The Discover it Chrome for Students credit card offers a $20 statement credit for good grades, and it's not the only benefit. You can earn 2% cash back at gas stations and restaurants, and 1% cash back on all other purchases.
To qualify for the $20 statement credit, you need to maintain a GPA of 3.0 or higher. This is a great incentive to stay on top of your schoolwork and maintain good grades.
The credit card also offers a 1% cash back match on all purchases made during your first year, which can add up to a significant amount of money. This can help you build credit and earn rewards at the same time.
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Student Credit Cards
Student credit cards are a great way to start building your credit history as a college student. You can qualify for them even if you don't have a credit score.
The Discover Student Cash Back Credit Card is a well-regarded option that offers 5% cash back on select purchases. It also has a Cashback Match program, which means you'll get double the cash back you earn in the first year. Plus, Discover offers a Good Grade Reward program, which gives you a $20 statement credit each school year if you maintain a 3.0 or higher GPA.
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To be eligible for a student credit card, you typically need to be over 18, a U.S. citizen, and enrolled in a two-or-four-year college. The Discover it Student Chrome card, for example, requires you to be enrolled in school to apply.
Secured credit cards are another option for students with no credit history. These cards require a refundable deposit that becomes your initial credit line. For instance, a $200 deposit will provide you with a $200 credit limit.
Using a student credit card responsibly is key to building a strong credit history. This means paying your bill on time, paying your statement balance in full each month, and keeping your usage below 30% of your credit limit.
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Benefits of Student Credit Cards
Having a student credit card can be a great way to start building your credit history as a college student. You can get approved for a student credit card with no credit history, which is a huge advantage.
One of the best benefits of student credit cards is the potential to earn cash back on your purchases. The Discover it Student Cash Back card offers 5% cash back on rotating categories and 1% on all other purchases.
Paying your bill on time is essential to maintaining good credit, and student credit cards can help you develop this habit. You should also pay your statement balance in full each month to avoid interest charges.
Some student credit cards, like the Discover it Student Cash Back card, offer a $20 statement credit for each school year your GPA is 3.0 or higher, for up to five years. This is a great incentive to maintain good grades.
You can also get approved for a secured credit card, which requires a refundable deposit that becomes your initial credit line. For example, a $200 deposit will provide you with a $200 credit limit.
Regular, responsible use of your credit card will help you build a strong credit history over time. This means avoiding carrying a balance, never missing a payment, and keeping your usage below 30% of your credit limit.
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