| |
The Lowdown on the Discover Student Card
By Eric Wasselman
While this credit card may appear to be like any other student credit card, upon further inspection, you will realize that the Discover Student Clear Card comes in a variety of flashy and funky designs.
Apart from that, internet account related services are also tagged along with the Discover Student Credit Card, with additional benefits such as no annual fee and a 0% introductory APR for the first six months or until the end of the billing cycle in December, whichever comes first.
Additionally, the Discover Student Credit Card also offers double cash rebates at participating stores through the Cashback Bonus award program. Fantastic! Plus, a 5% full cash rebate at participating retailers. Marvelous.
But all that glitters is not gold, and all that shimmers will fade away. Once the intro period is up, the APR for this credit card is found to hover on the high side of exorbitant rates.
Couple that with the demonic method of calculating finance charges called the "Two Cycles Average Daily Balance", this card will suck the lifeblood out of your fledgling student finances. You will probably be put you into economic servitude and shackles through debt servicing. The only way out is not to accrue any outstanding balances, paying them off before charges apply.
From that point of view, the rest of the reward program starts to lose its shine. With the exception of the promotional offers mentioned earlier, it seems unreasonable to spend $3000 or above just to earn 1% cash rebate. Unless you actually have that kind of money, this is just another gimmick. And if the fact that the 1% will only apply to the sum above the first $3000 doesn't tell you that this is a gimmick, what will?
In a nutshell, the Discover Student Clear Card, as it is officially called, is ideal if you regularly spend above $3000 a month and pay off the outstanding balance each month, or if you plan to take advantage of the Cashback Bonus it offers. Otherwise this card will just take advantage of you.
About the Author
For more information or to apply for the Discover Student Credit Card, Eric Wasselman recommends Find Credit Cards. See http://www.findcreditcards.org/card/discover-student-clear-card.php .
Article Source: http://www.simplysearch4it.com/article/28623.html
| If you wish to add the above article to your website or newsletters then please include the "Article Source: http://www.simplysearch4it.com/article/28623.html" as shown above and make it hyperlinked. |
| Some other articles by Eric Wasselman | Morgan Stanley Credit Cards
The name "Morgan Stanley credit cards" is used mainly in the United Kingdom. In the USA, they are now known as Discover credit cards. The company now has only ...
The Top 3 Visa Credit Cards
It is not easy to select the top three Visa credit cards as comparison is normally done based on certain components , such as ...
The Top 3 MasterCard Credit Cards
According to www.bankrate.com , the top three MasterCard's based on carry a balance were issued by Capital One, Pulaski Bank and Trust Company , and .
Capital One
The Capital One MasterCard ...
The Top 3 HSBC Bank Credit Cards
Issued by the HSBC Bank in Nevada, HSBC credit cards are valued because of their low APR which means a lot to customers who generally carry a balance on ...
The Top 3 Discover Credit Cards
Discover credit cards are another popular credit card. The top three cards according to online research are the Discover Platinum card, The Miles Card from Discover, and the Discover Platinum ...
The Top 3 Citibank Credit Cards
The top Citibank (Citi) credit cards were selected based on the introductory purchase APR (Annual Percentage Rate).
• Citi Platinum Select
Offering a 0 APR ...
|
|
| |
|
