After yours and other comments, I suspect my information is just really out of date.

Here's some stories I had heard back when I was in college: no cash back or other rewards on the card for students, $2/month on an unused $500 credit line, a $38 late fee (late = paid the day due after noon eastern time, regardless of consumer time zone), and a rate that skyrockets after any missed payments.

Again, these may have changed since then since there's several replies of people with good experiences.