The Discover it® Student Cash Back, one of the two Discover credit cards specifically designed for college-age users, outperforms many “adult” cards thanks to its bonus cash back categories. This makes the Discover student credit card potentially profitable, especially when combined with the sign-up incentive. Find out more about the features of this card in the in-depth Discover it® Student Cash Back review that follows.
College offers a wealth of opportunities for learning, but one underappreciated lesson with far-reaching effects is how to build a strong credit score.
A student credit card can assist the future generation of consumers in developing sound money management skills, whether you’re a student wanting to establish credit or a parent getting ready to send your child to college. The Discover it® Student Cash Back and the Discover it® Student Chrome are the two credit cards that Discover offers to college students.
While both Discover student credit cards are intended to assist young adults in developing their credit histories and acquiring money management skills while attending college, they differ in the types of benefits they provide.
With the Discover it® Student Cash Back card, cardholders can sign up to receive limitless 1% cash back on all other eligible purchases in addition to 5% cash back in a variety of areas that rotate every quarter up to $1,500 in expenditures.
The Discover it® Student chrome, on the other hand, automatically offers 1% cash back on all other expenditures and 2% cash back at petrol stations and restaurants on up to $1,000 in combined transactions per quarter.
Whichever of these two Discover student credit cards you select, Discover will immediately match all cash back rewards new cardholders accrue during their first year, with no cap on how much cash back can be earned.
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Discover Student Credit Cards Benefits
Earn 5% Cash Back or More
Holders of the Discover it® Student Cash Back card can earn up to $1,500 in cash rewards per quarter on purchases made at a variety of businesses, including Amazon.com, supermarkets, restaurants, and petrol stations. The cash back rate on other qualified purchases is 1%.
Sign-up bonus with Unlimited Cashback Matches
With this well-known benefit, Discover will automatically match all of your cash back at the end of your first year. Only new cardholders and available for the first year, this sign-up incentive can be very profitable due to the limitless match.
No Yearly Charges
Many students live on very tight budgets and track every dollar. Thankfully, Discover does not impose an annual fee on the Discover student credit cards.
0% Intro APR for Purchases
Want to pay for anything, like a semester’s worth of books, without having to momentarily worry about paying interest? With this card’s 0% introductory APR on purchases, you have six months to cover these costs. Purchase a costly item or several and pay them off over the introductory period to avoid expensive interest charges. When the 0% introductory APR runs out, the default variable rate takes effect.
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FICO® Score without Cost
Anyone who uses a credit card should be aware of their credit score. The Discover mobile app and a customer’s account management page both offer a free FICO® Score, which makes this process simple.
Identity Warnings
Your Experian credit report is regularly monitored by the issuer’s online service, which notifies you whenever a new account is added. It also scans websites that handle personal data, alerting you the same way if any of your information appears.
No International Transaction Fee
traveling abroad You won’t pay a foreign transaction fee if you use the Discover it® Student Cash Back.
Eligibilities for Discover it® Student Cash Back
It’s not always simple to tell whether you’ll be approved for a new credit card when you’re just getting started. This void is filled by student credit cards, which also make it simple for young individuals to obtain their first credit card.
You must be at least 18 years old, enrolled in a two- or four-year college, a citizen of the United States, and in possession of a Social Security number in order to be eligible for a Discover student credit card.
Additionally, you’ll need to have independent, verifiable income, such as a part-time work, and you might need to provide verification of your income. Check the Discover Student Credit Card’s page for further requirements and application procedure.
Discover it® student cash back Rewards
Although learning how to optimize credit card benefits can take years, college students shouldn’t pass up the chance to gain knowledge. With the Discover it® Student Cash Back card, cardholders can earn up to $1,500 in cash back per quarter when they activate (then 1%), with 5% cash back available in a number of areas that rotate every quarter.
This is how it goes: Upon activation, you can receive 5% cash back on various categories up to $1,500 in quarterly purchases (after which 1%) for each of the following four quarters (January through March, April through June, July through September, and October through December).
The program refreshes at the end of each quarter, giving you another opportunity to earn 5% on up to $1,500 of purchases made in the fresh categories. In order to get the cash-back incentives, you must enlist at the start of each activation period.
Beyond the categories that change and offer 5% cash back, you can automatically earn an infinite amount of 1% cash back on any other purchases.
It takes a bit more effort, but if you are strategic, earning 5% back instead of 1% to 2% like with the Discover it® Student chrome usually makes it worthwhile.
Additionally, Discover offers a special welcome bonus: For the first year only, new cardholders will have all cash back they have accrued at the end of the first year instantly matched dollar for dollar by Discover.
When you’re prepared to cash out your incentives, there are several options available:
- Gift cards, ranging from $5 to $200 and in increments of $5
- Charitable donations to select organizations
- Pay with points at Amazon.com checkouts
- Statement credits
- Electronic deposits to your bank account
Your benefits never expire, however Discover will automatically credit your cash back to your account balance if you don’t use your card for 18 months.
Cash back rewards on your student credit card can be enjoyable and practical, but it’s important to make timely, full payments on your amount each month. The huge interest fees you’ll incur if you don’t pay down your balance always outweigh the value of whatever points you earn.
Your main priority after receiving a student credit card should always be developing savvy financial practices. Building a strong score comes before earning points, benefits, and rewards.
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Frequently Asked Questions
Is obtaining a Discover student card challenging?
The Discover it Student Card's eligibility conditions are rather lax, like those of the majority of student credit cards. They accept students with poor credit, or at the very least, no credit.
For a Discover student card, what credit score is required?
The Discover it® Student chrome and the Discover it® Student Cash Back cards are the two Discover it Student credit cards available. Both cards don't require you to have a certain credit score to get approved. If you're a college student without a credit history of your own, this card is an excellent choice.
Is a deposit required for the Discover Student Card?
If you qualify, a student credit card can be a better choice as there is no down payment required. A secured credit card can be the best option for you if you have bad credit, are no longer in school, are pausing your studies, or are either of those things.
Can I use the Discover Student Credit Card Internationally?
When looking for a credit card as a student who intends to study abroad, it's vital to keep in mind that while the Discover it® Student Cash Back card has no foreign transaction fees, Discover may not be as well-known abroad as other major card issuers.
Conclusion
College students can learn responsible financial practices with the Discover it® Student Cash Back card, which is a fantastic introductory credit card and can prepare them for future credit cards with better rewards.
With 5% cash back on recurring spending categories up to the quarterly maximum (activation required) and 1% unlimited cash back on all other purchases, this card nevertheless offers a ton of value despite being targeted at young folks with little credit history. Not to mention, Discover automatically doubles all cash back earned throughout the first year of cardholders’ use.
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