Discover it® Student Chrome Credit Card Review

Introduction

Navigating the financial landscape as a student can be daunting, especially when it comes to choosing the right credit card. The Discover it® Student Chrome Credit Card aims to simplify this process by offering a blend of rewards, lenient terms, and student-friendly features. This review delves deep into the ins and outs of this card, providing you with a comprehensive guide to determine if it fits your financial needs and lifestyle.

Discover it® Student Chrome Credit Card Key Takeaways

Before we dive into the specifics, here are the key highlights that set the Discover it® Student Chrome Credit Card apart:
– 2% Cash Back at gas stations and restaurants on up to $1,000 in combined purchases each quarter.
– 1% Cash Back on all other purchases, including books, groceries, and other college essentials.
– Double Cash Back in the first year—Discover will match all the cash back you’ve earned at the end of your first year.
– $0 Annual Fee—a crucial feature for budget-conscious students.
– 0% Intro APR for 6 months on purchases.
– 10.99% Intro APR for Balance Transfers for 6 months from the date of the first transfer.
– Credit History Flexibility—Designed for students with no credit history or poor credit (0-579).
– Purchase Protection—Offers fraud protection and flexible payment options.

Discover it® Student Chrome Credit Card Pros and Cons

Understanding the advantages and disadvantages of the Discover it® Student Chrome Credit Card can help you make an informed decision. Here’s a detailed look:

Pros:

1. Good Grade Reward: Earn a $20 statement credit each school year your GPA is 3.0 or higher for up to the next five years.
2. Unlimited Cashback Match: Discover will match all the cash back you’ve earned at the end of your first year, effectively doubling your rewards.
3. 0% Intro APR: Enjoy 0% intro APR on purchases for 6 months from the date of account opening, making it easier to manage initial expenses.
4. No Annual Fee: Save money every year with no annual fee, allowing you to maximize your savings.
5. No Foreign Transaction Fees: Ideal for students studying abroad or traveling internationally.
6. Fraud Protection: Stay protected with Discover’s robust fraud monitoring and zero liability on unauthorized purchases.
7. Free Credit Score: Monitor your credit health with free access to your FICO® Credit Score.

Cons:

1. Earning Caps: The 2% cash back rate is capped at $1,000 in combined purchases at gas stations and restaurants each quarter. After reaching the cap, the rate drops to 1%.
2. Limited Coverage Outside the U.S.: While there are no foreign transaction fees, Discover cards may not be as widely accepted internationally as Visa or MasterCard.
3. High Regular APR: After the introductory period, the APR ranges from 18.24% to 27.24% variable, which can be high if you carry a balance.
4. Balance Transfer Fee: There is a 3% intro fee on balances transferred by June 10, 2024, and up to 5% fee for future balance transfers.

Discover it® Student Chrome Credit Card Benefits

The Discover it® Student Chrome Credit Card is packed with benefits tailored to meet the unique needs of students. Here’s a comprehensive look at what you can expect:

Cash Back Rewards

– 2% Cash Back: Earn 2% cash back at gas stations and restaurants on up to $1,000 in combined purchases each quarter. This can be particularly useful for commuting students or those who frequently dine out.
– 1% Cash Back: Earn 1% cash back on all other purchases, including textbooks, groceries, and other college essentials, making it easy to earn rewards on everyday spending.
– 2x Cash Back Match: At the end of your first year, Discover will match all the cash back you’ve earned, effectively doubling your rewards.

Introductory APR Offers

– 0% Intro APR on Purchases: Enjoy 0% intro APR on purchases for the first 6 months, giving you a break on interest while you get accustomed to managing your credit.
– 10.99% Intro APR on Balance Transfers: Benefit from a 10.99% intro APR for 6 months on balance transfers made within the first 3 months, which can help consolidate and manage existing debt.

No Fees and Flexible Terms

– $0 Annual Fee: There’s no annual fee, allowing you to save money year after year.
– No Foreign Transaction Fees: Use your card internationally without worrying about additional charges.
– No Late Fee on First Late Payment: Discover offers leniency by not charging a fee for your first late payment, which can be a valuable safety net for students new to managing credit.

Additional Student-Friendly Features

– Good Grade Reward: Earn a $20 statement credit each school year your GPA is 3.0 or higher, for up to five years, incentivizing academic success.
– Free Credit Score: Access your FICO® Credit Score for free, helping you track and improve your credit health.
– Purchase Protection: Discover offers purchase protection, including fraud protection and flexible payment options, ensuring your transactions are secure.

Security and Customer Service

– 24/7 Customer Service: Discover is known for its excellent customer service, available 24/7 to assist you with any queries or issues.
– Freeze It® on/off switch: Misplaced your card? Instantly freeze your account to prevent new purchases, cash advances, and balance transfers with the Freeze It® feature, available via the mobile app or website.
– $0 Fraud Liability: You’re never responsible for unauthorized purchases on your Discover card, ensuring peace of mind.

Educational Resources

– Financial Education: Discover offers educational resources and tools to help students learn about credit, budgeting, and financial planning.
– Student-Friendly App: Manage your account, track spending, and make payments easily with Discover’s user-friendly mobile app.

Other Notable Features

– Account Alerts: Set up email or text alerts to stay on top of your account activity, due dates, and balance information.
– Flexible Payment Options: Discover offers flexible payment options, including the ability to choose your payment due date.
– Rewards Redemption: Redeem your cash back rewards in various ways, including statement credits, direct deposits, gift cards, or at checkout at select merchants like Amazon.

Conclusion

The Discover it® Student Chrome Credit Card stands out as a strong contender for students looking to build their credit while earning rewards. Its student-friendly features, such as the Good Grade Reward, 0% intro APR on purchases, and cash back rewards, make it an excellent choice for those new to credit cards.
The card’s lack of an annual fee and foreign transaction fees further adds to its appeal, making it a cost-effective option for both domestic and international students. However, the earning caps on certain categories and the high regular APR after the introductory period are worth considering.
Ultimately, the Discover it® Student Chrome Credit Card offers a balanced mix of rewards, benefits, and financial education tools tailored to help students succeed financially during their college years and beyond. Whether you’re looking to build credit, earn rewards on everyday purchases, or benefit from lenient terms, this card is a solid choice for any student.
By understanding the features, pros, and cons of the Discover it® Student Chrome Credit Card, you can make an informed decision and take a significant step towards financial independence and success.