Who is the Discover it Chrome for Students Designed For?
Discover it Chrome for Students is designed for college students with decent credit who are looking for a generous and hassle-free cash back credit card with no annual fee.
What are the Interest Rates?
Interest rates for purchases and balance transfers range from 12.99% to 21.99% based on the student's creditworthiness. The cash advance rate is 24.99%. These rates are comparable to those offered by most student credit cards. However, Discover it Chrome for Students doesn't have a penalty rate if you pay late, and offers a six-month introductory rate of 0% APR on purchases and 10.99% on balance transfers.
What Are the Fees?
Low fees are one of the big selling points of the Discover it Chrome for Students card. The card has no annual fee, no late fee on the first late payment, no over limit fee and no foreign transaction fees. It does, however, have a 3% balance transfer fee and a $10 or 5%, whatever is greater, on cash advances and a $35 fee on returned payments and on the second and subsequent late payments.
What Is the Rewards Program Like?
The rewards program is a straightforward cash back program that gives 2% on gas stations and restaurants and 1% cash back on all other purchases. The 2% rate is capped at $1,000 in purchases for every quarter, but there is no cap on the 1% cash back. The program also allows members to use their cash back on Amazon.com.
What about the Signup Bonus?
The regular card does not have a signup bonus, but it sometimes comes with special offers that include a $20 or $50 bonus when you make a purchase within the first three months of opening the account.
Any Other Benefits?
The Discover it Chrome for Students offers members free access to their TransUnion FICO score, has a $0 fraud liability guarantee and a 24-hour U.S based customer service line.
How Is It Better Than Other Credit Cards?
Although it doesn't have the fancy travel and shopping benefits offered by other cards, the Discover it Chrome for Students has a generous cash back program and low interest rates for a student credit card. The straightforward cash back program allows members to redeem their cash as an account deposit, a gift card or use it to shop on Amazon.com.
It has no annual fee, no foreign transaction fee and no penalty rate if you're behind in your payments. The complimentary access to your TransUnion FICO score is a useful freebie that will help students manage and improve their credit.