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Discovery credit card student11/10/2023 Plus, Discover provides $0 Fraud Liability Guarantee. The Credit Card Act of 2009 limits a borrower’s responsibility to $50 for unauthorized charges, according to the Federal Trade Commission. But if someone tries to steal your credit card or you lose the card, you’re protected against unauthorized use. If you carry cash and it’s lost or stolen, you’re unlikely to get it back. Protection against fraud or lossĪ credit card can help protect you against theft. When you’re ready to buy a home, a strong credit history will also be key to getting a mortgage. Many rental applications require a credit check so that landlords can review the applicant’s credit history. Here again, student credit card use with a strong track record of repayment can help build a credit history and identify you as a responsible young adult and potential good tenant, helping to strengthen your rental application. Of course, you’re still responsible for the credit card bill that comes from these expenses, so make sure you reserve this type of credit card use for true emergencies. This benefit might help you-and your parents-feel a little more secure. It’s reassuring to know that in the event of an emergency, a credit card can help cover expenses. 3 And don’t forget, Discover has no annual fee on any of our cards.Ĭars need repairs. That’s up to $75 cash back each quarter! Plus, you always earn Cashback Bonus when you use your Discover card. 1 The Discover it® Student Cash Back credit card lets you earn 5% Cashback Bonus on up to $1,500 in different category purchases each quarter, when you activate. Plus earn unlimited 1% cash back on all other purchases. The Discover it® Student Chrome credit card allows you to earn 2% Cashback Bonus® at Gas Stations and Restaurants on up to $1,000 in combined purchases each quarter, automatically. When reviewing which credit card is right for you, you may want to compare these types of credit card benefits. Some student credit cards let you earn cash back rewards. Some credit cards allow you to track what you spend and organize transactions by type on their websites and mobile apps, so you can see where your money is going. Using a credit card will require you to think ahead to your payment due date and create a budget to make sure you have the money available to make at least the minimum payment every month. Having a credit card as a student can help teach lessons about paying bills on time and creating a budget. Then, when you’re ready to apply for a higher credit limit or a card with different benefits, your credit report and score will demonstrate that you have a track record as a good credit card customer. When you use your card responsibly by paying your bills on time and keeping your balance low, the positive activity your credit card issuer reports to the credit bureaus helps you to build your credit history and start your first credit report and score. Why college students should consider getting a credit card Building creditįrom the time you begin using a new credit card, you’re building a relationship with your credit card company. You don’t have to be a college student to get a secured card, but they’re available to college students. When you use your card responsibly, your credit card company will usually return your deposit. A secured credit card differs from a student card in that a secured credit card requires a deposit equal to your credit limit. Like student credit cards, secured credit cards don’t usually require a credit score or credit history to apply. Student cards often come with a lower credit limit than standard credit cards. You’ll usually have to provide information about your college enrollment in order to qualify for a student card. Student credit cards often require no credit history, and some may offer no annual fee. Student cards are geared toward the needs of college students. Many students don’t have a credit history, so the best credit cards for college students are usually ones that allow you to apply even if you don’t have a credit score. What are the best kinds of credit cards for college students? Learning some of the benefits and drawbacks of getting a student credit card while you’re in college can help you decide whether getting a credit card is the best option for you. There are also risks to getting a credit card as a college student, like allowing debt to get out of control. A student credit card can provide peace of mind in emergencies, allow you to earn cash back or other rewards, and help you start building a credit history and get your first credit score. Having a credit card as a college student can help you pay for emergency expenses.Ī student credit card can lead to debt or a poor credit score if you don’t use your card responsibly.Ī credit card can be much more than just a convenient way to pay for expenses. Credit cards can help college students build their credit history and establish their credit score.
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