Discover student credit card, features, benefits, and how to apply

Discover Student Credit Card is a credit card designed specifically for college students who are looking to build their credit history.

This card is offered by Discover, one of the largest credit card issuers in the United States, and it comes with a range of features and benefits that can help students manage their finances and build credit.

A brief history of Discover Financial Services 

Discover Financial Services is a financial services company based in Riverwoods, Illinois, United States. It was founded in 1985 by Sears, Roebuck, and Co. as a division of the company, but was later spun off as an independent company in 2007.

The Discover Card was launched in 1986 as a cashback credit card, with no annual fee and a high credit limit.

This new credit card quickly gained popularity, and by 1995, Discover had become one of the largest credit card issuers in the United States.

In 1997, Discover acquired Pulse EFT Association, a leading electronic funds transfer network, to expand its payment processing capabilities.

This acquisition was followed by the acquisition of Diners Club International in 2008, which gave Discover a global network of acceptance.

In addition to credit card services, Discover also offers personal loans, home equity loans, student loans, and banking services such as checking and savings accounts.

Discover Bank was launched in 2000, which allowed the company to expand its reach into the banking industry.

Today, Discover Financial Services is a publicly traded company listed on the New York Stock Exchange, with a market capitalization of over $60 billion as of early 2023.

The company has continued to innovate in the financial services industry, with initiatives such as the introduction of contactless payments, and the launch of a mobile banking app.

Features and Benefits

The Discover Student Credit Card is a popular choice among college students, offering a range of features and benefits designed to help them build their credit while managing their expenses.

 Here are some of the key features and benefits of the Discover Student Credit Card:

Cashback Rewards: The Discover Student Credit Card offers cashback rewards on all purchases, with 1% cash back on all purchases and 5% cash back on rotating categories. Cardholders can earn up to $1,500 in cashback rewards each quarter.

No Annual Fee: The Discover Student Credit Card has no annual fee, making it a great option for college students who may be on a tight budget.

Free FICO Credit Score: Cardholders can access their FICO credit score for free on their monthly statements, which can help them monitor their credit and identify areas for improvement.

Good Grades Reward: Discover offers a $20 statement credit for each school year that the cardholder earns a GPA of 3.0 or higher.

Flexible Payment Options: The Discover Student Credit Card offers flexible payment options, allowing cardholders to choose their payment due date and pay online or through their mobile device.

Fraud Protection: Discover offers fraud protection to all cardholders, with 24/7 monitoring and alerts for any suspicious activity.

International Acceptance: The Discover Student Credit Card is widely accepted around the world, making it a convenient option for students who may be studying abroad or traveling.

Overall, the Discover Student Credit Card is a great option for college students who are looking to build their credit and earn rewards while managing their expenses. With no annual fee, cashback rewards, and flexible payment options, it’s a smart choice for students who are just starting with credit.

Qualifying for a Discover Card

To qualify for a Discover Student Credit Card, you typically need to meet certain eligibility criteria, including:

Student status: You must be a college student enrolled in an accredited college or university or a vocational school.

Age: You must be at least 18 years old.

Income: You must have a steady source of income, which can include part-time or full-time employment, scholarships, grants, or other income sources.

Credit history: If you have a credit history, it should be good or fair. If you don’t have a credit history, you may still be able to get approved, but you may need a co-signer.

Citizenship or residency: You must be a U.S. citizen or have a U.S. mailing address.

When you apply for a Discover Student Credit Card, you will need to provide information about your student status, income, and other personal details. Discover will use this information to evaluate your application and determine whether you are eligible for a credit card.

It’s important to remember that getting a credit card as a student comes with responsibility, and you should make sure you understand how credit cards work and how to use them responsibly before you apply. This includes paying your bill on time, keeping your balance low, and avoiding overspending.

How to Apply for a Discover Student Credit Card

Applying for a Discover Student Credit Card is a fairly straightforward process. Here are the steps you can follow:

• Visit the Discover Student Credit Card webpage on the Discover website.
• Click on the “Apply Now” button to start the application process.
• Enter your personal information, such as your name, date of birth, and Social Security number.
• Provide your contact information, including your email address and phone number.
• Enter your school information, including the name of your school, your major, and your expected graduation date.
• Provide your financial information, such as your employment status and annual income.
• Choose the design of your credit card.
• Review the terms and conditions of the credit card, including the interest rate, fees, and rewards program.
• Submit your application.

Once you submit your application, Discover will review your information and let you know if you are approved for the credit card. If you are approved, your credit card will be mailed to you, and you can start using it to make purchases and build credit.

