Credit Cards, Credit Card Offers and Credit Card Guide

Students have all the luck. As they do not have a credit history, they start on a clean slate and some credit card companies won't hold this against them. This is why corporations such as Morgan Stanley offer the Discover Student Classic Card which is specially catered to meet the needs of students.

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Some of the benefits that the Discover Student Card offer would be a cash rebate of 5% on purchases at participating merchant stores, double cash-back bonuses through gift redemption programs and rebates with partner discount stores. Points gathered through charges made to the card will remain valid if the account remains active for 3 years.

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Apart from that, students who first apply for the card will also enjoy a 0% introductory APR for half a year in addition to a credit limit of $5000. However, even though there are no annual fees attached to the Discover Student Card, the finance charges are tabulated based on a two-cycle average daily balance system. This means that if a user with an outstanding balance for two consecutive months will be charged with an interest rate based on the average of the outstanding balance for these two months.

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This means that interest charges are higher, an attribute where many past users of this card find to be a nuisance. Nevertheless, those who settle their balances on time will not be inconvenienced by this.

"Three out of five students with credit cards in our survey had already maxed them out during their freshmen year and, three out of five freshmen with multiple credit cards were already using bank cards to pay for other revolving credit accounts. Furthermore, fourths of students use their student loans to pay for their credit cards. Not incidentally, recent studies indicate that this indiscriminate marketing to college students has led to high incidences of fraud and identity theft among this young adult population, " Manning testified.²⁹⁷

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Another setback to this card would be the fact that Discover credit cards are not as widely accepted internationally unlike MasterCard and Visa, although widely used in the United States. This means that users one may need another card of that is more internationally-known for emergency purposes.

Kevin Washington (not his real name) experienced this in a different way. approved offer for an introductory, interest credit card. When he received the card, he noticed in the fine print that he would be charged a 12.99 interest rate for using the card. He discovered that in the initial offer's fine print, offer with a less attractive card if it found something in his credit report that it didn't like. switch based upon his credit history.

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The card provider has a way to offset this Achilles heel through their excellent fraud protection program. Irregular use of the card immediately refers the card to the fraud department for examination, rendering the card useless temporarily until they have ruled out unauthorized usage of the card, providing Discover Student Card users with full protection against identity theft.

College students are offered cards which entitle them a free entry to disco or pubs. shirts or trendy bags for filling a credit card application. Children mistakenly view the credit cards as the first step towards independent living. If they use the credit card improperly and without making prompt payments, trap which affects their credit rating. Soon they find it tough to get a mortgage or get a job because of their poor credit rating. Of course the credit card company is not to be blamed. It is their business. Using a credit card is no sin. It is just that the student should know how to take care of and track his expenses. Being self aware of the usage of the credit card and a few important lessons in personal finance will set the child on track to manage his card wisely.

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For more information or to apply for the Discover Student Card, Eric Wasselman recommends Find Credit Cards.

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