College students who have no credit or limited credit can apply for the Deserve EDU Mastercard for Students, which is a cash back credit card with no annual fee. It earns unlimited 1% cash back on every purchase. Rewards can be redeemed for statement credits. Practical benefits are available to users, including an auto rental collision damage waiver, cellphone protection and extended warranty coverage. With the Deserve EDU Mastercard for Students, you’ll earn one year of Amazon Prime Student after making $500 in purchases within the first three billing cycles of opening an account.

Flat-rate rewards: Cardholders earn 1% flat-rate cash back on every eligible purchase. Cash back can be redeemed as statement credits in increments of $25 or more. Rewards don’t expire for the lifetime of the account.

Credit requirement: This card is available to students who have no credit or limited credit.

No annual fee: Deserve EDU Mastercard for Students cardholders are not charged an annual fee.

Card benefits: Valuable benefits are available to cardholders, such as cellphone protection, extended warranty coverage, airport concierge service and an auto rental collision damage waiver. With the Deserve EDU Mastercard for Students, you’ll earn one year of Amazon Prime Student after making $500 in purchases within the first three billing cycles of opening an account. Cardholders can save money when making purchases abroad, because the card charges no foreign transaction fees.

No bonus rewards categories: This card offers 1% cash back on every eligible purchase, but it doesn’t offer any bonus rewards categories, which are common among cash back credit cards.

Limited usability: Cardholders of the Deserve EDU Mastercard for Students are not allowed to make balance transfers or cash advances with this card.

High interest rate: New cardholders don’t have access to a 0% introductory interest rate on purchases or balance transfers. Instead, there is a 18.74% Variable APR.