Many students haven't established credit profiles, while others have developed a few dents in their financial dealings. The Discover IT for Students card allows students to get off on the right foot in establishing credit or make up for a few mistakes in the past. The Discover IT for Students card also provides generous cash back rewards and other worthwhile benefits that make this a great card for students to carry.
Who Is the Discover IT for Students Card Designed For?
The Discover IT card is designed exclusively for students. It is not intended for business use. Unlike the standard Discover IT card which requires excellent credit to qualify, the Discover IT for Students card is available for students with fair or average credit.
What are the Rates?
There is an intro 0% APR on purchases for 6 months and an intro 10.99% APR on balance transfers for 6 months. After that, the rates for purchases and balance transfers range from 13.99% APR to 22.99% APR based on the student's creditworthiness. The cash advance rate is 25.99% APR.
Are There Annual Fees?
There are not annual fees.
Does the Discover IT for Students Card Offer Rewards?
The Discover IT for Students card offers 1 percent cash back on all purchases. In addition, a 5 percent cash back bonus is offered on purchases made in specified categories that change every quarter. There is no limit on cash back and cash back rewards never expire. Cardholders also have free monthly access to their FICO scores.
Are There Foreign Transaction Fees?
There are no foreign transaction fees, so spring break or study abroad won't make an extra pinch in a student's traditionally tight budget.
Are There Late Payment or other Penalty Fees?
The fee for the first late payment is waived. Subsequent late payments and returned payments are assessed fees of $37 each. Cash advances are charged 10 dollars or 5 percent, whichever is larger. However, the Discover IT for Students card has no over limit fees and no penalty APRs, which allows some leeway for occasional slip-ups.
The Discover IT for Students card provides generous bonus cash back rewards on categories that students are actually likely to use. Its flexibility concerning late fees and over limit fees is also beneficial to students, who, like everyone else, are prone to occasionally overlook things like credit card balances. Especially for students who qualify for lower APRs, the Discover IT for Students card is a great deal.