit as deserve doubles the original manufacturer’s warranty up to a maximum of 12 months.
Mastercard ID Theft Protection
This benefit is available to all users 24/7, 365 days a year. If you believe your identity has been stolen/compromised then you must immediately report it to Mastercard. By enrolling for MasterCard ID theft protection, you can get suspicious activity alerts, identity monitoring, lost wallet assistance and many more service. To know more about this benefit, you can follow the link.
Mastercard Airport Concierge
If you are traveling for the first time abroad and would like assistance then you can arrange for a person to meet and greet you at international airport arrival or departure and help you connect to your next flight. You save 15% on the meet and greet service. To know more about this benefit you can go to the site: https://mastercardconcierge.globalairportconcierge.com/index.php/en
Mastercard Global Service
You can call MasterCard Global Service assistance 24/7, 365 days. This can be to address issues such as lost or stolen card, emergency card replacement required or in need of emergency cash advance.
Drawbacks
No Balance Transfer and Cash Advance option: With Deserve Edu MasterCard, you won’t be able to transfer any student loan balance from a different card or withdraw cash from your credit card. While not having these features isn’t a deal breaker but you should factor in these points if this is the only card that is going to be in your wallet.
Conclusion
Deserve Edu MasterCard is a good starter card for students who have no credit history background and will make timely repayments. The transactions on the card are reported to all three credit bureaus. So over time you can build credit score by keeping low card utilization and on-time monthly payments.
A higher credit score would allow you in the future to qualify for cards which offer better rewards and benefits. If you are a student with limited credit history and SSN then we would suggest also looking at an alternate credit card which is Journey Student credit card from Capital One before applying for the Deserve Edu MasterCard.
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