- Get this card if… you’re a student who’s new to credit cards — and you like consistent cash back.
- Pick something else if…you have bad credit.
- Recommended credit score of 620 to 679. You can also apply with no credit history.
If you’re a college student, you may be looking forward to becoming financially independent. The first step is finding a credit card that teaches you how. If you’re approved for the Discover it Chrome Card for Students, you’ve scored a very big win. It’s an excellent pick that goes above and beyond what you might expect from a student credit card.
A great credit card for first-time cardholders
A student credit card is often likened to training wheels: It helps you learn how to use credit and is lenient on your mistakes. Here’s why that’s an apt description for the Discover it Chrome:
- No annual fee. You never have to pay anything to keep the Discover it Chrome card. That means you won’t feel pressured to use it to get your money’s worth.
- Intro purchase APR. With a 0% purchase APR for the first six months, you can learn how to pay off balances without immediately accruing interest.
- Late-payment forgiveness. The first time you pay late, you won’t be charged a late fee. Furthermore, you’ll never be assessed a penalty APR. These are great protections as you’re learning how to make timely payments.
- No fees for spending over your credit limit. Amid your excitement from getting a new credit card, you may accidentally spend over your credit limit. (Your starting credit limit is likely to be $500.) Luckily, Discover won’t charge overlimit fees.
- Get a replacement card quickly. If you lose your card — or if it’s stolen — Discover will ship you a replacement card overnight for free.
All of these benefits allow room for error, making the Discover it Chrome Card forgiving for first-timers.
Not just a student credit card
No annual fee, an intro APR and late-payment forgiveness are already a good deal. But the Discover it Chrome goes beyond those benefits to become not just a good student card, but also an attractive card overall. When you spend with your card, you’ll get a 1% cash back sweetener on all purchases. Even better, you’ll get 2% cash back at gas stations and restaurants (up to $1,000 in combined purchases each quarter, then 1%). This makes the Discover it Chrome ideal if you go out to dinner a lot and like consistent rewards. At the end of your first year, Discover will match all of the cash back you’ve earned. And for the first five school years you receive a 3.0 GPA or higher, Discover will give you an extra $20 cash back. Altogether, you could be looking at cash back that nears what you’ll earn with top cash back cards. After hearing that, you might think you’re looking at the best student card on the market. You may well be right.
What’s the difference between the Discover it Chrome for Students and the Discover it Card for Students?The Discover it and the Discover it Chrome are virtually identical. The biggest difference is the cash back you’ll earn.
- The Discover it Chrome offers 2% cash back at gas stations and restaurants (up to $1,000 in combined purchases each quarter, after which you’ll earn 1%).
- Meanwhile, the Discover it offers 5% cash back in quarterly rotating categories (typically up to $1,500 in combined purchases each quarter, after which you’ll earn 1%). These may include gas stations, wholesale clubs, restaurants, home improvement stores, Amazon.com and more.
With both cards, you’ll earn at least 1% cash back on everything you buy. Picking the right card depends on your tastes. If you go out a lot, the Discover it Chrome will give you solid cash back. If you don’t, the Discover it’s rotating categories may give you more chances to earn accelerated rewards. Furthermore, consider your willingness to keep track of rotating categories. If you like fresh cash back options, the Discover it could be a good choice. Otherwise, you might prefer the consistency of the Discover it Chrome.
The Nuts and Bolts
|Product name||Discover it Chrome Card for College Students|
|Issuing bank||Discover Bank|
|Recommended credit score range||620-679 (fair); okay to apply with no credit|
|Signup bonus||Cash back match for whatever you’ve earned at the end of your first year|
|Purchase APR||13.99% to 22.99% variable|
|Intro purchase APR||0% for six months|
|Intro balance transfer APR||10.99% for six months from the date of your first transfer|
|Balance transfer fee||3% of each transfer|
|Foreign transaction fee||None|
|Cash advance rate||25.99%|
|Cash advance fee||$10 or 5% of each cash advance, whichever is greater|
|Late payment fee||None for the first late payment; afterward, up to $37|
|Returned payment fee||Up to $37|
|Maximum credit limit||None|
|Minimum interest charge||$0.50|
- SIGNUP BONUS: Cash back match at the end of the first year.
At the end of your first year, Discover will match all of the cash back you’ve earned.
- INTRO APR: For purchases and balance transfers.
