Is Your Child Ready For Greater Financial Responsibility? The situation could be that you are ready to teach your child how to handle money better, or that your child has expressed a desire for more financial responsibilities. Either way, there is no better way to learn to manage credit and finances responsibly than to get your child a student credit card.
Discover it for Students is a student credit card that can help your child lay the foundation for good credit. We all know that children and a credit card can be a dangerous combination. It doesn’t matter if your child is in high school or college. Your main responsibility as a parent is to determine first and foremost if your child is really ready for a credit card. There is a certain freedom that comes with having a credit card, and your child must be mature enough to handle that freedom. If all is well in that department, searching the Discover Student Card might be a smart way to go.
Aside from the maturity level, you need to make sure that your children can pay off the credit cards themselves. Giving them cards when they have no way of paying back what they owe is basically the same as giving them free money. You want them to take full responsibility for what they owe and nothing less. The difference between having a credit card and a regular debit card is the ability of credit cards to build credit in a way that debit cards simply cannot.
Discover it for students
There are many other additional benefits to obtaining the Discover Student Card for your child, in addition to the opportunity to build credit. First and foremost, this card has no annual fees. It’s a great starter card for your teens because they won’t have to deal with fees when they don’t need to. Most of the time, the credit limit will be lowered on these cards to begin with, so no annual fees is a great way to go.
This card is also equipped with a generous cash back rewards system. New cardholders will have the opportunity to double their rewards the first year they have the card. In addition to this, Discover will also automatically match the money you have earned at the end of the first year. However, you may not want to let your child take advantage of this benefit by sliding your finger any chance you get.
When it comes to cash rewards, your child will get a 5 percent cash back on new categories like restaurants, gas, Amazon, and many more. The reimbursement will be up to $ 1,500 each quarter. You will also get 1% cash back on all other categories. The 5% cash back is quite generous even compared to normal credit card standards. It also makes sense that you reward teens where they spend the most money.
The only difference with this card is that you will have to register every three months to take advantage of the 5% promotional categories. Because this is such a special program designated only for the younger population using this card, the registration program really makes sense, even if it doesn’t max out promotions every quarter. Just as a rough estimate, an average spend of $ 1k each quarter will earn you $ 50 in rewards for a total of $ 200 in annual rewards. That also doesn’t take into account the 1% cash back rewards and the first year cash back compensation.
Perhaps the best feature of this student credit card is the fact that Discover rewards those who do well in school. Discover it for Students has a Good Grades Rewards program, where your child has the opportunity to earn $ 20 in cash each year if their GPA is 3.0 or higher. This benefit is valid for up to five years.
In general, giving your child the financial responsibility and freedom of having a credit card makes sense with the use of the Discover student card. It has enough benefits and features to make it worth your while. With your supervision, your child should be on the path to a healthy financial future.