10 Frequently Asked Questions About Student Credit Cards

What Are the Most Frequently Asked Questions about Student Credit Cards?

How is a student credit card different from any other credit card?

The advantages of a student credit card include: financial education and resources, support from your issuer with payment options via alerts and reminders, and rewards geared towards students. Some offer additional rewards for paying on time or getting good grades. For example, Discover It Chrome offers students 2% back on gas and restaurants (up to $1,000 in combined purchases each quarter) to support your college lifestyle. Most importantly, lenders may grant lower limits and rates to students to allow them to start building credit.

What is the credit card offer I received in the mail?

Credit card offers come as pre-approved and invitation to apply. Pre-approved offers may be offered to consumers who are 21 or older and indicate that the card issuer has done a basic credit check, found that you meet certain criteria, and would be approved for the card if your credit profile remains the same and you meet income and other relevant application requirements.

Invitation to apply means they are trying to educate you on the product and are encouraging you to apply.

Discover It Chrome Student Card

Get cash back on gas and restaurants with Discover it® Chrome.

Sponsored

Get Cash Back on Gas and Restaurants with Discover it® Chrome.

Sponsored

Get Cash Back on Gas and Restaurants with Discover it® Chrome.

Earn 2% on up to $1,000 in combined purchases each quarter.

Our Student Credit Card

Sponsored

Get Cash Back on Gas and Restaurants with Discover it® Chrome 

Earn 2% on up to $1,000 in combined purchases each quarter. 

Sponsored

Get Cash Back on Gas and Restaurants with Discover it® Chrome

Get cash back on gas and restaurants with Discover it Chrome for students. Go for it.

Can I apply for a student credit card over the phone or online?

You can apply for a student credit card online or by mail if you’re at least 18 years old. To apply for a student credit card over the phone, you must be at least 21.

Do I need a co-applicant on my student credit card?

If you are creditworthy on your own, many issuers will not require a co-applicant.

Most student cards are specifically designed to meet students’ needs. Several offer additional rewards for paying on time or getting good grades.

When do I make a payment on my credit card?

Your payment is due on the date indicated on your statement which is generally the same day every month. If you are still unsure call the customer service number related to your card or log in to your online banking to see when your next payment is due.

Will I pay interest on my card balance?          

After you begin making purchases with your student credit card, you’ll receive a statement with your total balance. If you pay the balance in full by the due date on your statement, you won’t have to pay any interest charges on purchases. If you pay less than the full amount, you’ll be charged interest on the remaining balance based on your Annual Percentage Rate and the terms of your card. That’s why lower APR’s are better. The best idea is simply to use your card for purchases you can afford and pay them back in full by the payment due date. However, if you choose to take out a balance transfer or cash advance, interest rates may apply so be sure to read the card’s terms and conditions

Why should I care about building a credit history?

After college, you may want to apply for a car loan or an apartment lease. Both often require a check on your credit history. Responsibly using a student credit card while in school can help you establish a credit history that opens doors for you later on.

Do I have to spend a lot of money on my student credit card to establish a credit history?

No, you don’t need to pay off big purchases to establish credit. You can establish a credit history by making small purchases and then paying them off on time.

Once I get my credit card in the mail, what should I do?

You’re all set to activate your new card. You can do so by calling the phone number on the back of the card.

How do I get rewards for using my credit card?

If you are a student with a Discover it Chrome card, there is no sign-up. You’re automatically enrolled. Oftentimes, your bank will have an enrollment period if you have to sign up for cash back on rotating categories. If you do not need to sign up, you will automatically earn rewards when you spend. Most likely you are earning on everyday purchases. With Discover it Chrome, you do not need to sign up and you earn 2% cash back on gas stations and restaurants up to $1,000 in combined purchases each quarter.

Discover card believes that consumers should be armed with the information they need to help them make informed credit decisions.

Legal Disclaimer: The articles and information provided herein are for informational purposes only and are not intended as a substitute for professional advice.

Up Next  

The Benefits of Student Credit Cards

Explore More Topics:

You Might Also Like...

Get cash back on gas and restaurants with Discover it Chrome for students. Go for it.