The Discover it Chrome is a student credit card. To qualify, you need to be a student enrolled in a qualifying academic institution and provide proof of this enrollment. After graduation, it's possible to keep the card, though it is likely you will be either upgraded or downgraded to a different program depending on your balance and credit score at the time.
Overall this is a great student credit card offered by Discover. The Discover it Chrome Student Card has reasonable APR for all types of transactions, a short window of 0% APR, no annual fee, and an otherwise forgiving fee schedule. The minimum credit line is $500 and for decent approval odds, as a student credit card, you can have a somewhat lower-than-average score with limited credit.
The Discover it Chrome Student Card is a great first or second credit card for students just starting to build up a credit profile. It's also a good card for anyone that lacks a credit card that offers a flat cash back rate with no cap on all purchases. Even better, good students get a $20 bonus as a statement credit once per school year for maintaining a GPA of 3.0 or higher.
The APR for the Discover it Chrome Student Card is average with a margin of 9.74% to 18.74% added to the prime rate to calculate the variable interest rate for purchases and balance transfers. Cash advances have a margin of 21.74% for all cardholders, regardless of creditworthiness. This margin is also added to the current prime rate to produce the full APR. The Prime Rate is typically between 3% and 5%. There is no stated limit to any type of APR nor is there a penalty APR.
Credit Limits for Discover.com/itstudent Offers
The minimum credit limit granted to any applicant will be $500. After 6 months of steady, on-time payments it's possible to increase this credit limit. Credit increases are typically granted automatically, though a phone call and online tool option are also available.
- Annual Fee – There is no annual fee for the Discover it Chrome Student Card.
- Cash Advance Fee – The cash advance fee for cash advances made with the Discover it Chrome Student Card is the greater of $10 or 5% of each cash advance. It's important to keep in mind that the credit limit and what may be taken out as a cash advance will differ from card to card and with creditworthiness. As a general rule, half of your available credit limit is the limit of a cash advance.
- Foreign Transaction Fee – There is no foreign transaction fee for using the Discover it Chrome Student Card to make a foreign transaction.
- Late Payment Fee – There is no late payment fee for the first late payment made or the first late payment made in a new year after 12 consecutive on-time payments. For all other late payments, a fee of up to $40 may apply.
- Return Payment Fee - The returned payment fee is up to $40 with the Discover it Chrome Student Card.
- Authorized User Fees – There is no fee to add an authorized user to your Discover it Chrome Student Card.
- Balance Transfer Fee – There is an introductory balance transfer rate for a certain number of billing cycles after opening your new Discover it Chrome Student Card. However, after this introductory period, the standard balance transfer rate for the Discover it Chrome Student Card is 5% of the total of the balance to be transferred with no minimum or maximum charge.
Rewards for Discover.com/itstudent Credit Cards
The Discover it Chrome Student Card is a cash back credit card. All eligible purchases earn a steady rate of 1% cash back with no limit on the amount of cash back you could earn. There is no minimum redemption limit. Cash back may be redeemed as a statement credit or cash deposit.
For the first year, there are also two rewards-related promotions for eligible new cardmembers. The first promotion gives you a bonus of 100% of the amount of cash back you earn within your first 12 billing cycles. This is applied to your account as a bonus to cash back, not directly as a statement credit.
The second promotion allows you to earn 2% cash back for all purchases made in the gas and grocery category each quarter up to $1000 in total purchases. Once you reach the cap, you still earn 1% back on these purchases until the next quarter. Rewards never expire and are not taken away if you miss a payment or two.
Pros – Advantages of the Discover it Chrome Student Credit Card
- Lenient Terms – From relatively low credit score requirements for applicants to a single forgiven missed payment per year, most Discover Cards, including the Discover it Chrome Student Card, have fair limits and terms.
- No Limit Redemptions and Up to 2% Cash Back – Gas and restaurants are two very important spending categories for many college students. The Discover it Chrome Student Card allows you to maximize what you spend here.
- Many Promotions and Intro Offers – With double cash back your first year, 0% APR for 6 months, and an introductory balance transfer rate, the Discover it Chrome Student Card offers many possibilities.
- No Annual or Foreign Transaction Fees – No annual fee is good for anyone. No foreign transaction fees can be a great thing if your college experience involves any sort of travel or even foreign language classes.
Cons – Disadvantages of the Discover it Chrome Student Credit Card
- Low Potential Starting Credit Limit – The minimum starting credit limit is $500. For those with established credit or a high income, this could be a bit low.
- Students Only – The Discover it Chrome Student Card is, as the name states, a credit card for students. You must be an active student to apply.
The Discover it Chrome Student Card is a great credit card for students that have little to no established credit. It offers a $500 minimum credit limit and generous, frequent credit line increases. There is also the potential to upgrade to a credit card, transferring this limit, once you have graduated.
The fees are low with no annual fee and many fees being waived for frequent good behavior. There are also first year bonuses, category bonuses, and a $20 yearly bonus for maintaining a 3.0 GPA or higher. Most rewards are steady with a 1% cash back rate for all categories, excepting 2% for gas and restaurants up to $1000 per quarter, and no redemption minimum.