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Is the Discover IT® For Student Card Good?

Picture of Item Reviewed

Editor's Rating:
Intro Purchase APR Regular APR Intro Balance Transfer Annual Fee Credit Needed
N.A. $0 No Credit
Executive Summary - In the final part of our review, we ask ourselves the questio of whether this is a good credit card. It is actually one of the best (IMO) and the great thing about this card is that when you graduate from college and convert this into the regular consumer version (or keep it), it will be essentially the same card with the same benefits. Your credit limits should be higher once you build a credit history and have a "proper" job.

There are many things I like about this card. I have raved about them in our review of the consumer version. But the more I think about it, the more a card like this will appeal to students.

Let's take the example of their online shopping mall. Everybody buys stuff off the internet these days. We are as comfortable buying things from a website of an established off line retailer. The online shopping portal from Discover has over 200 merchant partners (mostly well known brands) and the fact that you can earn extra cash back is a bonus especially during holiday season. College students are sure to use this card to shop at GAP.com, Staples.com and get some savings via cash back.

I also know many college students who do not set up automatic payments to pay their credit cards. Occasionally, they will miss their payments and be late. Since this card automatically waives any fee the first time you pay late, this should definitely be a feature that is appreciated by a first time card holder.

As far as credit lines go, most of the feedback I have gotten is that the usual line given is about $500 to $1,000. Very often the limit will be raised after you graduate and have a job.

Despite all the wonderful features, the truth is that as a student, you will be given very little credit lines. So while you may use the online shopping portal, you are unlikely to spend a lot and earn lots of cash back. This is not meant to put down the features of this card, but rather to get the facts straight about applying for credit when you a college student.

What a card like this does is to allow you to build your credit over time. By building your credit history when you are a student, your life will be easier when you rent a place after graduation, or if you need an auto loan.

But perhaps the best thing about this card is that because it is such a great card (same features as the regular consumer version), there is no real need to get another card when you graduate. Sure, you could get another Visa or MasterCard (for diversification purposes). But I think most will simply keep this card for good.

To sum up, I think this is one of best rewards card in the market today. If you are a college student and feel comfortable about managing your finances, then I think this is arguably the best card you could get. It has great rewards, forgiving if you pay late and is a card to keep even after graduation.



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