Rewards Credit Cards June 28, 2020 0

Discover Student Credit Card Review

Discover It Chrome for StudentsHello Friends, I hope all is well with you! I am going to be reviewing the Discover Student Credit Card rewards credit card.  These opinions are my own, and I am in no way influenced by anyone.

Overall Verdict: This rewards credit card from Discover offers you a slightly better than average reward on two main categories; however, there is a quarterly cap on these categories, which is unfortunate. This rewards credit card lacks the extra benefits that some of the other student cards have, but it’s still a good starter card, nonetheless.

Some things about this card I like:

  1. Cashback bonus match
  2. Good grade reward
  3. Free credit score check

Some things about the card that I don’t like:

  1. Quarterly cap on purchases up to a certain amount
  2. Not as many extra benefits like some other cards

What type of reward are you getting?

This Discover student rewards credit card offers you the chance to earn cash back on every dollar that you spend. The cash back accumulates in your account until you are ready to redeem the rewards. Discover offers a few ways to redeem your cash back, which is always a plus in my books. You can have the cash deposited in your bank account, get a gift card, or use the cash back amount to pay your bill. It’s nice to see that you have different options for redeeming your rewards.

Is there an annual fee?

There is no annual fee for this rewards credit card.

What is the rewards amount?

The Discover It Chrome for Students rewards credit card offers you the chance to earn 2% cash back on gas stations and restaurants; however, there is a $1,000 cap on combined purchases each quarter. If you reach more than $1,000 in combined purchases before the new quarter, you will then earn only 1% on both. Additionally, all other purchases outside of the two previously mentioned categories will earn 1%.

Is there a bonus offer?

This student rewards credit card offers two type of bonus rewards. The first one is the cash back match that Discover does at the end of your first year. No matter how much you’ve accumulated, they will match your cash back. For Example, if you earn $100 cash back by the end of the first year, Discover will match your cash back dollar for dollar and reward you $100. The other bonus that they offer is a good grade reward. If you have a GPA of 3.0 or higher, Discover will give you a $20 statement credit; this reward is on a yearly basis, and it only lasts for five years. 

Are there foreign transaction fees?

There is no foreign transaction fee for this card.

Are there any other benefits?

This rewards credit card, like the other Discover card, does not come with a lot of extra benefits like some other cards.

The benefits they offer are:

  1. FICO credit score check – this is free and does not affect your score for checking
  2. Card lock – the ability to freeze your account if you’ve misplaced your card
  3. Fraud protection – you won’t be held responsible for fraudulent charges

What is the interest rate and are there any other fees?

Discover offers you a 0% APR introductory offer for 6 months from the date your account is opened. After that, your APR will be between 12.99% and 21.99%.

Their other fees include:

  1. Balance transfer fee – 3% until September 2020, then it goes to 5%
  2. Cash advance fee – $10 or 5% of the amount of each cash advance, whichever is greater.
  3. Late payment fee – no fee for first late payment but up to $40 after that
  4. Return payment fee – up to $40

For more information on their fees, check out their fee schedule.

How is the customer service like?

There are two main ways to contact their customer service. The first way would be to call the number on the back of the card and speak to a customer service representative. The second way would be to login to your account and use their live chat feature to instant message with a customer service representative. I’ve found that live chats tend to be a shorter wait, but that is just my experience and may not be the case for everyone. Something that is always Important to note is that wait times will vary from time to time, and your experience with the representatives will also vary from time to time.

Should you get the Discover It Chrome for Students?

Who it’s perfect for:

  1. Students who want a no annual fee rewards card
  2. Students who want the cash back match bonus and the good student bonus
  3. Students who won’t be able to meet the minimum sign up bonus on different cards

Who it isn’t perfect for:

  1. Students who want the extra benefits that some other cards offer
  2. Students who want a higher reward

If you are still unsure if a rewards credit card makes sense, check out my post on Why You Should Use Rewards Credit Cards.

Additionally, if this card isn’t right for you, I invite you to check out my credit cards page for more information on other cards.

About the author

Mr. NahasFinance:

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