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06-18-2015, 04:59 PM #1
Discover it for Students Review
If you are a college student looking to build your credit, we highly recommend the Discover it for Students credit card. Discover is offering student's the same great rewards program as the standard Discover it Card (or, if you prefer gas rewards, Discover it Chrome).
This gives you the opportunity to have a rewards card that was created for people with excellent credit, all while building up your own credit score. Though, as a student card, the interest rate is a bit higher.
What You Get*:
- 5% Cash Back on Rotating Categories (on up to $1,500/quarter of spending)
- Unlimited 1% Cash Back on All Other Spending
- 0% Intro APR for 6 months on purchases
If you choose Discover it Chrome for Students, you will get 2% cash back on up to $1,000 of combined spending on gas and at restaurants per calendar quarter, and 1% cash back on everything else. Click here to learn more about Discover it Chrome.
On top of all that, the it card has no annual fee, hidden costs or confusing rewards program and it has no penalty APR.
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Of course, that's not all the Discover it has to offer. Here's exactly why you should consider putting this card in your wallet.
How Does the Discover it Rewards Program Work?
You'll earn 5% cash back on categories that rotate each quarter, plus an unlimited 1% cash back on everything else. You can find the rotating cash back categories here.
Note: The rotating categories usually include common purchases like gas and travel as well, although you do need to sign up for each program either online or over the phone. If you exceed the specified limit for each program (usually $1,500), you'll automatically earn the usual 1% back on everything else.
Your cash back can be redeemed for a statement credit or direct deposit to your bank account in $50 increments, or gift cards and merchandise. In most cases, you'll get the best rewards redemption by just redeeming for cash, although they usually have gift cards available that give you a much better conversion. Sometimes you'll find $25 gift cards for $20 in cash back rewards, or even a $40 gift for only $20.
Introductory Promotion -- 0% APR for 6 Months
The Discover it for Student's current introductory promotion is a 0% APR for 6 months on new purchases and 10.99% APR for six months on balance transfers, after which it'll be 12.99%-21.99%. With a relatively low balance transfer fee of 3%, this card is a really good option if you're thinking about transferring a balance to finally pay off credit card debt or you want to finance a large purchase.
The standard APR is somewhat higher than the regular it card, although it is comparable to most credit cards available to consumers with good credit.
Very Few Fees
The Discover it card has no annual fee and you won't pay any other hidden costs, either. There is no pay-by-phone fee, foreign exchange fee, overlimit fee or penalty APR. The late fee for your first missed payment is also waived. This is a huge advantage if you plan to use the card overseas or you occasionally miss a payment.
With virtually all credit cards, a late payment will automatically trigger a penalty APR, which may expire after 6-12 months of on-time payments or remain indefinitely.
Excellent Customer Service
The Discover it card comes with US-based customer service available 24/7. You don't need to worry about calling at certain times or speaking to someone who doesn't speak English as a first language. Your call will even be answered in seconds with very little wait and no time wasted navigating through a menu.
Flexible Payment Options
Discover allows you to choose your own due date each month and you can pay by midnight on your due date either online or over the phone. While this may not sound like such a big deal, many cardholders attempt to pay their bill on the due date only to find out it's past the cut-off time because of time zone differences with a strict 3:00 pm EST deadline. The flexibility is definitely a great feature.
As an added bonus, they will lower your rate or payment if you lose your job.
How Does it Compare?
There is no student credit card that I am aware of that compares to Discover it for Students. This card has great rewards, great perks, and is a great fit for your wallet.
The Bottom Line...
The Discover it Student card is really an innovative credit card with a straightforward solution for consumers to avoid unnecessary fees and penalties while earning up to 5% cash back. While the APR is higher than average, you can avoid interest charges by paying your bill in full each month and use the promo 0% APR to transfer a balance or finance a big purchase. This is a great card for earning rewards or just to have on hand in case of emergency.
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