Getting your first credit card as a student can be both exciting and nerve-wracking. You’re looking forward to establishing credit and learning how to use credit. But, as a new, first-time credit card user, you’re worried about fees, interest rates, and strict requirements.
You know there are plenty of card options specially marketed for students. But, how do you know which one is right for you? It can be difficult to navigate the terms and requirements, especially if you’ve never had a credit card before.
Let us help narrow down your options and break down the details.
The Discover it Student credit card is a popular option among young people. We’ve put together a valuable summary of all the card’s features and why they may appeal to you. Read on for our Discover Student Card review.
The Discover it Student card is one of the more preferred cards for students and young people. Discover offers holders cash-back rewards and low fees. Its most unique features include a bonus for good grades and access to tools for managing your credit.
In our Discover Student Card review, we’ll outline the details of these benefits and also touch on some drawbacks. Focus on the factors that are most important to you, so you can make the right choice for your unique needs.
If you decide to apply for the Discover it Student card, you’ll need to provide some basic information, including your social security number. You can find out if you’re approved within 60 seconds of submitting your application, but it can sometimes take up to 30 days to receive a decision.
To be approved for this card, you’ll likely have to prove that you are a student. Most credit card companies verify this via your email address. Or, they may request an enrollment letter from your school.
No student card is perfect for every person. By evaluating the factors that are most important to you, you can feel confident when making your choice for your first student credit card.
You’re probably most concerned with the fees associated with a credit card. We have some good news for you. Discover is known for offering low fees on its credit cards. The Discover Student Card has no annual fee, and there are no fees for international transactions.
There is no late fee for your first missed payment, either. But after the first missed payment, you can be charged a late fee of up to $37. To avoid missing payments, take advantage of text and email alerts.
Some credit card companies will increase your interest up to 30% if a payment is missed. Not Discover. If you have the Discover it Student card, you won’t have to worry about an increased interest rate if you miss a payment.
We’ve got the fees – or lack of fees -out of the way. Let’s talk about benefits like balance transfers and rewards.
The Discover it Student card comes with an introductory offer of 0% interest on purchases during the first 6 months. You can also take advantage of 10.99% APR (annual percentage rate, or interest) on balance transfers for 6 months.
Want great cash rewards? With the Discover it Student card, you can earn 5% cash back at different places each quarter. Take advantage of Discover Card Student rewards with cash-back for purchases made at gas stations, grocery stores, restaurants, and even Amazon.
Along with the quarterly cash-back offers, you get unlimited 1% cash back on all other purchases. As part of their introductory bonus reward program, Discover will also provide a dollar-for-dollar match on all the cash back you’ve earned after your first year.
Discover also offers perks that are especially beneficial for students. The Good Grade Rewards program gives you a $20 credit each school year you earn a GPA of 3.0 or higher. Use this to take the edge of your next payment or to treat yourself after a year of hard work.
Learn more about managing your credit with free access to your credit score on every statement. You’ll also receive free social security number and credit card monitoring with text and email alerts. If you lose your card, it’s easy to freeze your account, while recurring payments can still be processed.
We’ll continue our Discover Student Card review by touching on some of the drawbacks.
If you’re planning to travel or study internationally, this card may not be the ideal option to bring with you. Discover is rarely accepted outside the United States, even though it does not charge fees for foreign transactions.
Discover also recently changed its co-signer policies. You can no longer have a parent co-sign on the account. This can be especially tricky if you don’t have any credit, though the company does try to help people who are new to credit.
We mentioned balance transfer rates as a pro, but Discover’s transfer policies aren’t always preferred. You may find lower promotional APRs on transfers with other companies.
Discover also charges a balance transfer fee. Expect to pay 3% of the amount transferred.
We’ve covered a lot of detail in our Discover Student Card review. It’s time to look at the big picture and decide if this may be a preferred option for you.
The lack of fees alone makes this card an attractive option for anyone, but for students especially. No annual fees, no late fee for initial late payments, and no APR increase for late payments mitigate financial risk. Young people can learn how to be responsible credit card users without incurring additional costs typically associated with credit cards.
The reward structure is also appealing, with cash-back from purchases at places that most college students will visit frequently. Credit rewards for good grades is a benefit that appeals to students and their parents. With free monitoring and text and email alerts, students have additional support in managing their credit.
For a college student looking to build credit with minimal financial risk, the Discover it Student card is a preferred option. The valuable rewards are a bonus.
To learn more about the different credit options available for students and others, please explore our site. We’re committed to helping our customers make smart financial decisions. We offer valuable insight into loan options, credit cards, car insurance, and more.