How to Use Your Discover Student Credit Card     

Using your Discover Student Credit Card is relatively straightforward. Here are the basic steps:

Activate your card: Once you receive your card, you need to activate it. You can do this online or by calling the phone number on the back of your card.

Make purchases: You can use your Discover Student Credit Card to make purchases wherever Discover cards are accepted. This includes online and in-person transactions.

Make payments: You’ll need to make at least the minimum payment due each month to avoid late fees and potential damage to your credit score. You can make payments online, by phone, or by mail.

Monitor your account: You should keep an eye on your account activity to ensure there are no unauthorized charges or errors. You can do this by logging into your account online, through the Discover app, or by calling customer service.

Earn rewards: Depending on the type of Discover Student Credit Card you have, you may earn rewards for your purchases. Be sure to read the terms and conditions of your card to understand how rewards are earned and redeemed.

Build credit: By using your card responsibly and making on-time payments, you can build your credit history and potentially increase your credit score over time.

Overall, using your Discover Student Credit Card is a great way to build credit, earn rewards, and make purchases with added security and convenience. Just remember to use it responsibly and within your means to avoid debt and financial problems.

How long does it take to get approved for a Discover student credit card?

The time it takes to get approved for a Discover student credit card can vary depending on several factors, including your credit history, income, and other financial information. 

In some cases, you may be approved immediately, while in other cases it may take a few days or even a few weeks to receive a decision.

Typically, when you apply for a Discover student credit card, the company will review your credit history and other financial information to determine whether you meet their eligibility requirements. 

This process may involve a credit check, which can take a few days to complete.

If you’re approved for the card, you should receive a notice in the mail or via email within a week or two. In some cases, you may be able to check the status of your application online.

If you’re not approved for the card, you should also receive a notice in the mail or via email explaining why your application was denied.

 In some cases, you may be able to request a reconsideration of your application or work to improve your credit or financial situation before reapplying.

Do the Discover student cards build credit?

Yes, Discover student cards can help build credit when used responsibly. Discover offers a variety of credit cards designed specifically for students, which may be a good option for those who are just starting to build their credit history.

When you use a Discover student card and make payments on time, your

credit score can improve over time. On the other hand, if you miss payments or

carry a high balance, it can harm your credit score. 

It’s important to use your credit card responsibly and only charge what you can afford to pay off each month.

In addition to making on-time payments, you can also take other steps to

build credit with a Discover student card, such as keeping your credit

utilization low, monitoring your credit report regularly and avoiding opening

too many credit accounts at once.

Is it hard to get Discover student card?        

Getting a Discover student card can vary in difficulty depending on your personal credit history and financial situation.

Typically, as a student, you may not have a long credit history or a high income, which can make it challenging to get approved for a credit card.

However, the Discover student card is specifically designed for students, so it may be more accessible than other types of credit cards.

To increase your chances of being approved, you may want to have a part-time job or another source of income, as well as a good credit score.

 If you don’t have a credit history yet, you may want to consider applying for a secured credit card or becoming an authorized user of someone else’s credit card to establish credit.

Ultimately, the best way to find out if you’re eligible for a Discover student card is to apply and see what happens.

You can fill out an application online, and Discover will review your application and let you know if you’ve been approved or not. If you’re not approved, you may want to wait a few months and try again once you’ve built up your credit history or income.

What is the limit on the Discover student card?

The credit limit on a Discover student card will vary based on several factors, including the individual’s creditworthiness, income, and credit history.

When you apply for a Discover student card, Discover will review your creditworthiness and determine your credit limit based on your financial situation. If you are approved, your credit limit will be stated in your credit card agreement.

The limit is $500 or more for both the Discover chrome card and the Discover it student cash-back card.

It’s worth noting that as a student, you may not have an extensive credit history, which can affect the credit limit you are approved for. Additionally, credit limits can be increased or decreased over time based on your credit utilization, payment history, and other factors.

If you are curious about the credit limit on your Discover student card, you can check your credit card agreement or contact Discover customer service for more information.

Can I get a Discover credit card with no job?

If you are a borrower between eighteen and twenty, you must provide proof of independent income as required by the credit card Act of 2009 but you don’t necessarily need a job.

Is SSN required for Discover student credit card?

Yes, you need an SSN to get a Discover it student chrome card, while it’s a great card, unfortunately, it’s not the best choice for a foreign student.

How does Discover verify student status?

If Discover requires proof of student status, they’ll accept any document that verifies your name, school name, and enrolment date.

Conclusion

The Discover Student Credit Card is a great option for college students who are looking to build their credit and earn rewards while managing their expenses. With no annual fee, cash-back rewards, and flexible payment options, it’s a smart choice for students who are just starting with credit.