Discover it® Student chrome Review

Parents interested in a great starter credit card for their children might want to take a look at the Discover it® Student chrome. It’s gives students credits for maintaining good grades. The card also includes cash-back rewards as well as cash-back matching the first year, and there’s no annual fee. Other card advantages include free FICO scores and low monthly fees. Students also aren’t charged a fee if they’re late with their first payment.
Discover knows that young adults are new to having credit. The Discover it® Student chrome. can help them build their credit history and learn how to use credit responsibly. It’s easy to apply for, and most students are eligible for the card even if they have student loans. They also don’t need an extensive credit history, as this might be their first credit card.

The Essentials of the Discover it® Student chrome

Introductory Offer: 0% APR for 6 months and a 10.99% APR for balance transfers for the first 6 months. After the promotion ends, the APR switches to a variable APR of 19.49% variable. There is no penalty APR.

  • Annual Fee: There is no annual fee.
  • Primary Feature: Annual bonuses total about $71 if students spend about $300 monthly.
  • Introductory Bonus Offer: Cardholders receive $20 statement credits every year for up to 5 years if they maintain the minimum requirement of a 3.0 GPA. They can receive a 2% cash-back rewards on restaurants and gas with a $1,000 spending cap. It then switches to a 1% cash-back rewards for general purchases.

What’s Interesting about the Discover it® Student chrome

Discover has a great introductory card with the Discover it® Student chrome that’s built for students. It includes many reward incentives and bonuses. In the first year, students can earn 2% cashback quarterly on restaurants and gas stations when enrolled in each quarter up to $1,000 in purchases and then 1% cashback on all other purchases once the maximum is reached.

Additionally, the card is good for students with limited or no credit, as a FICO history isn’t required to apply for the card.
Students can also benefit from balance transfers. They can transfer other credit card balances at a rate of 10.99% for the first 6 months before switching to the variable APR of 19.49%. Additionally, there are no over-the-limit fees or foreign transaction fees.
Other advantages include free credit scores and free Social Security number alerts. Students can also freeze or unfreeze their accounts to prevent fraudulent activity. The $20 statement credit is a monetary reward for students with a 3.0 GPA or higher. They can receive this credit in their statements annually for up to 5 years.

Things to Consider

The Discover it® Student chrome is a good introductory card, but the 2% cash-back offer spending cap is $1,000. It then switches to 1% cash-back rewards. This interest rate is lower than what other banks might offer. Reward cards typically might include 4% to 5% cash-back rewards. However, because the terms are lenient and the fees are low, it’s still a good first-time credit card for students.

Additional drawbacks include that the cash-back rewards spending limit is low. Other credit cards like the Discover it® Cash Back have a limit of $1,500, while some have $2,500 limits. Furthermore, the cash-back matching is only in the first year when students can earn 2% cashback quarterly on restaurants and gas stations when enrolled in each quarter up to $1,000 in purchases and then 1% cashback on all other purchases once the maximum is reached.

How to Get the Most from this Card

To get the most value from the Discover it® Student chrome, students should make this their go-to card when they purchase gas and restaurant meals. In the first year, students can earn 2% cashback quarterly on restaurants and gas stations when enrolled in each quarter up to $1,000 in purchases and then 1% cashback on all other purchases once the maximum is reached.
Students will find that other benefits with the card include free credit scores and Discover will monitor their Social Security number for free. They should take advantage of these features to reduce their exposure to cyber-criminals online. Most students use free Wi-Fi on campus, in dorms and in coffee shops. However, they aren’t aware of the dangers of cyber-threats like man-in-the-middle attacks. These are prevalent when using free, public Wi-Fi.

Other Card Options that Might Interest You

A card like the Discover it® Student chrome is the Discover it® Student Cash Back. It has a 0% APR for six months. After that, there is a variable APR of 19.49%. The card has no annual fee, and it includes cash-back rewards. The difference is that with the Discover it® Student Cash Back, instead of $71 in annual bonuses, students can earn about $85. Additionally, instead of 2% cash-back rewards for up to $1,000, students can earn 5% cash-back rewards for up to $1,500 in rotating categories per quarter when they enroll for each quarter. They will then earn 1% cash back rewards when the maximum is reached.
Another option is the Citi Rewards+℠ Student Card for students who want to pay for groceries and gas. It rewards 1x to 2x points for every dollar and includes a 2,500-point welcome bonus. Students can receive this if they spend $500 within the first three months. There’s a 0% APR for the first 7 months before it switches to a variable APR rate of 15.99% – 25.99%. The card automatically rounds up 10 points for each purchase, and there’s no spending cap.

The Final Word

The Discover it® Student chrome is one of the best credit cards for students new to having credit. There’s no annual fee and 2% cashback quarterly on restaurants and gas stations in the first year when cardholders enroll in each quarter up to $1,000 in purchases and then 1% cashback on all other purchases once the maximum is reached. A $20 statement credit is available annually for up to 5 years. Students are eligible for this if they maintain a 3.0 GPA. Other incentives include no annual fee, a 0% APR for the first 6 months with a variable APR of 19.49% after that, and cash-back matching in the first year.

One drawback is that students need to spend about $300 to be eligible for the $71 in annual rewards money. However, students who are responsible with money can enjoy the yearly rewards and the cash-back matching rewards in the first year. This makes the Discover it® Student chrome a good introduction to credit, as it can reward students who are responsible with credit.