The Discover Student Card APR is 0% for 6 months on purchases and 10.99% for 6 months on balance transfers. After that, the regular APR of 12.99% to 21.99% Variable applies to any remaining balance, as well as to new purchases if you don’t pay in full every month. You won’t be charged interest if you pay off the entire balance within the grace period each month. The Discover grace period is 25 days from the end of the billing cycle (23 days if it falls during February). Grace periods do not cover cash advances and balance transfers.
Like its sister card, the Discover it Student chrome Card offers 0% for 6 months on purchases and 10.99% for 6 months on balance transfers. And its regular APR is 12.99% to 21.99% Variable, depending on each applicant’s creditworthiness.
Bear in mind that Discover may cancel the introductory APR and replace it with the regular rate if there’s any late or missed payments during the promotional period. But neither Discover student card charges a penalty APR for delinquent payments.
You can find the APR, or Annual Percentage Rate, on your credit card agreement and monthly statements. It tells you how much interest you’ll pay on a balance over the course of a year. The regular APR, or “purchase” APR, is almost always presented as a range. Generally, the better your credit profile, the better chance you have of receiving an APR at the lower end of the scale. The student cards’ APRs are in line with other Discover cards.
You won’t have to be concerned with APRs if you pay your bill in full and on time every month. You’ll not only avoid excessive interest charges and any late fees, but you’ll be building a solid credit history. Building credit should be the primary reason to open a student credit card account in the first place.
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