🌟 Editor's Note
Welcome to another issue of Financial Freedom Insights. This newsletter is full of financial tips, insights, financial news, announcements, a special treat for those who make it to the bottom, and more!
🤖 AI Note
NONE of this newsletter was generated using AI. It was written by humans for humans.
Table of Contents
Presented by:
Financial Freedom Starts Here
Hit Subscribe below to get this newsletter sent right to your email!
💸 Your 10 Second Financial Freedom Tip of the Week
Using Grocery Delivery services like Walmart+ can save you hundreds or thousands because you are less likely to buy items not on your grocery list.
📈 Financial Freedom Insight
Off to College? A Debit Card is a Must, But Should You Also Get a Credit Card?
Image Courtesy of iStock.com
Financial Freedom Insight: Table of Contents
Managing Expenses at College
CNBC’s Best Checking Accounts for Students
Should You Get a Debit and a Credit Card?
Forbes Recommended Best Student Credit Cards for 2026
The Verdict on Debit and Credit Cards for Students
It’s getting close to the time when many students are heading off to college. We all know that paying for college is a challenge, so how can you best manage your personal finances? What debit or credit cards are best for students? Do you even need a credit card, or will it just encourage more borrowing?
Here’s a look at what you should know as a student heading off to college.
Managing Expenses at College
While your tuition, food, and housing costs will likely be set up with some sort of formal automatic payments, you will still need to budget and be able to pay for other things. For example, public transportation, household items, entertainment, school clubs, books, and other school supplies.
For these things you’ll need a debit card and a bank account. A bank account will also allow you to directly deposit any money you make from part-time jobs.
Below you’ll find checking accounts for students recommended by Forbes.[1]
CNBC’s Best Checking Accounts for Students
Checking accounts designed for students often come with benefits such as a bonus for signing up and no monthly fees. The accounts below are recommended by Forbes.
Bank Account | Features |
No monthly fees if you are under age 25 | |
| No minimum deposit |
| Free ATM network |
| No overdraft fees |
| Mobile app |
| Does not earn interest |
No minimum balance | |
| No account fees |
| No overdraft fees |
| Free ATM network |
| Digital banking |
| Does not earn interest |
No minimum balance | |
| No monthly fees |
| No overdraft fees |
| $1,000 ATM withdrawal limit and $2,500 point of sale limit
|
| Free ATM network |
| Mobile app |
| Does not earn interest |
It’s budgeting for each semester so you have sufficient liquid funds to see you through.
If you have a 529 account, a college savings account, you can withdraw funds to pay for school-related expenses, such as textbooks, course supplies, computers, internet access, and special needs expenses. Just make sure that what you have bought is covered by your 529 account before you withdraw money.
Regarding expenses, always carry your student ID because it may get you discounts at shops, gyms, and other businesses.
You’ll need a debit card tied to a bank account to pay for things at college, but should you also get a credit card?
Should You Get a Debit Card and a Credit Card?
Both types of cards offer something different, but whether you need both depends on your behavior around money, your financial goals, and how comfortable you are borrowing.
The advantage of a credit card is that it can help you build credit if you manage it well. Managing a credit card well means paying off the balance each month so that you avoid interest and accumulating debt. If you can pay off the card each month, you will essentially benefit from free credit while building up a healthy credit score.
A good credit score will benefit you in the future because you will be able to qualify for better loan rates, which could make it easier to buy a car or a home.
The advantage of just using a debit card is that your spending is controlled. With a debit card, you can only spend what you have in your account. What you spend is deducted from your balance, so you cannot build credit with this type of card.
Debit cards are also easier to get than a credit card because you don’t need to show a credit history or proof of income.
Debit Cards
Advantages | Disadvantages |
Easier to obtain than credit cards | No ability to build credit |
Provide budgetary control | Slower refund procedures |
| Less protection |
Credit Cards
Advantages | Disadvantages |
You can build credit | Might encourage spending and additional debt |
Better protection for purchases than a debit card | Qualification for a card is harder |
Can encourage good money habits | More to manage |
You can manage just fine at college with a debit card, but if you want to take advantage of credit card rewards and you are disciplined enough to pay off the balance each month, it’s a good way to build credit.
Checking accounts for students often waive monthly and overdraft fees, while credit cards might offer smaller credit limits and lower credit score requirements.
