What Credit Score is Needed for a Discover Student Card?
March 1st, 2012 | Author: Stephanie
[A]s young adults, we learn many things about how to be an adult. Going to college not only gives us a good educational start our adult lives and our first chance to live on our own, it gives us the responsibility to begin to take care of some of our own needs. Credit is a vital part of being an adult, and in order to obtain a mortgage, car loan or other line of credit, you have to have established some degree of credit. It might sound a bit strange, but you need credit to build credit. That is where financial tools like student credit cards come in.
College is a great time to start learning about money and smart decision making, as well as to begin to build credit. The Discover student card is a great choice for young adults, enrolled in college, who wish to begin their financial futures on the right foot.
There are a number of different types of Discover student cards, including those that do not require a co-signer, or a parent’s credit history. There are also student cards for those who already have poor credit and wish to rebuild it before it gets beyond repair.
Parents can be co-signers with these cards as well, which will generally lend to a better credit limit and lower monthly interest rate, as the rate one receives, as well as the credit limit on gets, is dependent on the main applicants credit score.
The traditional Discover student card is one of the most popular credit cards for the college student. There are many benefits, especially introductory benefits that make this an excellent first credit card. There is no annual fee with this credit card, and there is an introductory 0% APR on purchases for the first six months. After the introductory period, the interest rate will be between 13.99 and 20.99% variable APR, which is an incredibly good range for a student credit card. The card is also a rewards card offering 5% cash back on gas, groceries and other selected purchases, and 1% cash back on everything else.
This card offers affordable rates for students to begin to build a credit history. This card is best for those with fair to excellent credit, or if you plan on having a co-signer, a parent with fair to excellent credit. It is recommended that only those with a credit score of 660 and higher should apply, with a higher chance of approval for those with scores of over 700.