College is in full swing for many first-time college students and many more students are back after summer break to continue their education. One thing we all know by now is that financial education is likely not on their course list, so when it comes to parenting a college-aged student, there are ways to help them make smart financial decisions while they’re away from home for the first time without having to learn from expensive mistakes.
A student credit card is one option to help them learn how to use and build credit on their own. No linking them to your account or paying off their bill for them. By working with your student to manage their credit, you will provide them with lifelong good credit habits and a credit score that’s stellar when they graduate.
Two cards to consider are the Discover it Student Card and the Discover it Chrome for Students card, which are two of our favorites for good reason. Read on for more info on all they have to offer.
Paying for needs and getting rewards? It will sound too good to be true to your student, but showing them how they can earn for their judicious use of credit and be rewarded will surely get them excited.
Discover offers two card options for students, so let’s break down their rewards:
- 5% cash back in categories that change each quarter, up to the quarterly maximum when you sign up
- 1% cash back on all other purchases
- 2% cash back at gas stations and restaurants, up to the quarterly maximum, automatically
- 1% cash back on all other purchases
Plus, with Cashback Match™ Discover automatically matches all the cash back new cardmembers earned at the end of their first year.”
Depending on your student’s needs and spending habits, they should choose the card that’s right for them while getting all the advantages of Discover and their award-winning U.S.-based customer service.
Discover’s student credit cards offer great incentives, like a $20 reward for good grades and, as your student starts to build their credit history, access to their FICO® Credit Score for free on their monthly statements and online.
Missed payment? No problem.
We know in the adult world missing a payment can mean a ding to your credit score, higher interest rates, late fees and other trouble. But your student will be given a free pass if (or maybe when) they miss their first payment because Discover forgives your first late payment.
At Discover, cardmembers have access to 100% U.S.-based customer service available day or night. And, they’ll always be able to speak with someone live, as opposed to an automated recording.
Safety is a big concern for parents and students when it comes to their credit. Thankfully Discover has you (and your student) covered. They provide 24/7 monitoring of every Discover card purchase for every customer. Additionally, there’s $0 Fraud Liability Guarantee, so cardmembers are never responsible for unauthorized purchases.
Lost cards can be a headache for you and your student. If they think their card may be lost or stolen, they can freeze their account with Discover’s Freeze it security feature that gives cardmembers the ability to pause all account transactions with the touch of a button on their mobile device.
Today’s students are plugged in, and that can be a smart way to help them manage their spending, credit payments, and more using Discover’s mobile app. It’s a smart way to help them learn how to manage their money on the go with a ton of robust features that will help them stay on top of their money game.
Giving your college student a chance to make financial choices and mistakes on their own can create lifelong skills that will set them up for financial success. And those mistakes they are sure to make along the way? Thankfully Discover has a lot of them covered whether they misplace their card or forget to make a payment.
Disclosure: This is a sponsored post as part of my work with the Discover Preferred Blogger Network. All opinions are my own.