Discover Student Credit Cards
Thanks to the CARD Act, college students are less likely to graduate with a heavy load of credit card debt. For instance, most students under the age of 21 will need a parent to co-sign for a credit card application. But there's an exception: if the student can provide proof of employment, then he or she won't need a cosigner. So if you are a student or know one who is ready to take a leap to becoming a responsible card user, then one credit card company you may want to take a look at is Discover. They offer a variety of student cards which we list below. Used with care, cards like these can help college students manage their expenses.
But you may want to check out other options in the following locations: Best Credit Cards
Top Credit Card Deals
Best Prepaid Debit Cards
Qualifying for a Discover Student Card
For many student credit cards, you’ll need to be at least 18 to apply. You’ll need to provide some information like your date of birth and Social Security number so your identity can be verified, too. Expect to share your graduation date, school, and information about your income, if any.
Before you sign up for one of these Discover credit cards, you might want to compare the APRs for cash advances. In cases like the Mix Tape Card, you might encounter cash advance APRs over 20%.
Plan Ahead to Avoid Penalty Fees & Rates
With student cards, you'll also want to watch out for the penalty fees. You can be hit by fees if you end up with a late payment or if your payment’s returned. Typically, these penalty fees can be as high as $35. Worse, you could lose your introductory APRs and your regular APRs for purchases, balance transfers, and cash advances. For cash advances, it’s possible to see penalty APRs of close to 30% -- an amount that’s punitive to any student’s budget!
Also due to the CARD Act, it’s now more difficult for the credit card companies to pre-approve students under 21. That’s because the credit reporting agencies like Equifax are no longer allowed to give out a student's credit report without their permission. So instead of waiting for a pre-approval offer to hit your mailbox, you might want to pursue these Discover offers yourself.
College often brings a plethora of major and minor expenses, from dining out to those expensive textbooks. One of the Discover Student Credit Cards can help you or the student in your life manage such expenses in a convenient manner.
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