This Discover Student Credit Card review will help you determine if you should apply for the Discover Student Card or if you should compare other student credit cards to find the card that is best for you. Once you have completed this review of the Discover Student Card then be sure to either click the orange apply button above to begin the application or compare many other credit cards using our free credit card finder today!
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Your years as a college student are the ideal time to start building credit. The responsible use of a credit card—which, ideally, consists of paying off your balance in full each month—can earn you the kind of credit score that will have future employers, landlords, and mortgage lenders eating out of the palm of your hand.
Using a credit card can also save you money through the use of cashback rewards. The Discover Student Credit Card is tailored to the needs and habits of college students, which makes it a valuable tool in building the foundation for a lifetime of wise spending and smart saving.
Discover Student Credit Card Rates
The on-going introductory rate for the Discover Student Card is 0% for six months, at which point the standard APR of 14.99% applies. This is a good rate for student cards, but it does not change the fact that you are forking over almost 15% extra each month to your credit card company if you do not pay your balance in full. The situation can go from bad to worse if you make a late payment or fail to make a payment at all.
According to the terms and conditions of the card, not paying your bill on time will earn you a late fee of $19 on balances up to $250 and $39 on balances over $250 each month. In addition, a late payment can nullify any introductory rate you’ve been enjoying or, if you’ve been paying the standard APR, can lead to an increase to a variable default rate which is determined by tacking on as many as five percentage points to your original APR.
Discover Student 5% Cashback Bonus
If there is a place you go regularly as a college student, chances are the things you buy there will be covered by Discover Student Credit Card Cashback Bonus program at some point during the year. “Cashback” rewards are rebates that can take a wide variety of forms depending on your preference. For example, you may choose to have your rebate sent to you in the form of a check, have it credited to your account, or use it toward a gift certificate.
The Discover Student Credit Card cashback program works on a quarterly basis. You must sign up for each phase of the program, which is structured like this: in the first quarter, you can earn 5% cashback from airlines, hotels, car rentals and cruises; in the second quarter, the rebates come from home improvement stores, department stores, and other retailers; in the third quarter, cashback contenders are gas stations, hotels and theme parks; and, finally, in the fourth quarter, cashback comes from purchases made at grocery stores, restaurants and movie theaters. Any purchase that won’t earn your 5% cashback qualifies for 1% cashback. The caveat is that you don’t start to earn your 1% reward until you’ve exceeded $3,000 in annual purchases. While you are building toward $3,000, you can earn a reduced rate of .25%.
Another money saving opportunity available to you as a Discover cardholder comes in the form of the ShopDiscover program. With college students living a significant portion of their lives online, this can be an especially valuable program for your demographic. You can earn as much as 20% cashback when shopping at select online retailers through the Discover Web site.
Rewards can be one of the most, well, rewarding aspects of having a credit card, and Discover offers one of the most extensive rewards programs available. Your cashback rebates will show up on the first page of each statement, giving you a clear picture of how much you’ve saved. If you had used cash instead, you would not be receiving a portion of each purchase back each month. It can be fun to watch your savings add up. However, any reward benefits will be quickly negated if you do not pay your balance in full each month.
Secure Online Account Numbers
A unique feature offered by Discover credit cards is the Secure Online Account Number. Technologically savvy college students know better than most how important it is, and how difficult it can be, to protect one’s identity online and off. The Secure Online Account Numbers available through the Discover Web site allows you to log in to a secure page that will generate a temporary card number for a single purchase (or multiple purchases at the same retailer within a certain amount of time) so that your actual account number is not transmitted.
It is a wise idea to use this added protection with EVERY online purchase you make. While the Discover Student Card also offers $0 Fraud Liability in the event that your card or card number is stolen—meaning you will not owe any money for purchases made fraudulently with your card—it is still paramount to do all you can to protect your identity and your card in every way possible.
100 Discover Student Credit Card Designs
Just as you can attach personalized “skins” to your cell phone, Web page, and many other technological manifestations of your existence, you can also find a Discover Student Credit Card that is uniquely you. With categories ranging from Sports & Hobbies to Wildlife, and with 88 designs in between, there is something sure to add that extra element of individuality to every purchase you make.
Apply for the Discover Student Credit Card Today!
If the Discover Student Credit Card sounds like the best tool with which to build the foundation for a lifetime of wise spending and smart saving, now is the time to start digging. Click the orange apply button above or use the handy credit card chaser to check out your other options and apply for a credit card today!
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