Advanta
Airline/Travel
American Express
Bad Credit
Balance Transfers
Bank of America
Business
Capital One
Chase
Credit Facts
Credit Offer Changes
Discover
Instant Approval
New Card Announcements
Popular Credit Cards
Prepaid
Rewards
Student Credit

Sign In

Add This Blog to your Technorati Favorites

Subscribe to our RSS Feed

Credit Card Blog - Discover Monogram Student Credit Card

 Tuesday, 20 February 2007

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



Tuesday, 20 February 2007 18:37:42 (GMT Standard Time, UTC+00:00)  #     
Student Credit | Discover  | 
Credit card information posted on this page is subject to change without notice and may not reflect current pricing, fee or rate information as dictated by the issuing bank of the credit card offer(s) featured. In order to ensure that you are viewing the most current information available, please see the full credit card review of any card listed on this page before making the decision to apply for that card. For additional information about this or any other posting made on the Your Credit Network Credit Card Blog, please contact us by clicking here.