The Discover it® Student Cash Back card is a popular choice among students looking to build credit while earning rewards. This credit card is specifically designed for students, offering a variety of perks that make it a smart choice for young adults starting their financial journey. In this guide, we’ll explore the features, benefits, and application process of the Discover it® Student Cash Back card, ensuring you have all the information you need to make an informed decision.
Key Features of the Discover it® Student Cash Back Card
1. 5% Cash Back in Rotating Categories
One of the most attractive features of the Discover it® Student Cash Back card is its generous cash-back program. Cardholders earn 5% cash back on up to $1,500 in purchases in rotating categories each quarter. These categories can include popular spending areas like gas stations, grocery stores, restaurants, and more. To maximize your rewards, you’ll need to activate the categories each quarter, which can be done easily online or through the Discover mobile app.
2. 1% Unlimited Cash Back on All Other Purchases
In addition to the 5% cash back in rotating categories, you’ll also earn 1% cash back on all other purchases. This means you can earn rewards on every dollar you spend, regardless of where you shop. Whether you’re buying textbooks, paying for meals, or shopping online, you’ll always be earning something back.
3. First-Year Cashback Match
Discover offers an exclusive Cashback Match for new cardholders. At the end of your first year, Discover will automatically match all the cash back you’ve earned. For example, if you earn $100 in cash back during your first year, Discover will match that, giving you a total of $200. This unique feature effectively doubles your cash-back rewards, making your first year even more rewarding.
4. No Annual Fee
The Discover it® Student Cash Back card comes with no annual fee, which is perfect for students who may be on a tight budget. You can enjoy all the benefits of the card without worrying about paying a fee each year, allowing you to keep more of your hard-earned money.
5. Introductory APR Offer
For new cardholders, Discover offers an introductory 0% APR on purchases for the first six months. After that, a variable APR of 17.24% to 26.24% applies, depending on your creditworthiness. This introductory period can be particularly beneficial for students who may need to make larger purchases upfront, such as textbooks or a new laptop, and pay them off over time without incurring interest.
6. Good Grades Reward Program
Discover encourages students to excel academically by offering a Good Grades Reward. If you maintain a GPA of 3.0 or higher, you can earn a $20 statement credit each school year for up to five years. This feature is a great incentive to stay focused on your studies while also earning a little extra money.
7. Credit Monitoring and Education Tools
The Discover it® Student Cash Back card provides access to free FICO® credit scores, allowing you to monitor your credit progress regularly. Discover also offers educational resources to help you understand credit, manage your finances, and build a strong financial foundation.
8. No Foreign Transaction Fees
If you plan to study abroad or travel internationally, you’ll be pleased to know that the Discover it® Student Cash Back card doesn’t charge foreign transaction fees. This means you can use your card overseas without worrying about extra costs, making it a convenient option for international travel.
Benefits of the Discover it® Student Cash Back Card
1. Build Your Credit
One of the primary reasons students should consider the Discover it® Student Cash Back card is the opportunity to build credit. By using your card responsibly—making on-time payments and keeping your balance low—you can establish a positive credit history. This will be crucial when you apply for loans, rent an apartment, or even secure a job in the future.
2. Cash Back Rewards
Earning cash back on your everyday purchases is a significant benefit. The 5% cash back in rotating categories, combined with the 1% cash back on all other purchases, allows you to earn rewards quickly. Plus, the Cashback Match at the end of your first year makes this card even more rewarding.
3. Security Features
Discover is known for its robust security features. The card includes fraud protection, so you’re not liable for unauthorized purchases. Discover also offers free Social Security number alerts, notifying you if your SSN is found on any of thousands of Dark Web sites. These features provide peace of mind, especially for students who are new to managing credit.
4. Flexible Redemption Options
Redeeming your cash-back rewards is easy and flexible. You can apply your rewards as a statement credit, deposit them directly into your bank account, use them at Amazon.com checkout, or donate to charity. Discover doesn’t impose any minimum redemption amounts, so you can redeem your rewards whenever you like.
5. Customer Service Excellence
Discover consistently ranks highly for customer service. Their U.S.-based customer service representatives are available 24/7 to assist you with any questions or issues. Whether you need help understanding your statement, disputing a charge, or simply learning more about your card’s benefits, Discover’s customer service team is there to help.
How to Apply for the Discover it® Student Cash Back Card
1. Check Your Eligibility
Before applying, it’s essential to ensure you meet the basic eligibility requirements. You must be a student enrolled in a college or university, have a Social Security number, and be at least 18 years old. Additionally, you should have some form of income, whether from a part-time job, internship, or allowance, to demonstrate your ability to make payments.
2. Gather Your Information
To complete the application, you’ll need to provide some personal information. This includes your Social Security number, date of birth, address, and details about your income. Having this information ready will make the application process smoother and faster.
3. Apply Online
The easiest way to apply for the Discover it® Student Cash Back card is online through Discover’s website. The application process is straightforward and only takes a few minutes. You’ll need to fill out your personal information, provide details about your school and income, and review the terms and conditions.
4. Review and Submit Your Application
Before submitting your application, double-check all the information you’ve entered to ensure it’s accurate. Once you’re confident everything is correct, submit your application. Discover will typically provide an instant decision, but in some cases, they may require additional information or time to review your application.
5. Receive Your Card
If approved, you’ll receive your Discover it® Student Cash Back card in the mail within 7-10 business days. Once you receive your card, activate it online or by calling the number provided. After activation, you can start using your card to make purchases and earn cash back.
Final Thoughts
The Discover it® Student Cash Back card is an excellent choice for students looking to build credit while earning valuable rewards. With its generous cash-back program, no annual fee, and student-friendly features like the Good Grades Reward, this card offers a well-rounded package that’s hard to beat. By using your card responsibly, you can establish a strong credit history and enjoy the benefits of cash-back rewards during your college years and beyond. If you’re ready to take control of your financial future, the Discover it® Student Cash Back card is a smart place to start.
