Discover it® Chrome for Students Card Review – 2% Back on Gas & Restaurants
Discover it® Chrome for Students is a student credit card with a cash back rewards program focused on gas station and restaurant purchases, plus some nice fringe benefits for current college attendees. With 2% cash back (up to $1,000 per quarter) on gas station and restaurant purchases, plus 1% cash back on everything else, it’s quite similar to the “adult” Discover it Chrome card. As part of the broader Discover it family, it Chrome for Students is associated with the flagship Discover it, Discover it for Students, and Discover it Miles (a popular travel rewards card) too.
Discover it Chrome for Students is closely associated with several other student credit cards, including Capital One Journey and Citi ThankYou Preferred Card for College Students.
12 months to the day after you open your account, Discover doubles all the cash back you earned during the previous year. If you earned $150 during your first year as an it Chrome for Students cardholder, you get a $150 bonus, bumping your total first-year cash back earnings to $300. There’s no limit to how much you can earn from your first-year double cash back bonus.
Discover it Chrome for Students earns 2% cash back on gas station and restaurant purchases, up to a quarterly spending limit of $1,000. If you spend more than $1,000 per quarter in those categories, you earn an unlimited 1% cash back. All other purchases also earn an unlimited 1% cash back, with no caps or restrictions. You can redeem your accumulated cash back for bank account deposits, statement credits, and Amazon.com purchases in any amount and at any time. Discover also allows you to redeem for electronic and physical gift cards, starting at a $20 minimum.
As long as you maintain a 3.0 GPA or better for the duration of the school year, you’re entitled to one $20 Good Grade Bonus per year. The bonus accrues as regular cash back and can be redeemed as a statement credit, bank account deposit, or gift card. To receive the bonus, you need to formally apply at Discover.com and provide evidence of your academic performance, such as school transcripts. Also, your account needs to be in good standing when you apply. You can only earn five Good Grade Bonuses, no matter how long you remain in school.
Discover it Chrome for Students’ Freeze It feature locks your account, on your command, from any Internet-connected device. Once locked, your card can’t be used for purchases, cash advances, or any other draws on your credit limit – even if you attempt to initiate them. This is useful if you suspect that your account has been compromised in some fashion or you discover that you’ve lost your card. Once you straighten out the situation, you can unlock your account from any Internet-connected device and continue to use your card as before. Keep in mind that scheduled payments continue to execute as normal, and interest on unpaid balances accumulates at the same rate as always.
Discover it Chrome for Students comes with a six-month 0% introductory APR on purchases, and a six-month 10.99% introductory APR on balance transfers. To qualify, balance transfers must be made by the 10th day of the third month following account opening. For instance, if you open your account in May, you have until August 10th to take advantage of the promotion.
Discover it Chrome for Students comes with a free FICO credit score with every monthly electronic or paper statement. Your FICO score also appears in your online account dashboard.
Discover it Chrome for Students has no annual fee or foreign transaction fee. Balance transfers cost a flat 3% of the transferred amount, even during the promotional period. Cash advances always cost the greater of $10 or 5%. Late and returned payments cost $35, though the late fee is waived for your first late payment.
This card requires fair credit. You can have some blemishes or a spotty history due to inconsistent prior credit utilization and still get your application approved.
Like most student credit cards, Discover it® Chrome for Students is a useful tool for building and improving credit. Every timely payment you make demonstrates to Discover – and future credit card issuers – that you’re a sober, responsible credit user who can be trusted with greater responsibility. Over time, said issuers are likely to reward you with higher spending limits, lower interest rates, and approvals for more generous rewards programs. Sounds like a reasonable bargain.
Discover it® Chrome for Students is a first credit card for students who commute to campus or regularly eat out at restaurants around town. With reasonable qualification standards, it’s also a great first credit card for students who need to build or improve their credit. It’s not ideal for students who want lots of fringe benefits or the opportunity to earn lots of cash back in rotating categories.
Solid gas station and restaurant rewards, first-year cash back bonus, no annual fee, lenient late payment terms, and the intro APR period are all great. Cash back spending caps, lack of a signup bonus, and limited fringe benefits hurt. Overall, a great card for practical students.
Editorial Note: The editorial content on this page is not provided by any bank, credit card issuer, airline, or hotel chain, and has not been reviewed, approved, or otherwise endorsed by any of these entities. Opinions expressed here are the author’s alone, not those of the bank, credit card issuer, airline, or hotel chain, and have not been reviewed, approved, or otherwise endorsed by any of these entities.
Categories: Careers, College & Education, Credit and Debt, Credit Cards, Discover, Reviews
Brian Martucci writes about frugal living, entrepreneurship, and innovative ideas. When he’s not interviewing small business owners or investigating time- and money-saving strategies for Money Crashers readers, he’s probably out exploring a new trail or sampling a novel cuisine. Find him on Twitter @Brian_Martucci.
Comments Disclosure: The below responses are not provided or commissioned by the bank advertiser. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. It is not the bank advertiser’s responsibility to ensure all posts and/or questions are answered.
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