Enjoy a 0% intro APR for six months on purchases. Also, get a 10.99% intro APR for six months on balance transfers, starting from the date of your first transfer. After your intro APRs expire, they’ll revert to a range of between 13.99% and 22.99%.
- CASH BACK: More at gas stations and restaurants.
Earn 2% cash back at gas stations and restaurants on the first $1,000 in combined purchases each quarter (1% thereafter). Earn 1% cash back on everything else.
- Cash back for good grades.
Earn $20 cash back each school year you have a GPA of 3.0 or higher. This promotion is valid for the first five years you have your Discover it card.
- No annual fee.
You won’t pay an annual fee for the life of the card.
You’ll also like…
- Use cash back at Amazon.com. You can use your cash back directly at Amazon.com without having to redeem it first. Just link your Discover card account to your Amazon.com account.
- Freeze It. With Freeze It, you can prevent new purchases, balance transfers or cash advances on your credit card. This is helpful if your card is lost or stolen.
- Free overnight shipping for card replacements. If you lose your card, you can get a replacement the next day.
- No penalty APR. Your interest rate won’t go up if you pay late.
- First late fee waived. The first time you pay late, you won’t be assessed late-fee charges. (On subsequent late payments, you may be assessed fees up to $37.)
- No overlimit fee. If you exceed your credit limit, you won’t be charged a fee.
- No foreign transaction fees. Use your card internationally without incurring fees.
- Get your FICO score for free. You can see your FICO score on each of your monthly credit card statements.
What to watch out for
- It hurts to pay late. Your first late fee is waived, but making subsequent late payments will result in fees as high as $37. Returned payments come with fees as high as $37.
- Expiration on intro APRs. Your 0% purchase APR expires after six months, and your 10.99% balance transfer APR expires six months after your first transfer.
- Time limit for balance transfers. If you want to take advantage of the intro balance transfer APR, your transfers must post to your account within the first month of account opening.
- Higher APR for cash advances. Cash advances are subject to a high APR of 25.99%.
- Fees for balance transfers and cash advances. You’ll pay a 3% fee for each balance transfer. For each cash advance, you’ll pay the greater of $10 or 5%.
Consider other cards if…
- You like rotating cash back categories. The Discover it Chrome offers consistent cash back, but 2% is the highest rate you’ll earn. Meanwhile, the Discover it Card for Students offers 5% cash back in rotating categories.
- You have bad credit. Discover is likely to approve customers with no credit history. However, it’s also likely to deny customers with poor credit. If you have bad credit, consider a secured credit card.
- You want point rewards. Try the Citi ThankYou Preferred Card, which offers ThankYou points for spending.
What should I know before I apply?
To apply for the Discover it Chrome Card, you must be at least 18 years old and a US citizen or resident. You must also be a college student. Always consider your options and your financial situation before you apply for a credit card.
Information you’ll need
- Full name, address and contact information.
- Total annual gross income, monthly housing payment and total available assets.
- Social Security number and mother’s maiden name.
- School information, your degree type and your expected graduation date.
Getting a credit card when you’re under 21
If you’re under 21 years old, you must prove you have enough income to repay your credit card debt. Usually, you can only report personal income (such as wages and allowances), scholarships and grants. If you can’t prove sufficient income, you can ask someone over 21 if you can become an authorized user on his or her account.
How to apply for the Discover it Chrome Card for Students
1. Go to the Discover website and click Apply Now. 2. Enter your name and pick a card design. 3. Complete the application form with your address, contact information and income information. 4. Continue filling out the application form with your mother’s maiden name, school information, checking and savings account information and school mailing address.
How long will it take to be approved?
You’ll likely receive a decision immediately after you apply. If there are issues with your application, however, you may have to wait up to a few weeks for a decision. If you’re approved, expect to receive the card within seven to 10 days.
I got the card. Now what?
Now’s a great time to learn how to use credit responsibly. You’ll build your credit score and lay the path to future financial success.
- Make timely payments. Pay your card bill online at the Discover website, where you can also enroll in automatic bill pay.
- Avoid interest. After the close of each billing cycle, you have a grace period of 25 days to pay your balance (at least 23 days for billing periods that begin in February). If you do, you won’t pay interest on your purchases.
- Avoid fees. Late and returned payments come with hefty fees of up to $37. Balance transfers and cash advances also come with fees.
- Customer service. If you need help, you can contact Discover through live chat or by calling 1-800-DISCOVER.
The Discover it Chrome is an excellent first card for students — especially those who go out to dinner often and like consistent cash back.