Terms apply to American Express benefits and offers. Visit americanexpress.com to learn more.
When I was in college, I lived a relatively frugal lifestyle.
I commuted to campus from home (where I prepped most of my meals for the week) and only occasionally spent money on fun like going out to dinner with my friends. My main expenses were transportation and sometimes food, which I could afford with the money I earned from my work-study job and internships, along with the help of my parents.
While this no-frills lifestyle helped save me money, I now realize a couple of financially savvy moves could have helped me achieve the same result without quite so much sacrifice. If I had the chance, there are a couple of changes I would make to how I managed my money back in college.
Open a (high-yield) savings account sooner
Living at home with my parents meant being able to save money I otherwise would have had to spend on student housing and meals. Aside from paying the tuition, my parents also made sure that I had some money in my checking account if, for example, I needed to buy food. At the time, I had a Chase College Checking℠ account with my mom, so she could conveniently transfer money into my account whenever I needed it. The Chase College Checking℠ Account is no longer available for new account openings.
During the second semester of college, I started earning some of my own income through my work-study job, until I graduated in 2020. On top of that, I also earned minimum wage from internships I worked during my last two semesters in college.
A lot of this money went toward paying my essential expenses like transportation, college supplies and food. But I did sometimes have some extra cash. For three years, I let it sit in my checking account where it didn't earn any money. When I finally did open an account my senior year, it was a Chase Savings℠ Account that only gave me a measly .01% interest each month.
While getting a savings account was the right idea, I should have gone with a high-yield savings account like the Marcus by Goldman Sachs High-Yield Savings Account, which currently earns a 3.50% APY. The Synchrony Bank High Yield Savings Account also earns a competitive 4.00% APY as of writing with no monthly fees and offers convenient withdrawal options.
Marcus by Goldman Sachs High Yield Online Savings
Annual Percentage Yield (APY)
3.50%
Minimum balance
None
Fees
No monthly maintenance, overdraft or excessive transactions fee
Maximum transactions
No limit to the number of withdrawals or transfers you can make
Checking account
No
ATM card
No
Terms apply.
Pros
- No minimum balance or deposit
- No monthly fees
- No limit on withdrawals or transfers
- Easy-to-use mobile banking app
- Offers no-fee personal loans
Cons
- Higher APYs offered elsewhere
- No option to add a checking account
- No ATM access
Synchrony Bank High Yield Savings
Annual Percentage Yield (APY)
3.50% APY
Minimum balance
None
Monthly fee
None
Maximum transactions
Up to 6 free withdrawals or transfers per statement cycle
Excessive transactions fee
None
Overdraft fee
None
Offer checking account?
No
Offer ATM card?
Yes
Terms apply.
Pros
- Strong APY
- No minimum balance or deposit
- No monthly fees
- Easy ATM access
Cons
- No option to add a checking account
Learn how to properly use a credit card
I got my first credit card when my mom added me as an authorized user to her American Express® Gold Card before I left to study abroad during the fall semester of 2018. While I would use the card every once and a while to book trips while abroad, I mostly stayed clear of it because I was afraid of credit card debt.
But while my fear of credit cards kept me free of debt, it cost me in other ways. For example, had I known about the American Express Travel portal, I could've earned 3X membership rewards per dollar on flights booked directly with airlines or on amextravel.com.
The American Express Gold Card is great for earning valuable Membership Rewards® points at restaurants worldwide and U.S. supermarkets.
- You can earn $400+ in dining and rideshare credits every year (Enrollment required for select benefits mentioned)
- Exceptionally rewarding for eligible restaurant and U.S. supermarket purchases
- No foreign transaction fees
- Larger annual fee
- Credits are more complicated, you earn them monthly or semi-annually
Highlights
Highlights shown here are provided by the issuer and have not been reviewed by CNBC Select's editorial staff.
- You may be eligible for as high as 100,000 Membership Rewards® Points after you spend $8,000 in eligible purchases on your new Card in your first 6 months of Card Membership. Welcome offers vary and you may not be eligible for an offer. Apply to know if you're approved and find out your exact welcome offer amount – all with no credit score impact. If you're approved and choose to accept the Card, your score may be impacted.
- Earn 4X Membership Rewards® points per dollar spent on purchases at restaurants worldwide, on up to $50,000 in purchases per calendar year, then 1X points for the rest of the year.
- Earn 4X Membership Rewards® points per dollar spent at US supermarkets, on up to $25,000 in purchases per calendar year, then 1X points for the rest of the year.
- New! Earn 5X Membership Rewards® points on prepaid hotel stays booked through AmexTravel.com or the Amex Travel App.
- Earn 3X Membership Rewards® points on flights booked through AmexTravel.com, the Amex Travel App, or purchased directly from airlines.
- Earn 2X Membership Rewards® points on prepaid car rentals booked through AmexTravel.com or the Amex Travel App and cruises booked and paid through AmexTravel.com.
- Earn 1X Membership Rewards® point per dollar spent on all other eligible purchases.
- Pay It® lets you tap in the American Express® App to quickly pay for small purchase amounts throughout the month and still earn rewards the way you usually do. Plan It® gives you the option to split up big purchases into equal monthly payments with a fixed fee. You'll know upfront exactly how much you'll pay.
- Updated! $120 Dining Credit: Earn up to a total of $10 in statement credits monthly when you pay with the Gold Card at Grubhub (including Seamless), Buffalo Wild Wings, Five Guys, The Cheesecake Factory, and Wonder. This can be an annual savings of up to $120. Enrollment required.
