Discover Student Chrome Review
The Discover it Student Chrome credit card is tailored for students. This review explores the card's cashback structure, credit-building benefits, and how it can assist students in managing their expenses.
Here is a review of the Discover Student Chrome credit card:
The Discover Student Chrome credit card is a good starter card for students with limited credit history. Some key features and benefits include:
- No annual fee. This helps keep costs down for students.
- Cashback rewards. Cardholders earn 2% cashback on up to $1,000 in purchases each quarter on gas, dining, and rideshares. All other purchases earn 1% cashback.
- Good for building credit. Discover reports your payment history to the major credit bureaus each month. Responsible use can help build your credit score over time.
- No late fee on your first late payment. Discover provides some leniency if you happen to miss a payment when starting out.
- FICO Credit Score for free. Cardholders get access to their FICO Credit Score for free on their monthly statements to monitor their credit.
- Good grades reward. Students with a 3.0 GPA or higher can get a $20 statement credit each school year for up to 5 years.
- 0% Intro APR. There is a 0% Intro APR for 6 months on purchases and balance transfers. After that a variable 13.49 - 24.49% APR applies.
Overall, the Discover Student Chrome card is a solid choice for students learning how to manage credit responsibly. The rewards, credit building perks, and lack of fees make it attractive. Just be sure to pay your bill on time each month and keep utilization low.
A comprehensive analysis of the Discover it Student Chrome credit card..
The Discover it Student Chrome credit card is a good option for students who are new to credit and want to earn rewards. It has a $0 annual fee, no late fees for first-time cardholders, and a 0% intro APR on purchases for six months. Additionally, cardholders can earn 5% cash back on rotating quarterly categories, on up to $1,500 in combined purchases each quarter, and 1% cash back on all other purchases.
Here is a comprehensive analysis of the Discover it Student Chrome credit card:
Pros:
- $0 annual fee
- No late fees for first-time cardholders
- 0% intro APR on purchases for six months
- 5% cash back on rotating quarterly categories, on up to $1,500 in combined purchases each quarter
- 1% cash back on all other purchases
- Discover will match all the cash back earned at the end of the first year
- Cash back can be redeemed for statement credits, cash back rewards, gift cards, or travel rewards
- Cardholders can access their FICO credit score for free
- Cardholders get free access to Discover's CreditWise platform, which provides credit monitoring, alerts, and insights
Cons:
- 5% cash back categories change quarterly, so cardholders need to be aware of what they are spending on in order to maximize their rewards
- Cash back rewards are capped at $1,500 per quarter
- Rewards are redeemed in quarterly increments, so cardholders cannot redeem their rewards until the end of each quarter
- Regular purchase APR is high (18.24% - 27.24% Variable APR)
- Foreign transaction fee of 2.5%
Overall, the Discover it Student Chrome credit card is a good option for students who are new to credit and want to earn rewards. It has a $0 annual fee, a competitive intro APR, and a generous cash back rewards program. However, cardholders should be aware of the quarterly cash back caps and the high regular purchase APR.
Here are some tips for getting the most out of the Discover it Student Chrome credit card:
- Set up automatic payments to avoid late fees.
- Pay your balance in full each month to avoid interest charges.
- Take advantage of the 5% cash back on rotating quarterly categories.
- Redeem your cash back rewards at the end of each quarter to maximize your value.
- Be aware of the high regular purchase APR and avoid carrying a balance.