*Update: the Discover Student More card has been replaced by the Discover it® for Students.
The Discover Student More credit card is just for students. It is designed to reward college students for what they usually purchase and to help them build credit history.
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Discover Student More Earns More
Credit cards are common in today’s lifestyle. It’s important that college students learn how to use them as financial tools says the College Board. Students need to learn the proper way to use them and the effects of carrying a balance.
The Discover Student More Credit Card is designed specifically for the young adult finding their financial footing. The rewards program will earn them 1% back on all purchases. There’s also a constantly rotating category of purchases, which will earn the student 5% back. These are common items like gas, groceries, or restaurants. Purchases made through Discover’s online shopping center earn from 5% to 20% year-round.
The cash rebate credit card rewards can then be redeemed for a wide variety of rewards. The money can be deposited electronically into a bank account or credited to the Discover account. It can even be donated to charity.
To make the rewards stretch even further, the cardholder can redeem them for gift cards from participating retailers. This is an attractive option because these gift cards cost less than their face value. For instance, $25 cards can be redeemed for $20 worth of cash back awards.
Discover Student More is Still a Credit Card
The Discover Student More Card is a full-fledged credit card. Though there is a great introductory offer of 0% APR for the first nine months, after that the standard APR applies. This will range from 12.99% to 19.99%, depending on the student’s credit rating. If they are under 21, they might be required to have a credit card co-signer. This card would affect the co-signer’s credit.
The Discover Student More Card does not have an annual fee. There are other fees such as balance transfer fees and cash advance fees, which do apply. The interest rate on cash advances is even higher than the purchase rate at 23.99%.
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