Credit is a part of most people’s lives. The best way to learn to handle credit wisely, is to get a healthy introduction to it when you are young. Although some people advise young people to stay far away from credit cards, a student credit card is actually a good way to start training yourself to use credit wisely.
The Discover Student card is easy to obtain and has many great features that can help you learn all about using credit in a smart way.
This short guide will give you some important information on the Discover Student card. This information can help you decide if this is the right card for you.
Good Approval Odds
Since this card was especially designed for young people who are new to credit, you can get approved for this option with little to no credit history. This makes your approval odds excellent when you apply.
Designed For College Students
The Discover Student card was created with college students in mind. Once you go off to school you will quickly realize that life is full of unexpected expenses.
When mom and dad are not nearby, it is important to have a way to pay for these surprises. A Discover Student card is a great option for emergencies when you are in college.
College kids are old enough to start learning accountability when it comes to their actions, and especially when it comes to their financial choices. This is a wonderful way to allow college age students to feel financial responsibility.
A Special Credit Option
Many financial experts agree that the Discover Student Cash Back card is unique.
The reason this card is so special is because it brings together all of the best aspects of credit in a way that is manageable for young people who are still learning how to handle money and credit.
One special feature is that it does not have an annual fee.
Discover is famous for great bonuses. These bonuses are the best during your introductory period. Cashback Match is one of Discover’s best bonuses. During your introductory period you can receive double your cash back rewards.
This means that if during the year you earned $50 in cash back rewards, you will be given $100 at the end of the year. There is no maximum either. Dollar for dollar cashback match at the end of the first year.
Cashback Match is not the only cool reward, though. You can also enjoy 5% cash back in certain categories all year, every year.
The categories change out every three months. There is a cap on rewards. The cap is set to $1500 per spending quarter.
There is also a 1% cash back on all purchases.
Reasons To Get A Credit Card
You may have heard people saying that no one needs a credit card. The truth is, though, people definitely need a good credit history and a healthy credit score. Using a credit card wisely is one of the best way to achieve this. Let’s look at a few reasons why you should consider getting a credit card.
This is one of the fastest ways to build your credit.
You will never learn how to use credit wisely unless you have experience using credit.
An emergency fund- You can also think of your credit card as an emergency fund. If you need tires and don’t have the cash on hand, you can still take care of the job.
A Word of Warning
We have looked at many of the great reason to get a Discover Student card, but you can’t talk about credit without at least a small word of warning.
Credit can be a challenge if you do not make wise choices. Credit can harm you financially if you think of it as free money.
Credit cards should be used for emergencies only, or you should only use your credit card with the intention of paying off the entire balance every month.
For instance if you want to use your credit card for all gas purchases so that you can take advantage of 5% cash back on gas, then you will need to pay off the entire balance during the month. This way you reap all of the benefits, but you don’t wind up getting financially harmed by your credit card.