Forbes recently suggested top student credit cards as of June 2026, so here’s a summary of the best ones and their features.[2]
Forbes Recommended Best Student Credit Cards for 2026
Credit Card | Features |
· No credit score required | |
| · No annual fees |
| · 5% cash back on everyday purchases (groceries, restaurants, gas stations. 1% cash back on all other purchases. |
| · 0% intro APR for 6 months, then 16.49% to 25.49% |
| · Mobile app |
| · Earn unlimited 1.5 points for every $1 you spend on all purchases everywhere · 25,000 online bonus points if you make at least $1,000 in purchases in the first 90 days of your account opening – which can be redeemed for a $250 statement credit toward travel and dining purchases
|
| · 0% intro APR for first 15 billing cycles for purchases, then a variable APR of 17.49% to 27.49%. |
| · No annual fees |
· Earn 6% cash back for the first year in your choice category (gas and EV charging stations, online shopping/cable/internet/phone plans/streaming, dining, travel, drug stores/pharmacies, or home improvement/furnishings.) · Earn 2% cash back at grocery stores and wholesale clubs. · Earn 6% and 2% cash back on the first $2,500 in combined purchases each quarter in the choice category, and at grocery stores and wholesale clubs, then earn unlimited 1% thereafter. After the 3% first year bonus offer ends, you will earn 3% and 2% cash back on these purchases up to the quarterly maximum. · $200 online cash rewards bonus after making at least $1,000 in purchases in the first 90 days of your account opening
| |
| · No annual fee
|
| · Mobile banking and text alerts |
| · 0% intro APR for first 15 billing cycles, then variable APR 0f 17.49% to 27.49% will apply |
· Unlimited 2% unlimited cash back on purchases for the first year from account opening, thereafter, 1.5% cash back on all purchases · Online $200 cash rewards bonus after making at least $1,000 in purchases in the first 90 days
| |
| · 0% intro APR for your first 15 billing cycles for purchases, and for any balance transfers made within the first 60 days then variable APR of 17.49% to 27.49% |
| · No annual fee |
| · Earn unlimited 3% cash back on high-spend categories |
| · $100 sign-on bonus |
| · No annual fee |
| · 18.49% – 28.49% (Variable) |
· 2% cash back at gas stations and restaurants on up to $1,000 in combined purchases each quarter and 1% cash back on all other purchases. | |
| · Cashback Match™ welcome offer |
| · 16.49% – 25.49% Variable APR |
| · No annual fee |
The Verdict on Debit and Credit Cards for College Students
When you open a checking account as a student, you’ll get a debit card probably with no monthly fees and usually no overdraft fees. You’ll be fine going off to college with a debit card in your back pocket. As long as you budget and have enough funds to cover your spending, life should be good.
If you know you can be responsible and want to take advantage of rewards, a credit card will allow you to start building credit so that you can get better loan terms in the future. Most cards do not charge an annual fee, and many offer an initial period of interest-free credit.
The interest rate does go up significantly after the interest-free period, however. So, if you think you might overspend with a credit card, stick to a debit card.
Sources
[1] Maisha Shahid and Erin Bending, July 1, 2026. “Best Student Checking Accounts.” Forbes. https://www.forbes.com/advisor/banking/checking/best-student-checking-accounts/. Accessed July 3, 2026
[2] Becky Pokora, July 3, 2026. “Best Student Credit Cards of 2026,” Forbes. https://www.forbes.com/advisor/credit-cards/best/student/#capital_one_savor_student_cash_rewards_credit_card. Accessed July 3, 2026.
📙 Nathan Haas’s Scripture of the Week
Deuteronomy 16:17 (ESV)
“Every man shall give as he is able, according to the blessing of the Lord your God that he has given you.”
Thanks for reading!
Haas Trade Financial Freedom Insights
P.S. Think this newsletter could help someone you know? Please consider sharing it. Our goal is to help as many people as possible achieve their dream of financial freedom. It could all start with a simple click!
Friend or Family send you here? Subscribe below!
Want to learn more about Haas Trade? Check out our website below.
💵 Financial Coaching
Tired of being stressed out about your finances and feeling like you aren’t making progress? We offer 1 on 1 Financial Coaching programs that may be perfect for you! Click below to learn more.
💻 Haas Trade Online Courses
Prefer self-paced online learning? For only $5 a month we offer an ever growing list of online self-paced courses to help you on your journey to financial freedom. Click the button below to learn more.
💰 Financial Advising (Via Haas Trade Advisors)
Looking for a financial advisor? Haas Trade is only a financial coaching company but our partner company Haas Trade Advisors is a Fee-Only Fiduciary Financial Advising firm that can help you with your saving, investing, and retirement needs via comprehensive financial planning. Click the button below to learn more.
😺 Making it to the Bottom Bonus
P.S.S. Okay now its the end of the newsletter, kids summer leagues are in full force so here is a picture of a kitten playing.
