Aug 23, 2017

Discover it® for Students Credit Card Review for 2014

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Discover it® for Students

Card Review: Discover it for Students Card Review
CardSight Rating: 4.8/5.0 stars ★★★★★

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Intro APR Intro Balance Transfer APR Regular APR Annual Fee Balance Transfers Credit Needed
0% on purchases for 6 Mo.* n/a* 12.99% - 21.99% (Variable)* $0* no* Fair*

A Student Credit Card Like No Other...

The Discover it® for Students Card is geared toward the college student, and particularly those obtaining their first credit card. It provides a 0% introductory APR on purchases, and cash back on different categories of purchases that vary quarterly.Update: There is now also a Discover it® for Students $20 Cashback Card which is nearly identical to the features of the Discover it® for Students card in this review--except there is no intro 0% APR period at all...instead it provides a $20 Cashback Bonus® benefit after you make your first purchase within 3 months of approval*.

APR for Purchases

This student credit card carries a 0% introductory APR for the first six months after an account is opened. After the introductory period, the rate climbs to between 12.99% and 21.99% (variable*), based on the cardholder’s creditworthiness. This gives a student cardholder a full school year to adjust to paying regularly on a card before interest begins accumulating on carried balances. Once the introductory APR expires, the minimum interest payment is $.50.

Balance Transfers

The Discover it® for Students Card does not offer an introductory rate for balance transfers. That rate falls at the same range of 12.99% to 21.99% Variable* as the post-introductory rate on purchases.

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Fees

The fee structure has great benefits with the Discover student card. As is appropriate for the budget of most students, this credit card charges no annual fee. Plus, no over limit, foreign transaction, or pay-by-phone fees...No late fee on your first late payment and Discover won't increase your APR for paying late.*

  It does, however, charge a 3% balance transfer fee, in addition to the interest rates that apply to such transfers. Both late payments and returned payments lead to fees of up to $35, leaving some discretion on the application of those fees. A cash advance will bring the greater of $10 or 5% of the advanced amount, along with an APR of 24.99% on that portion of the cardholder’s balance.

Perks

The rewards program for the Discover it® for Students Card accumulates as cash back, delivered in the form of Discover® gift cards, partner gift cards, charitable contributions, or cash. In general, the accumulation is low: .25% on the first $3000 each year, then 1% on purchases over $3000. Each quarter, the card accumulates 5% cash back on a different category of purchases, such as those made at gas stations, movie theaters, or department stores, up to $1,500 per quarter. And purchases at the Discover® online mall accumulate 5% to 20% cash back.

In addition, the Discover® site provides helpful information, designed specifically to educate student cardholders on how credit works.

Bottom Line

For students and those new to credit cards, the Discover it® for Students Card provides a good way to learn how to use credit wisely. Rewards accumulate slowly outside of the currently highlighted categories, and sophisticated users of credit cards can find better terms and opportunities. For newbies, though, the card can provide a firm foundation and knowledge that will be valuable down the road.

Overall, we give this card a solid rating of 4.8 out of 5.

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