Deserve EDU Mastercard Review

The Deserve EDU Mastercard, issued by Celtic Bank, is a credit card specifically designed for students. This card offers a unique blend of features tailored to the needs of young adults who are just beginning their credit journey. With 1% cash back on all purchases, no annual fee, and a suite of travel-related benefits, this card aims to provide value without the burden of high fees or stringent credit requirements. In this comprehensive review, we’ll dive deep into the various aspects of the Deserve EDU Mastercard, including its key features, benefits, pros and cons, and how it stacks up against other student credit cards.

Deserve EDU Mastercard Key Takeaways

1. 1% Cash Back on All Purchases: Every purchase you make with the Deserve EDU Mastercard earns you 1% cash back, making it a straightforward and hassle-free rewards program.
2. No Annual Fee: There are no annual fees associated with this card, allowing you to enjoy its benefits without worrying about recurring costs.
3. No Foreign Transaction Fees: For students who travel abroad, the absence of foreign transaction fees is a big plus.
4. No Credit History Required: You don’t need a prior credit history to apply, making it accessible for students new to credit.
5. Travel and Purchase Protections: Includes cellphone protection, collision damage waiver, and access to Mastercard Airport Concierge services.
6. Relatively High APR: The card has a variable APR of 22.99%, which can be considered high, especially for students who may carry a balance.
7. No Current Sign-Up Bonus: Unlike some other student cards, the Deserve EDU Mastercard does not offer an introductory bonus or promotional APR.

Deserve EDU Mastercard Pros and Cons

Pros

1. No Prior Credit History Required: This card is designed for students, so it doesn’t require an established credit history, making it easier for young adults to get approved.
2. No Social Security Number Required: International students can apply without needing a Social Security Number, making it more accessible.
3. No Annual Fee: The absence of an annual fee makes it a cost-effective choice for students.
4. No Foreign Transaction Fees: Ideal for students studying abroad or those who travel internationally.
5. No Co-Signer/Deposit Required: Unlike some secured credit cards, you don’t need a co-signer or a security deposit to apply.

Cons

1. Relatively High APR: The 22.99% variable APR is higher than some other student credit cards, which can be a drawback if you plan to carry a balance.
2. Low Rewards Rate: The 1% cash back on all purchases is relatively low compared to other student cards that may offer higher rewards or bonus categories.
3. Limited to Students: This card is only available to students, so non-students will need to look elsewhere.
4. No Introductory Offers: There are no sign-up bonuses or introductory APR offers, which can be a downside when compared to other cards that provide such incentives.

Deserve EDU Mastercard Benefits

1% Cash Back on All Purchases

The Deserve EDU Mastercard offers a simple and straightforward rewards program: 1% cash back on every purchase. This makes it easy to understand and manage, especially for students who may not want to deal with complicated rewards structures. While the 1% rate is lower than some other student cards, it provides a consistent and reliable way to earn cash back on everyday expenses.

No Annual Fee

One of the standout features of the Deserve EDU Mastercard is the lack of an annual fee. This makes it an attractive option for students who are budget-conscious and want to avoid additional costs. No annual fee means you can keep the card open indefinitely without worrying about a yearly charge, which can also help build your credit history over time.

No Foreign Transaction Fees

For students who travel internationally, the absence of foreign transaction fees is a significant benefit. Many credit cards charge a fee (typically around 3%) on purchases made abroad, which can add up quickly. With the Deserve EDU Mastercard, you can use your card overseas without incurring extra charges, making it a great choice for students studying abroad or frequent travelers.

Cellphone Protection

If you pay your cellphone bill with the Deserve EDU Mastercard, you’ll be covered up to $600 if your phone is stolen or damaged. This is a valuable benefit for students who may not have other forms of insurance for their devices. However, it’s important to note that this coverage comes with certain terms and conditions, so be sure to read the fine print.

Collision Damage Waiver

Another travel-related benefit is the collision damage waiver, which provides coverage for physical damage and theft of rental vehicles. This can save you money on rental car insurance and give you peace of mind when renting a car.

Mastercard Airport Concierge

Cardholders have access to the Mastercard Airport Concierge service, which offers a 15% discount on meet-and-greet services at airports. While this may not be a frequently used benefit for most students, it can be a nice perk for those who travel often and want a smoother airport experience.

Conclusion

The Deserve EDU Mastercard from Celtic Bank offers a range of features tailored to the needs of students. Its 1% cash back on all purchases, no annual fee, and lack of foreign transaction fees make it a convenient and cost-effective choice for young adults embarking on their credit journey. The added benefits of cellphone protection, collision damage waiver, and Mastercard Airport Concierge services provide additional value, particularly for those who travel.
However, the card’s relatively high APR of 22.99% and low rewards rate may be drawbacks for some. Additionally, the lack of an introductory offer or sign-up bonus means it may not be as competitive as other student cards that provide such incentives.
Overall, the Deserve EDU Mastercard is a solid option for students looking to build their credit while enjoying a straightforward rewards program and valuable travel-related benefits. If you’re a student with limited or no credit history, this card can be a good starting point. However, if you anticipate carrying a balance or are looking for higher rewards, you may want to explore other options.
In summary, the Deserve EDU Mastercard offers a balanced mix of benefits and features that cater to the unique needs of students. Its accessibility, cost-effectiveness, and travel-related perks make it a worthwhile consideration for those looking to establish or build their credit history.