The Discover It Chrome Card for College Students
Going to college is an exciting and scary time. For many young adults, this is the first time in their lives that they’re on their own. Usually, the last thing on their mind is their financial health, but it’s important. As a college student, you want to start establishing a solid credit history as soon as possible. This way, lenders will be more willing to work with you when it comes time to get loans. It can also help you get lower insurance premiums and lower interest rates for credit cards. That is why students should consider applying for a student credit card like the Discover it Chrome card.
Credit cards for college students are an excellent way to start building your credit history. As long as you use them responsibly, you’ll start a solid foundation for financial health. The Discover It Chrome Card is an excellent student credit card to apply for. It does come with a few eligibility requirements, and you should know about them before you apply. If you can’t get this Discover card for students, you do have other options as well.
Discover It Chrome Card Pros
Discover it Chrome Card With Cash Back Rewards
The Discover It Chrome card is a straightforward cash rewards card. You’ll get 2% cash back on gas and restaurants. This is especially good for college students who drive back home a lot. This amount does cap at $1,000 every quarter, but it’s a good deal. You also get 1% cash back on all of the other items you buy.
Good Grades Reward
The Discover student credit card has an exclusive Good Grades reward category. If you have this card and maintain a 3.0 GPA, you’ll get $20 per year. You’ll continue to get $30 per year for up to 5 years. This is an excellent incentive to do well in school and get rewarded for doing so.
No Annual Fee
As you may know, college students don’t usually have a lot of money to spare. However, the Discover It Chrome card has no annual fee. For a reward credit card, this is a bonus. It’s also a huge perk for a college student card. The waived annual fee lets you use your card for emergencies only if you choose. You don’t have to use it a lot to try a make your rewards outweigh your annual fee.
To improve your financial health, have to be able to monitor your credit score. With the Discover It Chrome card, you can quickly and easily monitor your credit. You’ll get once a month access to your FICO credit score completely free. You’ll be able to catch mistakes quicker if you check each month as well.
Earn Discover Bonus Rewards the First Year
Along with the decent cashback rates, the student Discover card has bonus rewards. Cardholders will get a cash back match for the first 12 months. This means if you’ve made $250 in cash back, Discover will give you a $250 match. This is a very big incentive to spend wisely and earn a bunch of rewards.
0% Intro APR
For the first 6 months, you have this card; you’ll get 0% APR. You’ll be able to buy things and spread your payments out over 6 months without interest. This is nice if you’re thinking of buying a more expensive item. It can also work for outfitting your new dorm room or apartment.
Comparing Student Credit Cards
Discover It Chrome Card Cons
As the Discover student card is to help build credit, it comes with a higher APR. Once the 6-month introductory offer ends, you’ll pay between 14.24% to 23.24%. If you intend to carry a balance from month to month, be prepared to pay for it. This APR is also variable, meaning it can go up.
No Guaranteed Approval with the Discover it Chrome Card
Since 2010, credit cards for college students are slightly harder to get. This is true especially if you’re under 21 when you apply for it. You also don’t have a guarantee that the lender will approve you. A lot of the variables come from your credit history and your credit score itself.
Lower Acceptance Rate
The Discover It Chrome card is less widely accepted. While you can count on most vendors to accept Visa or MasterCard, you have to be careful with Discover. This can create problems if you tend to go out and don’t carry cash or an additional card. Always make sure your vendor of choice accepts Discover before you buy anything.
2010 and Beyond Requirements for Student Credit Cards
In 2010, the Credit Card Accountability, Responsibility, and Disclosure (CARD) Act came to be. These laws regulated how credit lenders could cater to students. It restricted the number of freebies a lender could give to entice students to sign up. It also required students under 21 to have a steady source of income and proof of it. Finally, it restricted a lender’s ability to offer pre-screened credit card offers without explicit parental consent. This drastically reduced the number of student credit cards, but there are other options.
Build Your Credit Without a Student Credit Card
Become an Authorized User
If you don’t want to sign up for a credit card, ask your parents to put you on their card. Many parents will have their teen added as an authorized user. You’ll gain authorized user status, and your credit limit will be whatever your parent’s card limit is. Usually, just being added as an authorized user will boost your credit score.
Try a Secured Credit Card
If you don’t trust yourself with a normal credit card, opt for a secured credit card. You place a deposit with the lender, and this is your maximum credit line. You can do small things like charge an inexpensive entertainment streaming service each month. Pay it off every month, and it’ll boost your credit score. Once your score is high enough for a normal card, you can close your secured card. You’ll get your deposit back if you’ve used it responsibly, and you can try for a better card.
Final Thoughts on the Discover it® Chrome Card for College Students
Credit cards for college students are an excellent way to start building your credit. It is important to compare different student credit card applications to find the best student card for you. The Discover It Chrome card is a straightforward rewards card that offers several nice perks. If you’re trying to build your credit, it may be worth a shot. You should also look into alternative methods of credit building. Either way, you’ll lay a solid foundation for a healthy financial status.
CreditFast has reviewed the best student credit cards on the market. Some of the credit card offers are from our advertising partners. CreditFast has objectively reviewed the features and benefits of each college credit card. We have chosen student credit card offers based on our editor’s recommendations.