Discover it® Student Cash Back review 2024: College students earn cash back and build credit
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BLUEPRINT
Updated 11:28 a.m. UTC May 8, 2024
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The Discover it® Student Cash Back is a credit card offering college students the opportunity to start building credit history and earn an exceptional cash-back rate (up to the quarterly spending cap), all for no annual fee.
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Discover it® Student Cash Back
Discover it® Student Cash Back basics
- Annual fee: $0.
- Welcome bonus: Discover will automatically match all the cash back earned at the end of the first cardmember year.
- Rewards: Earn 5% cash back at different places each quarter up to the quarterly maximum once activated and 1% cash back on all other purchases.
- Intro purchase APR: 0% for 6 months.
- Regular APR: 18.24% - 27.24% Variable APR.
- Balance transfer fee: 3% intro balance transfer fee, up to 5% fee on future balance transfers (see terms)*.
- Other perks and benefits: Access to your FICO Score, Social Security number Dark Web alerts (when you enroll) and Discover’s Freeze it® feature.
- Reports to all three credit bureaus: Yes.
- Preapproval tool offered by issuer: Yes.
- Recommended credit score: New to credit.
About the Discover it® Student Cash Back
Building a stellar credit history while still in college can set you up for success later in life, influencing things like the rates you’ll be offered on auto loans and mortgages, whether you’re approved when applying to rent an apartment and even certain job applications. The Discover it® Student Cash Back is a great choice for a credit card that can aid you on this journey.
Most important when considering a first card to build credit, Discover reports your spending and payment activity to all three major consumer credit bureaus—Equifax, Experian and TransUnion. Each of these bureaus maintains a credit report on consumers. Some credit cards may report to just one or two of the credit bureaus, making them a less-than-ideal choice.
Also important, the Discover it® Student Cash Back charges no annual fee. You may decide later in life it’s worth paying an annual fee for a credit card with premium rewards and benefits, but for the time being, you’re better off with one that rewards you but doesn’t charge you to carry it.
Let’s talk about those rewards: Cardholders earn 5% cash back at different places each quarter up to the quarterly maximum once activated and 1% cash back on all other purchases. The quarterly maximum amount that you can receive on the elevated cash back rate is up to $1,500 in purchases.
And, Discover will automatically match all the cash back earned at the end of the first cardmember year.
It does take a little effort to activate a new category every quarter, but Discover typically sends out reminders when the time to do so rolls around. Overall, this student card has a lot to offer.
Pros
- Doesn’t require a credit score: Unless your parents have added you as an authorized user on one of their credit cards, it’s very possible you have no credit history and are looking to start your journey. This card is accessible to applicants with no prior credit.
- $0 annual fee: College students are typically on a tight budget, so a card with no annual fee is clearly a better choice for most students than one that charges you just to carry it.
- Grows with you when you graduate: When you graduate college, your Discover it® Student Cash Back credit card will automatically upgrade to a similar non-student card.
- Redeem cash back for any amount: Some credit cards require you to have accumulated a minimum amount of rewards before you can redeem them, often $25. This card stands out for letting you redeem your cash back at any time, for any amount.
Cons
- May not be widely accepted: Discover is now accepted at most merchants in the United States that take credit cards, but that’s not necessarily the case outside the country. Visa and Mastercard credit cards are often still better for travel abroad.
- It’s possible to find a longer intro APR offer: While the Discover it® Student Cash Back has a six-month intro period on purchases, that’s not the best deal in town. For example, the Bank of America® Travel Rewards credit card for Students * The information for the Bank of America® Travel Rewards credit card for Students has been collected independently by Blueprint. The card details on this page have not been reviewed or provided by the card issuer. has a longer low intro APR period.
- Categories require activation: If you don’t remember to activate each new quarterly category, all purchases will earn a lackluster base cash-back rate.
Rewards
The Discover it® Student Cash Back card earns 5% cash back at different places each quarter up to the quarterly maximum once activated and 1% cash back on all other purchases. If you were to max out the $1,500 spending cap each quarter, that would be $300 in cash back per year at the elevated cash-back rate.
Plus, Discover will automatically match all the cash back earned at the end of the first cardmember year. For instance, maxing out the quarterly categories would net $600 in cash back.
You can redeem your cash back for any amount at any time as a deposit to a bank account or a statement credit to your card, or for gift cards from a variety of retailers starting at just $5. Additional options include donations to charity and using rewards at Amazon and PayPal.
Rewards won’t expire. If your account is closed or you haven’t used your credit card in 18 months, Discover will automatically credit your account with any accrued rewards balance.
APR
The Discover it® Student Cash Back offers a 0% intro APR on purchases for 6 months, then a variable APR of 18.24% to 27.24% applies. There's a 3% intro balance transfer fee, up to 5% fee on future balance transfers (see terms).
Perks
- FICO Score: FICO is the scoring model most commonly used when lenders are evaluating whether or not to extend credit. By tracking your FICO Score through your Discover account, you can make sure that you’re building a strong credit profile.
- SSN alerts: When you activate this feature, Discover will alert you if your SSN is found on any of thousands of sites on the Dark Web.
- Freeze it: If you happen to misplace your card, you can freeze it online or in the mobile app to prevent new purchases, balance transfers and cash advances.
How the Discover it® Student Cash Back compares to other student cards
Discover it® Student Cash Back vs. Discover it® Student Chrome
The Discover it® Student Chrome charges no annual fee and earns 2% cash back at gas stations and restaurants on up to $1,000 in combined purchases each quarter and 1% cash back on all other purchases. Plus, Discover will automatically match all the cash back earned at the end of the first cardmember year.
