The Discover it® Student Cash Back credit card offers an appealing rewards program tailored for students, providing a competitive 5% cash back on rotating categories. These categories change every quarter, and cardholders can earn this higher reward rate after activation, on up to $1,500 in combined spending per quarter. Once this threshold is reached, further purchases in the rotating categories will earn 1% cash back, with no caps or restrictions.
In addition to the rotating categories, the Discover it® Student Cash Back card also provides cardholders with an unlimited 1% cash back on all other purchases. This dual-tiered rewards system, combined with a $0 annual fee, makes it an attractive choice for students looking to maximize their cash back earnings while managing their expenses effectively. With a first-year cash-back match program, new cardholders can potentially increase their rewards even further during their first year of membership.
Card Overview
The Discover it® Student Cash Back credit card is designed specifically for college students, offering an opportunity to build credit while earning rewards on their everyday purchases. One of the major selling points of this card is the 5% cash back on rotating categories, making it an attractive option for students looking to maximize their rewards.
Cardholders can earn 5% cash back on purchases in specific rotating bonus categories, which change every three months, after enrollment. This cash back applies to up to $1,500 in spending each quarter, and then 1% cash back is earned on all other purchases without any spending limit. As an added bonus, the card features a first-year cash-back match, meaning that Discover will match all cash back earned at the end of the first year for new cardholders. This effectively doubles the rewards earned in the first year for eligible users.
Some examples of rotating categories may include gas stations, grocery stores, restaurants, and Amazon.com, providing a variety of options to earn the higher cashback rate. However, it’s essential for cardholders to activate these bonus categories each quarter to qualify for the 5% cashback rate.
Besides the cashback rewards, the Discover it® Student Cash Back credit card also offers other valuable features tailored to the needs of college students, such as:
- No annual fee
- Free FICO® Credit Score access
- A Good Grade Reward for maintaining a 3.0 GPA or higher
These features, combined with the 5% cash back on rotating categories, make the Discover it® Student- Cash Back credit card a strong contender for college students looking for a rewards card that aligns with their spending habits and financial goals.
Cash Back Rewards
The Discover it® Student Cash Back credit card offers an attractive rewards program for students. Cardholders can earn 5% cash back on rotating categories each quarter, up to a spending limit of $1,500 after enrollment. Outside of the bonus categories, students will earn an unlimited 1% cash back on all other purchases made with the card, which is an excellent rewards rate for a student credit card with no annual fee.
To maximize the benefits of the 5% cash back on rotating categories, cardholders must enroll in the bonus categories each quarter. The categories change every three months, providing cardholders with various opportunities to earn rewards on different types of purchases throughout the year.
Another unique feature of the Discover it® Student Cash Back card is the unlimited Cashback Match offered by Discover. At the end of the first year, Discover will automatically match all cash back earned by the cardholder, effectively doubling the rewards earned during the first year of card membership.
Cardholders are not limited by minimum spending or maximum rewards, making the Cashback Match an appealing incentive for students to use the card responsibly and maximize their cash back rewards.
Additional Benefits
Along with the 5% cash back on rotating categories, the Discover it® Student Cash Back card offers several other benefits that make it an attractive option for students. One notable feature is the first-year cash-back match, where Discover matches all the cash back earned during the first year for new cardmembers.
Another advantage is the $0 annual fee, making it a budget-friendly option for students who do not want to bear any extra costs. The card also provides cardholders with a free FICO® Credit Score, helping students monitor their credit-building progress during their educational journey.
The Discover it® Student Cash Back card ensures excellent customer service with 100% U.S.-based customer service representatives available for assistance. Additionally, students can benefit from the card’s security features, such as free Social Security number alerts and $0 fraud liability protection.
When it comes to foreign transactions, Discover it® Student Cash Back cardholders can use the card without incurring any foreign transaction fees. However, the acceptance of Discover cards outside the United States may be limited compared to other card networks.
