Firstcard offers college students a way to earn cash back, but understanding the rewards system can be a bit tricky. The card promises up to 15% cash back from select merchants, although the specific amount varies by merchant and some offers require an invitation. Currently, you can earn 5% back from purchases made at Chegg, ChatGPT, Grammarly, Adobe, and Canva, among other vendors beneficial for students. Additionally, there's a chance to earn up to 10% in "Random Cashback" on some purchases, with a cap of $15 per transaction and $75 per day. Only one cash-back offer per merchant can be redeemed each day, and offer details are available on the Firstcard app.
Redeeming rewards is straightforward; cash earned gets credited to your Firstcard account, which can be used for purchases or bill payments. Using data from various sources, it's estimated that the average college student might spend around $18,190 annually on credit card purchases, which could translate into approximately $518.25 in annual cash back when taking advantage of the 5% cash-back offer. Furthermore, if the Firstcard deposit account earns interest, students could gain additional value. For instance, depositing an average of $1,515 per month at 1.25% APY could yield about $19 in annual interest.
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