There are also intro APR periods: 0% intro APR on purchases and 10.99% intro APR on balance transfers for 6 months, then a variable APR of 18.24% to 27.24% applies. There's a 3% intro balance transfer fee, up to 5% fee on future balance transfers (see terms).
The Discover it® Student Cash Back offers higher earning potential than the Discover it® Student Chrome. However, students who spend frequently on gas and dining — and don’t want to deal with activating rotating categories — may prefer the simplicity offered by the latter card.
Discover it® Student Cash Back vs. Bank of America® Travel Rewards credit card for Students * The information for the Bank of America® Travel Rewards credit card for Students has been collected independently by Blueprint. The card details on this page have not been reviewed or provided by the card issuer.
The Bank of America Travel Rewards credit card for Students keeps things simple with 1.5 points per $1 on purchases. Points can be redeemed for a value of 1 cent each as statement credits to offset eligible travel and dining purchases. There’s also a welcome bonus of 25,000 points after spending $1,000 on purchases in the first 90 days of account opening. The card charges no annual fee and no foreign transaction fee — great for studying abroad. And, as a Visa, this card will be widely accepted in the U.S. and outside the country too.
Finally, there’s a long intro APR period: 0% intro APR for 15 billing cycles on purchases and balance transfers made in the first 60 days, and then a 19.24% to 29.24% variable APR. A 3% intro balance transfer fee will apply for the first 60 days; then a 4% fee applies to future balance transfers.
Discover it® Student Cash Back vs. Chase Freedom Rise℠ * The information for the Chase Freedom Rise℠ has been collected independently by Blueprint. The card details on this page have not been reviewed or provided by the card issuer.
Whether you’re a student or not, the Chase Freedom Rise is a good choice when you don’t have prior credit history and want to start building credit. It’s specifically aimed at those who are new to credit, and applicants can increase their odds of approval by opening a Chase checking account with an initial deposit of at least $250 (there’s no ongoing balance requirement).
The card charges no annual fee and earns 1.5% cash back on all purchases. While there isn’t a traditional welcome bonus, you can earn a $25 statement credit after enrolling in autopay in the first three months of account opening.
Chase is a prominent issuer with popular credit cards such as the Chase Sapphire Preferred® Card — and the bank provides other financial products, including mortgages and auto loans, as well. Getting the Freedom Rise can help build a relationship with Chase early in your financial journey.
But, with a 3% of the amount of each transaction in U.S. dollars foreign transaction fee, this card might not be the best option if studying abroad.
Should you get the Discover it® Student Cash Back?
The Discover it® Student Cash Back is an excellent choice if you’re enrolled in a two- or four-year institution, want to start building credit and are willing to activate rotating cash-back categories.
However, students planning to travel abroad may wish to consider a Visa or Mastercard credit card, since cards on those networks are more widely accepted in some countries than Discover.
| DISCOVER IT® STUDENT CASH BACK DETAILS | |
|---|---|
Annual fee
| $0
|
Rewards
| 5% cash back at different places each quarter up to the quarterly maximum once activated and 1% cash back on all other purchases
|
Intro purchase APR
| 0% for 6 months
|
Regular APR
| 18.24% - 27.24% Variable APR
|
Balance transfer fee
| 3% intro balance transfer fee, up to 5% fee on future balance transfers (see terms)*
|
Foreign transaction fees
| None
|
Benefits
| FICO Score, SSN alerts when you activate and the ability to freeze your card online in case you’ve misplaced it
|
Methodology
Our credit cards team has spent hours analyzing hundreds of credit cards. We took a deep dive into the details of each product and that analysis, combined with our years of experience covering credit cards, informed us as we developed these credit card rankings. Factors we considered when we developed our rankings included:
- Annual fees.
- Any other fees, like account opening fees, monthly maintenance fees or credit limit request fees.
- If the card earned any rewards and/or a welcome bonus.
- If the card requires a security deposit.
- If the card requires a credit score to apply.
Frequently asked questions (FAQs)
A student credit card is a credit card designed for college students. Such cards will be more accepting of people with limited or no credit history than more high-end credit cards.
When selecting a student credit card, check that it reports to all three credit bureaus, doesn’t charge an annual fee and has a reasonable APR range. While you don’t want to make a habit of carrying a balance from month to month, if you ever need to do so, a card with an APR of 20% or higher will hit you with more costly interest charges than a card with a lower APR.
Some student cards earn rewards, and that can be a nice way to offset your spending. However, building good credit by always paying on time and keeping your utilization—how much of your credit limit you’re using—low should be your priorities, not trying to rack up lots of rewards.
The Discover it® Student Cash Back earns 5% cash back at different places each quarter up to the quarterly maximum once activated and 1% cash back on all other purchases. Past categories have included gas, restaurants and more.
Activation of the rotating categories is typically as simple as making a few clicks in your online account, and Discover tends to send out reminders so you don’t miss new categories.
Applicants should be enrolled in a two- or four-year college or university, according to the information provided in the Discover it® Student Cash Back card’s application form.
Also note that to qualify for any credit card, you should be at least 18 years old and have a source of income. Students may be able to list income from sources such as part-time jobs, allowances from parents, or financial aid left over after tuition and college costs are covered.
You’ll keep your credit card and it will continue to earn the same rewards. Discover will reclassify the account so it’s no longer considered a student credit card. If you land a job that comes with substantially higher pay than you were making before, make sure to update your income on your account, because a higher income might qualify you for a credit limit increase.
*The information for the Bank of America® Travel Rewards credit card for Students and Chase Freedom Rise℠ has been collected independently by Blueprint. The card details on this page have not been reviewed or provided by the card issuer.
Blueprint is an independent publisher and comparison service, not an investment advisor. The information provided is for educational purposes only and we encourage you to seek personalized advice from qualified professionals regarding specific financial decisions. Past performance is not indicative of future results.
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