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Discover It Student Credit Card Review
Cash back, intro APR on purchases and no annual fee for college students
Read more about Discover it® for Students
College students looking to build credit, earn cash back, and pay no annual fee should consider the Discover It for Students. With the combined generous rewards program, intro APR on new purchases and no late fee on the first late payment, it's clear to see why this Discover student credit card is among the most popular offers for college students on the market today.
Pros and Cons
Cash Back Program
Every time you buy something on the Discover It for Students Card, you earn cash back.
The card offers cardholders the opportunity to earn 5% bonus cash back on a variety of rotating categories. The rotating categories change every 3 months and requires cardholders to sign-up (free and easy sign-up each time). For April to June 2013, the bonus category is home improvement stores. During each period, you earn 5% cash back on your first $1,500 of purchases in the bonus categories. If you plan your purchases right, this adds up to some serious savings.
In addition, this card earns unlimited 1% cash back on all other purchases.
Once you’ve earned at least $50 in cash back, you can take the money out either as a credit against your card statement or a deposit in your bank account. You can also redeem your rewards for merchandise or gift cards. Many stores give you extra cash for taking out a gift card, so this could be a way to get even more rewards.
The Discover It for Students Card also offers a 6-month 0% introductory APR on purchases for new cardholders. After that, the APR will be a variable rate, currently 12.99% - 21.99% depending on your creditworthiness.
If you can’t pay off all your spending right away, this card helps give you some extra breathing room. The 0% APR doesn’t apply to balance transfers from other cards, however, so it’s not a great option for paying off your old debts.
Fees on a credit card can be a serious financial issue, especially if you are on a fixed budget as a student. Fortunately, the Discover It for Students Card has a college-friendly fair-fee structure.
First, this card doesn’t charge an annual fee. It also doesn’t charge any foreign transaction fees (great if you decide to travel abroad), over-limit spending fees, or pay-by-phone fees.
If this is your first credit card, it’s understandable that you might mix up a payment deadline. In this situation, the Discover It card is very forgiving. For your first late payment, you won’t be charged a penalty. Plus, Discover won’t raise your APR for paying late.
If you have any questions about your card, Discover is there to help. This card offers 24/7 service, which always connects you to a live representative. These U.S.-based reps do more than just answer basic questions; they’re also there to help you get the most out of your rewards. All you have to do is tell the service reps what kind of products you most want, and they’ll figure out thed best use for your rewards.
With low fees, competitive cash back rewards and great service, the Discover It for Student Credit Card is a solid choice for college-student applicants. After you’ve built student credit history and when you have graduated, consider upgrading to a credit card for young professionals.
Disclaimer: This content is not provided or commissioned by the company whose products are featured on this site. Any opinions, analyses, reviews or evaluations provided here are those of the author's alone, and have not been reviewed, approved or otherwise endorsed by the Advertiser. This site may be compensated through the Advertiser's affiliate programs.
Disclaimer: Discover is a paid advertiser of CreditDonkey.
Disclaimer: This content was first published on January 18, 2013. This content may have been updated on November 13, 2013. Information including APR, terms and benefits may vary, be out of date, or not applicable to you. Information is provided without warranty. Please check Discover website for updated information.
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