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Discover® Student Card - Monogram Collection Details
This is a student card with a more unusual APR on purchases than most; if you apply for and receive this credit card you will enjoy a period of no APR until March of 2008 after which point it will start at 14.99%. To get the Discover Student Card Monogram collection you need to be enrolled in full time studies.
If you are considering this card, chances are it is your first credit card and you have yet to build up a credit rating besides any student loans that will not apply until after you graduate or stop attending school. Because of this, Discover student cards allow you to enter into a credit agreement that is easy on you for the first several months and then changes to a regular credit account with a relatively low annual percentage rate on purchases. This is a chance for you to start making purchases online, to have more spending freedom and to establish yourself as a good credit customer so that in the future other card companies, banks and money lenders will have no qualms about lending you money for further education, to start a business or to buy a home. Cash advances will cost you 3% with a $5 minimum (no maximum), and late fees are $15 on any amount up to $500 and $39 on any amount over that. After the initial special offer period ends on December 1st of 2007, the late fees will change to $19 on any amount up to $250 and $39 on any amount over $250. There are no annual fees on the account and it has an APR of 14.99%. If you fail to make payments on time or tend to carry balances forward, however, this low rate is likely to rise up to the default rate of 29.99%; it is best to keep your spending in check and not allow this to happen or you will end up spending much more in interest than originally agreed.
When you make regular payments each month that clear your debt on the card, you will retain your grace period of 25 days without interest being calculated. An overlimit fee applies to this account as well: $15 on any amount up to $500 and $39 for any amount exceeding $500. This is a good credit account for students who want to enjoy an APR-free grace period on their new cards and afterwards make do with a low interest rate. |
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