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Discover It For Students Doesn't Nickel And Dime You

January 15, 2014 by CreditCardsCo™

The Discover it for Students with $20 Cashback Bonus is a credit card that is designed to give students the opportunity to have a high quality credit card without a high cost. This means being able to take advantage of rewards, such as cash back, and not having to pay high fees for it.

The Discover it for Students with $20 Cashback Bonus is not like your typical credit card for individuals who have no or very little credit.

When a student is just getting started in college, he or she is faced with a great number of challenges. One of those challenges is the financial aspect of going to college. This is because it can be hard to work full-time when going to college. This means that credit can be a lifesaver.

If there is a situation where food is needed or a bill needs to be paid, having a credit card can make it easy to not have to deal with late fees or go hungry. If gas is needed for the car, a great card is a great way to take care of that.

With this unique Discover card, students can manage the card without going into extreme debt. In fact, the card does give the student 25 days after the statement close date to pay off the balance to avoid paying any interest. This is like getting a cash advance rather than it being the available credit on a credit card. In the meantime, the cash back rewards are also received without having to pay any fees to receive them.

The Rewards

The rewards are simple. You will receive 1 percent cash back on all purchases with no limit as to how much you can earn. This means you can get as much cash back as you want. There is even an opportunity to earn more points. For instance, you can earn up to twenty percent cash back on specific purchases each quarter.

Every quarter, Discover will choose a category that will earn you more cash back. For instance, the first quarter may be gas purchases. For every gash purchase you make, you could earn between 5 percent and 20 percent cash back. This means earning anywhere from 5 cents to 20 cents for every dollar spent.

The cash back rewards really add up and this can be quite useful for a college student struggling to make ends meet. Rewards can also be redeemed on Amazon.com, which means students needing books or other school items can buy them on Amazon with their rewards. In order to maximize the card benefits, Discover has given cardholders access to a Cashback Concierge. What this service does is provide cardholders with a one-on-one online tour that helps them get the most out of their rewards. The Cashback Concierge helps cardholders get the most out of their cards by focusing on how the card is used.

Fees And APR

This card is very unique when it comes to the fees. First, there is no annual fee. Second, you do not have to pay a late fee on your first late payment. Being that the card is used in the United States at 9 million locations, there is no foreign transaction fee. However, it can be used anywhere Discover is accepted.

There is also no over the limit fee. If the card has hit its limit, then Discover will not allow the charge. This avoids adding to the fees. Furthermore, Discover's own fees will not cause an over the limit fee even if the fees cause it to exceed the available credit. If a payment is returned, there is a fee for that.

In regards to APR, there is an introductory rate that lasts for a specific amount of time. After the introductory period is over, a standard variable purchase APR will be established. This rate is based on the Prime Rate and creditworthiness. The better your credit, the better the odds you will receive a rate at the lower end of the spectrum.

If a payment is made late, there is no penalty APR. A penalty APR typically exists on credit cards, but this one, again, does not nickel and dime students that cannot afford to pay more than what they have to.

If you wish to do a balance transfer from a higher interest card, there is an introductory APR on the balance transfer APR for a specific period of time. It will increase after that period. When you do the transfer, the amount is subject to the balance transfer APR and a certain percentage of each transaction. The same applies toward cash advances in regards to having a standard APR and a fee that is a certain percentage of the transaction.

Flexibility

Another aspect of this card is its flexibility. Students are busy and that means that they need time to pay their bills. Students are able to pay their payments online or by phone on the due date that they choose and they can pay it up to midnight on that day. This means if you’re in class all day and you don't finish until 10:00 p.m., there is no worry regarding your credit card payment.

The 100% United States-based customer service is also available 24/7 so that you can manage your account. You can also manage your account online in your own time. You can check your balance, make a payment, check your available credit, check on your rewards, and even receive answers to your most frequently asked questions so you can avoid a call to customer service. You are able to take care of your account when it is convenient for you rather than when it is convenient for the credit card company.

Final Word

The Discover it for Students with $20 Cashback Bonus is a card that students can enjoy having without the worry that can sometimes come with credit cards. From a first late payment that doesn't garner a late fee to the ability to do balance transfers during an introductory offer period, the card is one that students can hang on to for the long-term.

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The " Discover It For Students Does Not Nickel and Dime You" article is property of CreditCardsCo™ and is copyrighted. The article may not be published, rewritten, broadcast or redistributed without prior written permission.




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