Fees and Interest Rates
The Discover it® Student Cash Back credit card stands out with its attractive fee structure and competitive interest rates. One of the key benefits is the lack of an annual fee, making it an appealing choice for budget-conscious students.
Additionally, the card offers a 0% introductory APR for the first six months on purchases. After the initial promotional period, the variable APR ranges between 12.99% and 21.99%, depending on your creditworthiness. It is worth noting that the card does not offer a special intro rate for balance transfers.
Other important fees and charges associated with the Discover it® Student Cash Back card include:
- Cash advance fee: Either $10 or 5% of the amount, whichever is greater
- Balance transfer fee: 3% of the amount for the first balance transfer and 5% for subsequent transfers
- Late payment fee: Up to $40, with the first late payment fee waived
- Returned payment fee: Up to $40
- No foreign transaction fees
Considering the card’s generous cash back rewards and competitive interest rates, the Discover it® Student Cash Back credit card is a solid option for students looking to maximize rewards without incurring excessive fees.
Eligibility and Application Process
To be eligible for the Discover it® Student Cash Back credit card, applicants must be at least 18 years old and enrolled as a student at a US college or university. Having a limited credit history or no credit score is not a problem, as the card is designed for students who want to build their credit history.
Applying for the card can be done online through the Discover website. The application process is relatively simple and requires providing basic personal information such as name, date of birth, Social Security number, contact details, and employment information. In addition, applicants need to provide their school information, including the name of the institution and their expected graduation date.
During the application process, Discover may also request supporting documents, such as proof of income or enrollment, to verify the information provided by the applicant. Once the application is submitted, applicants typically receive a decision within seconds, although in some cases, the decision may take longer if additional documentation is required.
Upon approval, applicants will receive their Discover it® Student Cash Back card and can start earning 5% cash back on rotating categories up to $1,500 in spending per quarter, and 1% back on all other purchases. Keeping track of the changing categories and activating them each quarter is crucial for maximizing the benefits offered by this card.
Pros and Cons
The Discover it® Student Cash Back card offers several benefits for students looking to build credit and earn rewards. One of the key features is the 5% cash back on rotating categories that change every three months, on up to $1,500 in spending per quarter. Additionally, cardholders earn 1% back on all other purchases.
This card has a $0 annual fee, making it an appealing choice for students who want to minimize costs while building credit. Moreover, Discover offers a first-year cash-back match, effectively doubling the rewards during the first year of card membership.
- Pros:
- 5% cash back on rotating categories (up to $1,500 in spending per quarter)
- 1% cash back on all other purchases
- No annual fee
- First-year cash-back match
However, the Discover it® Student Cash Back card also has some drawbacks. Primarily, the 5% bonus cash back is limited to $1,500 per quarter in spending, and cardholders must enroll to take advantage of these rotating categories. Additionally, the card may not be as widely accepted as some other credit cards, potentially limiting its usefulness when traveling abroad.
- Cons:
- 5% bonus cash back is limited to $1,500 per quarter in spending
- Bonus categories require enrollment
- Not as widely accepted as some other credit cards
Conclusion
The Discover it® Student Cash Back card offers a unique opportunity for students to earn 5% cash back on rotating categories after activation, up to the quarterly maximum. This can be beneficial for those who are keen on maximizing their rewards based on their spending habits. Additionally, the card comes with no annual fee, making it an affordable option for students.
Some noteworthy features of this card include the Good Grades rewards program and the FICO® Credit Score access, which promotes responsible credit usage and helps students build their credit history. However, the rotating categories may require cardholders to adjust their spending, and there is a cap on the 5% cashback earnings, which may not be suitable for everyone.
To summarize, the Discover it® Student Cash Back card can be an excellent option for students who want to earn competitive cash back rewards on their everyday purchases while building their credit history. With its attractive features and user-friendly elements, it is worth considering for students looking to maximize their credit card rewards without added expenses.