Discover® Student Card - the Perfect Student Card or Not?

By: Scott Stadler

It is important for college students to begin building their credit histories before stepping out into the real world completely unprepared. Many credit cards are available specifically to college students that will help accomplish this task, but the Discover Student Card goes a bit further, putting forward nice rewards and respectable interest rates at the same time.

Covering the Interest and Fees for this Credit Card

First things first, let's cover everyone's least favorite part about credit cards - the interest rate and fees. Actually, this Discover Student Card ranks well among student credit cards in the interest and fee category.

The zero annual fee is notable for a card offering rewards like the Discover Student Card does, especially when considering the fact that most students are only beginning to establish their credit history and don't exactly have stellar credit yet. Much the same, the purchase interest rate is fitting and overly fair for the category of credit card this is. If it does seem prohibitive, do remember that those who pay any balance of charges off in full on time with every bill will not pay any interest whatsoever.

While many college students are indeed just starting off with a credit card for the first time, those who have racked up balances on high interest credit cards will be relieved to know that they can transfer at least some of those balances to the Discover Student Card and not have to pay interest on those balance transfers for six months.

It's All About the Benefits and Rewards

Moving on to the good part, the Discover Student Card definitely excels when it comes down to the rewards offered. Skipping the point for trinkets type of reward plan many student credit cards offer, Discover begins with their renowned and unique Cashback Bonus® program. This means the rewards earned are given back in the form of a cash rebate allowing the freedom to spend in a variety of ways instead of only being able to redeem points for overpriced merchandise of limited choosing.

And the rebate rewards of the Discover Student Card do add up. In fact, a 5 to 20% Cashback Bonus is offered at some perpetual favorite online retailers like iTunes.com, Barnes and Noble, and Target.com - perfect for many of the most important regular purchases of college students. Additional 5% rewards rotate across different categories including travel, gas, restaurants, and others throughout the year, allowing for the strategic accumulation of rewards. Of course, the standard 1% bonus is applied automatically across the board on all other purchase.

So, All Things Considered, How Does the Discover Student Card Rank?

The Discover Student Card is strong more or less in all areas when it comes to student credit cards. There is one downfall, however - Discover isn't known for being as widely accepted as MasterCard and Visa are. That said, most will probably have a hard time finding places where Discover is not accepted. With that caveat taken into consideration, the Discover Student Card easily scores recommended status.

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