Are you a student looking to build your credit history or enjoy the benefits of cash back rewards? Discover student credit cards may be the perfect financial tool for you. With features like the Discover It Student Cash Back Card, these credit cards are designed to meet the unique needs of students. The best part? You don’t need a credit score to apply, making it accessible to those just starting their financial journey.
In this comprehensive guide, we’ll explore everything you need to know about Discover student credit cards, including benefits, requirements, how to apply, credit limits, and some user reviews.
Benefits of Discover Student Credit Cards
Discover student credit cards come with benefits that cater to the needs of students. Here are some key benefits:
Discover it Student Cash Back
One of the most attractive features of Discover Student Credit Cards is the Discover It Student Cash Back Card. This card allows you to cash back your daily purchases. As a student, every dollar counts, and this card can help put some money back in your pocket. It offers 5% cashback up to a quarterly maximum and 1% cashback on all other purchases at restaurants, gas stations, grocery stores and more.
To give you a better understanding of the potential savings, let’s look at a hypothetical example:
| Category | Spending | Cash Back |
|---|---|---|
| Restaurants | $200 | $10 |
| Gas Stations | $150 | $7.50 |
| Grocery Stores | $300 | $15 |
| Other Purchases | $500 | $5 |
| Total Cash Back | $37.50 |
In this scenario, you can get $37.50 cash back per quarter. Over the course of a year, this adds up to a significant amount of savings, especially for a student.
No annual fee
Discover It student credit cards come with no annual fee, meaning you won’t be charged for holding the card. This is especially beneficial for students who are often on a tight budget.
Rewards for good grades
Discover rewards for students who excel academically. If you maintain a GPA of 3.0 or higher, you can earn a $20 statement credit each school year. This incentive will help motivate you to perform better academically while reaping financial benefits.
Free FICO Credit Score
Discover gives you a free FICO credit score, a useful tool for tracking your credit history and tracking your progress. It’s important to keep an eye on your credit score because it can affect your future financial endeavors, such as renting an apartment or applying for loans.
Requirements for Discover Student Credit Cards
Although Discover student credit cards are designed to be accessible, there are still some requirements to be aware of:
STUDENT STATUS
To qualify for the Discover Student Credit Card, you must be a student. This includes undergraduate and graduate students who are enrolled at least half-time in a two-year or four-year college or university. You must provide proof of your student status during the application process.
Income
Although having income is not mandatory, it will help your application. If you have a part-time job or some other source of income, it can improve your chances of getting approved for a credit card.
Age
You must be at least 18 years old to apply for a Discover Student Credit Card. This is the legal age at which you can enter into a credit card agreement.
How to Apply for Discover Student Credit Cards
Applying for a Discover student credit card is a straightforward process. Here’s a step-by-step guide to get you started:
- Visit the Discover website: Visit the official Discover website to explore different student loan card options.
- Choose a card: Choose the Discover It student credit card that best suits your needs, such as the Discover It Student Cash Back Card.
- Click “Apply Now”: Once you have selected a card, click the “Apply Now” button to begin your application.
- Provide Personal Information: You will be asked to provide your personal information, including your name, address, date of birth and contact details.
- Provide Student Information: You must provide information about your school, major, and expected graduation date.
- Income and Employment Information: Share details about your income and employment status. If you have any income, include it in the application.
- Review and Submit: Carefully review all the information you have provided and if you are satisfied, submit your application.
- Wait for a response: Discover will review your application and notify you of the outcome. This process usually takes a few weeks.
- Activate your card: If your application is approved, you will receive your Discover Student credit card in the mail. Follow the instructions to activate it.
Credit Limits for Discover Student Credit Cards
Your credit limit on the Discover Student Credit Card depends on a number of factors, including your creditworthiness, income and other financial details. Initially, as a student, your credit limit may be lower than you expect in the future as your credit limit improves.
Using your card responsibly is essential to increasing your credit limit over time. This means paying your bills on time and keeping your credit utilization low. Responsible credit card use can help you build a strong credit history and improve your credit score.
Read Also: Discover it Business Credit Card
Discover it Student Credit Card Reviews
Let’s take a look at some user reviews to give you a better understanding of what to expect with Discover Student Credit Cards:
1. Positive Feedback
- Lucy: “I got the Discover It Student Cash Back Card when I was in college, and it was great. The cash back rewards were a big plus, and not needing a credit score to apply made it accessible to me as a student.”
- Sam: “I’ve been using the Discover It Student Card for over a year and I’m happy with it. The 5% cashback on revolving categories really adds up and helps me save money on everyday expenses.”
2. Negative Feedback
- Emily: “I applied for the Discover It Student Card, but my application was rejected. I wish they were more flexible with their income requirements for students.”
- Alex: “Although the cash back is good, I find the credit limit too low, which can be limiting when it comes to big expenses.”
Remember that individual experiences may vary, and it’s important to review the card’s terms and conditions to make sure it fits your financial goals and circumstances.
Frequently Asked Questions (FAQ)
Do I need a credit score to apply for a Discover student credit card?
No, you do not need a credit score to apply. Discover student credit cards are designed to be accessible to students just starting their financial journey.
What is the minimum age to apply for Discover Student Credit Card?
You must be at least 18 years old to apply for a Discover Student Credit Card.
Can I apply for a Discover student loan card if I am a graduate student?
Yes, undergraduate and graduate students enrolled at least half-time in a two-year or four-year college or university are eligible to apply.
How do I increase my credit limit on the Discover Student Credit Card?
To maximize your credit limit, use your card responsibly by making on-time payments and keeping your credit utilization low. Over time, as your credit history improves, you may qualify for a loan limit increase.
Are there any fees associated with Discover Student credit cards?
No, Discover student credit cards come with no annual fees, making them a budget-friendly option for students.
Final Words
Discover student credit cards offer a range of benefits tailored to the individual needs of students. With features like the Discover It Student Cash Back Card, you can earn cash back on your everyday expenses while building your credit history.
The accessibility of these cards makes them an attractive option for students starting their financial journey without a credit score requirement.
Before applying for a Discover student credit card, review the specific card’s terms and conditions to make sure they fit your financial goals and circumstances.
With responsible card usage, you can not only enjoy rewards, but also improve your credit history for future financial endeavors. Whether you’re an undergraduate or graduate student, these credit cards can be a valuable addition to your financial toolkit.