- $100 Resy Credit: Get up to $100 in statement credits each calendar year at over 10,000 qualifying U.S. Resy restaurants after you pay for eligible purchases with the American Express® Gold Card. That's up to $50 in statement credits semi-annually. Enrollment required.
- $84 Dunkin' Credit: Earn up to $7 in monthly statement credits after you pay with the American Express® Gold Card at U.S. Dunkin' locations. Enrollment required.
- $120 Uber Cash on Gold: Enjoy up to $120 in Uber Cash annually with your Gold Card. Just add your Card to your Uber account and you'll get $10 in Uber Cash each month to use on orders and rides in the U.S. when you select an Amex Card for your transaction.
- New! As an American Express® Gold Card Member, you can enjoy complimentary Hertz Five Star® Status. Enjoy benefits like skipping the counter at select locations, adding an additional driver at no additional cost*, and vehicle upgrades**. Benefit enrollment and Hertz Gold+ registration are required. *Additional drivers must meet standard rental qualifications and must be a spouse or domestic partner to qualify as complimentary. Other additional drivers subject to fees. **Benefits are subject to availability and vary by location. Additional Hertz program Terms and Conditions including age restrictions apply.
- Take advantage of a $100 credit towards eligible charges* at over 1,300 upscale hotels worldwide when you book The Hotel Collection through AmexTravel.com or the Amex Travel App **. *Eligible charges vary by property. **The Hotel Collection requires a two-night minimum stay.
- Book your travel through the Amex Travel App with added peace of mind – backed by American Express® service and support. Only for American Express® Card Members.
- Whenever you need us, we're here. Our Member Services team will ensure you are taken care of. From lost Card replacement to statement questions, we are available to help 24/7.
- No Foreign Transaction Fees.
- Annual Fee is $325.
- Terms Apply.
- See Rates & Fees
Foreign transaction fee
None
Even after I graduated from college and got a credit card of my own — the Chase Freedom Unlimited® — I still wasn't using the cash-back rewards in a way that would maximize my money (see rates and fees). Instead of redeeming my points to pay for new purchases with Amazon, where the value of each point was only 1 cent, I could have redeemed them for travel-related expenses where I would get 1.5 cents for each point.
The Chase Freedom Unlimited® is a no-annual-fee card that earns generous cash-back on everyday purchases and a lucrative welcome bonus.
- Users get a high rewards rate and strong welcome bonus
- Purchases and balance transfers get long intro APR
- No annual fee
- Travelers face a foreign transaction fee
- Few rewarding ongoing benefits
Highlights
Highlights shown here are provided by the issuer and have not been reviewed by CNBC Select's editorial staff.
- Earn a $200 Bonus after you spend $500 on purchases in your first 3 months from account opening
- Enjoy 5% cash back on travel purchased through Chase TravelSM, our premier rewards program that lets you redeem rewards for cash back, travel, gift cards and more; 3% cash back on drugstore purchases and dining at restaurants, including takeout and eligible delivery service, and 1.5% on all other purchases.
- No minimum to redeem for cash back. You can use points to redeem for cash through an account statement credit or an electronic deposit into an eligible Chase account located in the United States!
- Enjoy 0% Intro APR for 15 months from account opening on purchases and balance transfers, then a variable APR of 18.24% - 27.74%.
- No annual fee – You won't have to pay an annual fee for all the great features that come with your Freedom Unlimited® card
- Keep tabs on your credit health, Chase Credit Journey helps you monitor your credit with free access to your latest score, alerts, and more.
- Member FDIC
Balance transfer fee
Intro fee of either $5 or 3% of the amount of each transfer, whichever is greater, in the first 60 days. After that, either $5 or 5% of the amount of each transfer, whichever is greater.
Foreign transaction fee
3% of each transaction in U.S. dollars
Start paying off student loans in college
Although I earned grants, scholarships and work-study funds for my undergraduate college program, I still had to take out student loans to pay off the rest of the tuition that we couldn't afford out-of-pocket. I planned to wait until graduation, land a job and then start paying off my student loans after the six-month grace period expired.
But I would have been far better off if I hadn't waited until graduation to start chipping away at those loan payments. This is because once I started paying off my student loans, I realized that I owed about $400 in interest on my unsubsidized loans. I wasn't aware that unsubsidized loans accrue interest from the moment they're disbursed. This means that interest accumulates not only while I'm in school but also during certain deferment periods. Having to pay a few hundred dollars in interest didn't ruin my financial future, but it's something I would have tried to avoid if I had known better.
Learn more about real-world finances
I used to frequently worry about not having enough money but I didn't realize it stemmed from my limited knowledge of money management. Managing and understanding money can be tough and the complicated jargon and countless acronyms don't make it any easier.
Still, I wish I had made a little more effort during college to level up my knowledge of the basics. It would have given me a leg up on building good habits like budgeting and saving and spared me a lot of sleepless nights.
Money matters — so make the most of it. Get expert tips, strategies, news and everything else you need to maximize your money, right to your inbox. Sign up here.
Bottom line
Looking back, I could have saved myself a lot of money and stress if I had taken the time to better understand my personal finances. But I've come to realize that the best thing you can do for yourself is to be patient with yourself.
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For rates and fees of the American Express® Gold Card, click here.
