Ben Todd | Jun 2, 2017 | 1
Discover IT Chrome For Students Credit Card Review (Updated 2016)
The Discover IT Chrome For Student credit card is a credit card for students, that offers a lot more then most other student credit cards which we will discuss in this review. Student credit cards are designed for students to begin establishing a credit for themselves. They usually have a low credit limit with some minor rewards. Paying off the bill in full each month, will ensure that student starts building an excellent credit score.
Our Favourite Things About The Discover IT Chrome For Students Credit Card
- 0% intro A.P.R. offer: This card offers a 0% intro A.P.R. on all purchases for the first 6 months of card opening. After the intro period, a variable A.P.R. ranging from 13% to 22% applies. You can make a purchase and slowly pay it off over the course of 6 months, without having to pay a cent of interest.
- 2% cash back: For a student card, this card has a terrific cash back program. You earn 1% on purchases, and 2% on purchases made at restaurants and gas stations. The combined limit for the 2% cash back is $1000 per quarter. After you hit the $1000 in a quarter you will still earn 1% cash back. Not many student credit cards have a cash back program like this card has.
- No annual fee: This card has no annual fee which is important , as students are usually tight for money and an annual fee would hurt the value of this card.
- Good Grade Awards: A great feature this card has is if you have a G.P.A. over 3.0, you will get $20 cash back, for a total of 5 years. So if you continually have good grades, you will receive a total of $100 with this card.
- Double Cash Back Bonus: At the end of your first year with the card, Discover will double the amount of cash back that you have earned. So if you have earned $250, Discover will award you another $250.
- No foreign transaction fee: When you make any purchases outside of the U.S. you will not be charged a foreign transaction fee.
- Use cash back on Amazon: You can easily use your cash back rewards to make purchases on Amazon. $1 cash back = $1 at Amazon checkout. When you are ready to check out, simply add your Discover as a method of payment, and apply your cash back rewards to pay for the purchase.
- No penalty A.P.R.: This card will not charge you extra interest if you make a late payment. However, you would still be charged a $35 late payment fee, which is waived for the first missed payment So always be sure to make your payments on time with this card to avoid the late payment fee.
- Don’t need good/excellent credit: You can qualify for this card with just an average/fair credit score. This is mainly because many students don’t usually have any credit history, making this card easy for any student to qualify for.
Things We Do Not Like About The Discover IT Chrome For Students Credit Card
- No 0% intro A.P.R. on balance transfers : This card does not have a 0% intro offer for balance transfers. However there is a lower interest A.P.R. of 11% for the first 6 months. After the 6 months, the A.P.R. on balance transfers rangers from 13% to 23%. Also, there is a balance transfer fee of 3%.
- Late payment fee: While this card does not charge a penalty A.P.R. it does charge a hefty late payment fee of $35. This is a huge fee that can really cost you, especially if you miss a few payments a year. Try at all costs, to avoid making a late payment on this card.
Who The Discover IT Chrome For Students Best Suits
- students with no/little credit established looking for their first credit card.
- students who will use this card for frequent gas and restaurant purchases.
How The Discover IT Chrome For Students Compares To Other Cards
Citi Thank You Preferred For College Students
This credit card by Citi is a credit card geared towards college students. It is not a cash back back, instead it awards the user with Thank You points, which can be redeemed for various items such as travel, merchandise, gift cards and cash. You can earn 2 Thank You points per $1 spent on purchases on entertainment and restaurants, and 1 Thank You point on purchases spent on all other purchases. A great feature with the Thank You points is they do not expire, and there is no limit on the amount of points you can earn. This card has a 0% offer that will see you pay 0% A.P.R. on all purchases for the first 7 months of card opening. After the 7 months, a variable A.P.R. off 14% to 24% applies. This is just a bit longer then the 6 months you get with the Discover card.
This card also features a sign up bonus that will award you with 2500 bonus Thank You points after you spend your first $500 with this card. This isn’t quite as good as the double your points bonus you get with the Discover IT Chrome card, but it is still pretty good. Overall this is a good card that complete well with the Discover Chrome card.
Discover IT For Students, Good Grades Card
This is another student credit card by Discover, called the Discover IT For Students, Good Grades Card. This card has a different cash back system, that will see you earn 5% cash back on revolving categories such as gas, restaurants, and more each quarter. You will still earn 1% on all other purchases. Keep in mind that you will need to sign up each quarter in order to be eligible to earn the 5% cash back categories. This card features the same Good Grades Awards program that the Discover IT Chrome offers, which will award you $20 each year your G.P.A. is above 3.0 for a maximum of 5 years. Also, both cards do not have an annual fee. Both cards are very good for students, however if you are one that spends a lot of gas and restaurants then you might be better suited for the Discover IT Chrome card as you would get a steady 2% on those purchases, however if you think you would better benefit from the variety on the 5% revolving categories then that card is a good fit for you.
Wells Fargo Cash Back College Visa Card
This is another high quality cash back student credit card offered by Wells Fargo Bank. This card will reward you with 1 % cash back on all purchases, and comes with a 3% cash back on gas, grocery, and drugstore purchases for the first 6 months of card opening. This card has flexible cash back redeeming options, as you can redeem your accumulated cash back in as low as $25 increments. If you have a Wells Fargo bank account you can have the cash back deposited directly to your savings account. This card also comes with a 0% introductory A.P.R. on all purchases for 6 months, then a variable A.P.R. ranging from 11% to 21% applies. This card like the others, does not have an annual fee.
Although overall this card has a lower cash back rate after the 6 months intro period, it does have a few features the other cards do not have such as overdraft protection. You can link this card to your checking account if you bank with Well Fargo, which will serve as overdraft protection. Furthermore, this card comes with auto rental collision insurance, as well as roadside dispatch. Overall, this card does not offer as much value as the Discover Chrome for students, however this card is worth pursuing if you already have a bank account at Wells Fargo.
Should You Or Shouldn’t You, Our Final Verdict:
The Discover IT Chrome for students is a great credit card that offers a lot of value. Of all the student credit cards, this card offers the best flat rate on cash back, as you can steadily earn 2% on gas station and restaurant purchases. The other Discover student card does offer 5% categories, but many times these categories can be a hit or miss situation. Add in the fact that Discover will double the cash back you’ve earned at the end of the year makes this card an easy choice for students. The flexible redeemable options on Amazon is another great feature this card has.There are no annual fees, no penalty A.P.R. or foreign transaction fees to worry about, and it includes a 0% offer.
This card has a bit of everything, making it a must have for students looking for a credit card. The $20 cash back for a good G.P.A. is another good feature worth mentioning. If you are looking for your first credit card that has a good rewards system, low fees, and good offers, then yes, you should definitely get this credit card.