– The Discover it Student Cash Back –
The Discover it Student Cash Back: This is one of the most valuable student credit cards in the country. It’s just like the original Discover it ® Cash Back, except it’s built for college and university students.
There is no annual charge on this card, and it offers a 5 percent cash back bonus categories rotate. Discover’s Cashback Match would double it to 10% in the first year, giving you a chance to make a lot of cashback.
The extra benefits are pretty basic, but you’re going to get a $20 statement credit reward every year that you get a GPA of at least 3.0. You can also monitor your credit through the FICO Credit Scorecard and get advice on how to improve it. All in all, it’s a perfect card for students who are new to credit cards and have a small history of credit. Keep reading to find out more and learn how to use it as a pro.
- Intro Offer: Unlimited Cashback Match. Discover will automatically match all the cash back you’ve earned at the end of your first year! There’s no minimum spending or maximum rewards. Just a dollar-for-dollar match.
- Earn 5% cash back on everyday purchases at different places each quarter like grocery stores, restaurants, gas stations, select rideshares, and online shopping, up to the quarterly maximum when you activate. Plus, earn unlimited 1% cash back on all other purchases – automatically.
- Good Grades Rewards: $20 statement credit each school year if your GPA is 3.0 or higher for up to the next 5 years.
- No annual fee. No late fee on the first late payment. And no APR change for paying late.
- Get 100% U.S.-based customer service & get your free Credit Scorecard with your FICO® Credit Score, the number of recent inquiries, and more.
- Freeze It® on/off switch for your account that prevents new purchases, cash advances & balance transfers in seconds.
- Get an alert if we find your Social Security number on any of thousands of Dark Web sites.* Activate for free.
- 0% intro APR on purchases for 6 months, then the standard variable purchase APR of 12.99% – 21.99% applies.
- Good Grade Reward: Discover will give you a $20 statement credit reward for every year that you get a 3.0 GPA or higher, for up to five years.
- FICO Credit Scorecard: Access your FICO Score whenever you’d like for free, based on your TransUnion credit report.
- Cash at Checkout: At eligible retailers, you can get cash at checkout, a handy way to get some money without going to an ATM. The extra cash will be counted as part of your purchase.
- Refer a Friend bonus: Earn a $50 statement credit bonus for every friend you refer who’s approved, up to 10 friends per year. If your friend makes a purchase within three months of opening the account, he or she will earn a $50 bonus too.
- $0 Fraud Liability Guarantee: If your card is lost or stolen, you are not liable for any fraudulent charges made to your account. Contact customer support immediately if you suspect fraud.
- Fraud Protection: Discover monitors your account around the clock for suspicious or unusual activity.
- Free Social Security number alerts: Discover searches for your Social Security number on thousands of risky sites and will alert you if your information was compromised.
- New account alerts: Get notified of credit inquiries and new accounts on your Experian credit report.
Pros & Cons
- Earn 5% Cash Back in rotating categories each quarter up to the quarterly maximum when you activate
- No FICO history is required.
- Bonus cash back categories
- No annual fee
- Intro APR period on Purchases and Balance Transfers
- No foreign transaction fee
- Slightly less merchant acceptance for Discover in the US – acceptance outside of the US can be an issue
- Bonus rewards categories require quarterly activation
Rates, fees & offers of The Discover it Student Cash Back
Annual fee – $0
Rewards rate – 1%-5%
Bonus offer – Unlimited Cashback Match. Discover will automatically match all the cash back you’ve earned at the end of your first year! There’s no minimum spending or maximum rewards. Just a dollar-for-dollar match.
Intro APR – 0% intro APR on Purchases for 6 months and 10.99% intro APR on Balance Transfers for 6 months
Ongoing APR – APR: 12.99% – 21.99% Variable APR
Cash Advance APR: 24.99%, Variable
Balance transfer fee – % intro balance transfer fee, up to 5% fee on future balance transfers
Foreign transaction fee – None
Getting the Most Out of The Discover it Student Cash Back Card
- Keep up with the reward calendar: Keep an eye on the rewards program calendar because your 5% cash back category changes every three months.
- Activate your bonus categories: Activate your 5% cash back bonus categories in advance — you can do so quite a bit ahead of time. You won’t earn cash back at the 5% rate until you do.
- Earn double cash back: Discover will double the cash back you earn in your first year, a pretty sweet deal. So try to make a decision on any big purchases you’ve been thinking about before that year ends.
- Redeem for gift cards, statement credits, or direct deposits: Redeem your cash back for gift cards when possible. You’ll get at least $5 added to every gift card redemption, sometimes more.
- Get cash when you need it: The Cash at Checkout feature lets you get cash with your Discover card at participating merchants. This is useful because it will count as a purchase, rather than a cash advance. But be aware that merchants may have their own limits and fees.
- Pay over time with no interest: Use your See Terms introductory APR to pay off purchases at no interest. Be sure to always make the minimum payment every month or you could lose this intro rate.
- Pay it off each month: Avoid paying interest on this card by paying your balance in full every billing period, unless you’re using the 0% rate. The card will be free to use because there’s no annual fee, and you’ll be helping your credit too.
- Monitor your credit: Improve your credit with the help of Discover’s FICO Credit Scorecard. This handy tool provides a way to explore your FICO 8 Credit Score. You’ll also get specific tips to improve your credit.
How to Qualify for the Discover it Student Cash Back
When you’re just starting out, it’s not always easy to know if you’re going to qualify for a new credit card. Student credit cards fill in this niche and make it easy for young adults to get their first credit card.
You must be at least 18 years old, enrolled in a two-or four-year college, be a U.S. citizen, and have a social security number to apply for a Discover student credit card. You would also need to have verifiable independent employment, such as part-time jobs, and you will need to provide evidence of employment.
Conclusion of The Discover it Student Cash Back Card
If you’re a student and you want to start building good credit, Discover it ® Student Cash Back is for you. Discover ‘s student credit cards are available to applicants at least 18 years of age or older, so building credit as a teenager can be invaluable when the time comes to “join the real world.”
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