Your Credit Network is proud to announce the addition of the Student Monogram Credit Card issued by Discover – the latest in our line of student credit cards. This blog entry will cover the basics of this credit card, as well as some comparisons to other credit cards in the student category.
Credit Card Basics
As with most credit cards issued by Discover, the fees and rates are very straightforward:
Introductory Rate: 0% APR on all purchases for six months (this does not include balance transfers)
Regular APR: 16.99%, computed on a two cycles average daily balance method
Annual Fee: This card carries no annual fee.
Additional Fees/Costs: This credit card has no additional fees or costs.
Rewards Program: This is a student credit card with cash back rewards.
Student Credit Card with Cash Back Rewards
One of the most attractive features of this credit card is its cash back rewards program, which offers a variety of tiers for students to receive cash back rewards. Unlike most student credit cards which average 2%, the maximum possible rebate that can be earned while using the Discover Student Monogram Credit Card is 5%; in order to get this rate you must make your purchase at participating vendors, but Discover makes this easy by providing you a list based off of your geographic region.
Tip: After getting your first credit card statement or welcome package, visit the website address provided and map out participating stores so you can earn back the maximum amount of cash rebates!
For all other purchases you will earn a maximum of 1% cash back regardless of where you shop, though it is important to note that you must spend at least $3,000 per year to get this rate (the average student spends about $3,800 per year according to the Senate Banking Committee’s Report on College Student Credit Card Usage); if you fall short of that rate you will still get cash rebates, but on a slightly reduced scale (see the full credit card review for more details).
The cash back bonuses are paid out via cash vouchers (or coupons) on a per-month basis, though you do have the opportunity to double your bonuses if you spend them with select retailers. This means you have the potential to get up to 10% cash back just by using the Discover Student Monogram Credit Card – an offer that is not available through other credit cards in the student credit card category. The vouchers never expire and there is no limit to how much you can earn during a 1-year period, so the sky’s the limit with the Student Monogram Credit Card’s cash back program!
Discover Student Monogram Credit Card vs. Other Student Credit Cards
The Student Monogram Credit Card’s interest rate is actually lower than the average interest rates of similar credit cards in the student credit card category. All other student credit products from Discover do offer the same interest rate and reward program, so if you’re interested in a Discover student credit card then the only real difference is how the card looks (i.e. pictures of wildlife, beaches, monogram, etc.)
The Discover Student Monogram Card is the only student credit card that allows you to customize how the card looks with your initials. When you sign up for the card you may pick from one of three designs and either a first/last initial (mine would be KC) or just a first initial (mine would be K) on the background of the credit card. This is the most distinct feature of this card and is one of the reasons it is incredibly popular!
Additional Resources:
Kimberly Carte
Your Credit Network