Update: both of these cards have been replaced by the Discover it®.
The Student Open Road and basic Open Road card are both offered by Discover. They are more than just gas cards. They can be used for online purchases, restaurants, and other retailers as well.
The Discover Student Open Road and Discover Open Road are almost identical.There only a few difference in the financial terms. The primary difference between the Student Open Road card and the Open Road card from Discover is the interest rate.
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Discover Student Open Road Terms
As a special bonus to the students trying to establish their credit for the first time, Discover offers:
- 0% introductory interest rate for the first nine months
- The interest rate then goes up to 12.99% to 18.99%
- The annual fee is $0
For both cards, the final interest rate within the given range will be determined depending on several factors, like credit ratings and your debt to income ratio. Both cards also offer a grace period of 25 days. This means you can pay off your balance without incurring any interest. This is very good, since the interest rates on these cards are higher than some other cards on the market.
The Student Open Road card is also part of Discover’s Credit 101 program, designed to teach young adults how to properly manage their credit and their money.
It has budgeting tools, bill reminders, and educational tools. In addition, CNN Money suggests that parents teach their teens how to use credit cards before they even leave for college. The tool in the Credit 101 program can help with this.
Both cards allow you to have access to the Discover website, which has many helpful features besides the Credit 101 information. You can view purchases and payments, see copies of past statements, and electronically pay your bill.
Discover Open Road Terms
- Open to anyone who wishes to apply
- 15 month introductory period with 0% APR
- Rate will be set between 10.99% and 19.99%
- Balance transfers have 0% introductory rate
- 3% balance transfer fee
- No annual fee
Open Road and Student Open Road Benefits
Both of the Open Road credit cards have many benefits, like Discover’s much copied Cashback Bonus Reward program. The first $250 in restaurant and gas purchases in each billing period on both cards earns 2% cash back.
A billing period is typically 30 days. Your exact billing periods will depend on when you open the account. All other purchases receive a 1% cashback reward.
However, if you purchase items through Discover’s online mall, you can increase your cash back rewards to 5% up to 20%.
Shop Discover is only available to Discover cardholders. Before you shop online, you’ll need to register as an account holder. If you have already done so in order to view your account online, you’re all set.
Once online, you’ll have a choice of over 200 big name retailers. You can find special deals available only through Shop Discover including sales and offers like free shipping. There are even great deals on vacation packages and cruises, all rewarding you with 5% to 20% cashback.
Once you have accumulated a few rewards points, you have several options as to how to redeem them. You can use these rewards to get gift cards from a wide selection of retail partners. Gift cards are available starting at $20 in rewards points, which will get you a $25 gift card mailed to you. Other retailer gift cards start at $40 for a $45 card.
Starting at the $20 level, you can also choose a Discover gift card, good anywhere that accepts Discover, or donate the reward amount to a charity. If you have at least $50 in Cashback Bonus Rewards, you can choose to have that $50 credited to your Discover account or transferred to your bank account.
The Student Open Road card allows you to pick your own design so you can customize your card. Discover has a very high customer satisfaction rating. The J.D. Powers & Associates 2012 ratings give Discover a five out of five rating in overall satisfaction.
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