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We are an independent, advertising-supported comparison service. Our goal is to help you make smarter financial decisions by providing you with interactive tools and financial calculators, publishing original and objective content, by enabling you to conduct research and compare information for free - so that you can make financial decisions with confidence.
Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover. SHARE: Sladic/Getty Images May 27, 2022 Checkmark Bankrate logo How is this page expert verified? At Bankrate, we take the accuracy of our content seriously. "Expert verified" means that our Financial Review Board thoroughly evaluated the article for accuracy and clarity. The Review Board comprises a panel of financial experts whose objective is to ensure that our content is always objective and balanced. Their reviews hold us accountable for publishing high-quality and trustworthy content. Tracy Stewart is a personal finance writer specializing in credit card loyalty programs, travel benefits, and consumer protections. Mariah Ackary is a personal finance editor who joined the Bankrate team in 2019, excited by the opportunity to help people make good financial decisions. Send your questions to Bankrate logo The Bankrate promise
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Quick card details
Rewards rate: 5 percent cash back on each quarter’s activated rotating categories (on up to $1,500 in combined purchases, then 1 percent) and 1 percent on all other purchases Welcome offer: All cash back earned within the first 12 months will be matched Annual fee: $0 Purchase intro APR: 0 percent for six months Balance transfer intro APR: 10.99 percent for six months Regular APR: 15.99 percent to 24.99 percent variable How can I benefit from the Discover It Student Cash Back card
Here are some of the ways you can use the Discover It Student Cash Back to your advantage. No annual fee
Since this is a , there’s no cost to carry it in your wallet. This is especially advantageous for students as you don’t have to justify spending enough on the card to earn rewards and offset the annual fee. Instead of worrying about overspending, students can get their money’s worth from day one. Earning cash back
The Discover It Student Cash Back features , meaning you’ll earn boosted rewards in designated spending categories within the quarterly spending cap. After activation, cardholders will earn 5 percent cash back within the up to $1,500 on combined purchases (then 1 percent back). Plus, all other purchases will earn you 1 percent cash back, a good deal for student cards as many cards in this category earn a maximum of 1 percent back. Discover cash back 2022 categories
Quarterly categories 2022 Discover it categories Q1: Jan. through March Grocery stores Fitness clubs Gym memberships Q2: April through June Gas stations Target Q3: July through Sept. Restaurants PayPal Q4: Oct. through Dec. Amazon.com Digital Wallets Welcome bonus
As is the case with many of Discover’s other cards, the issuer will you accrue in the first year as a cardholder. While this program doesn’t follow the typical cash back card sign-up bonus formula where cardholders are rewarded upfront for spending a certain amount within a given time frame, it can be a boon to students focused on building their credit versus time-sensitive spending. Welcome bonuses are rare for starter credit cards in general, and this one can be very rewarding, especially for those who take advantage of the card’s student-centric bonus categories. Redeeming cash back
Discover offers several methods to redeem the rewards you earn. Cardholders can receive cash back as a statement credit or a direct deposit into your bank account. Plus, you can choose to donate your rewards to charity, pay with your rewards at Amazon.com via PayPal or redeem them for gift cards. Is the Discover It Student Cash Back card worth it
The Discover it Student Cash Back card is one of the few student credit cards that offer rewards on par with its issuer’s signature cash back card. Among student cards with no annual fee, the Discover it Cash Back’s first-year value can be exceptional. Thanks to Discover’s reward match offer, all of the cash back earned in your first 12 months is essentially doubled. This could make this card a substantially more valuable option in the first year of ownership than competing cards, depending on how much you spend. But, it’s important to consider that you’ll only receive 5 percent cash back on up to $6,000 across the whole year, which amounts to $300 back (earn 5 percent back on up to $1,500 in rotating category purchases each quarter when you activate the bonus category, then 1 percent). When redeeming cash back into gift cards or spending your rewards at online retailers, that transaction often comes with a drop in reward value. However, Discover guarantees all redemption options will yield at least a 1:1 value. Besides value, customer service and security are two of Discover’s core principles. Discover’s high standard of has earned the issuer a top spot in the for five of the past seven years. In addition, users will receive 24/7 U.S.-based customer service, a free FICO Credit Scorecard, spending summary reports and in-depth credit monitoring that can patrol the dark web for your Social Security number. This can save you money in the long run as well, as similar services typically require a third-party subscription, but Discover automatically provides it at no cost. The Discover it Student Cash Back card is a strong, low-cost option for students that want to build credit but don’t want to take out an additional credit-building loan. The card does not charge annual fees or foreign transaction fees, which is a nice perk for students . On top of that, Discover will waive your first late payment fee (up to $41 thereafter) and will not charge a penalty APR, offering a safety net while you’re just starting out. Discover also offers cardmembers the opportunity to put off paying interest charges for a while, thanks to the card’s six-month 0 percent intro purchase APR. And if you’re looking to transfer a balance, there is a 10.99 percent intro APR for balance transfers for the first six months. In the long run, the ongoing 15.99 percent to 24.99 percent variable APR could be well below the , which could be hugely beneficial considering starter cards are known for offering high interest rates. Who should get the Discover It Student Cash Back card
People who don’t want to pay an annual fee, but still want to earn rewards on student-focused categories. Students looking for an attainable card to help them build credit. Individuals that prefer earning cash back over points or travel miles. Who should pass on the Discover It Student Cash Back card
People who value simplicity and do not want to manage rotating bonus categories. Students with higher credit scores will likely see more value from a card with better ongoing perks and benefits. Frequent travelers looking to rack up rewards toward vacations. The bottom line
Students seeking a manageable and rewarding card will absolutely find the Discover It Student Cash Back card worth it. It maintains its position as one of the top student credit cards on the market due to its $0 annual fee, impressive cash back rewards rate, first-year cash back match and user-friendly terms. On top of that, its rotating bonus categories offer budget-conscious students a great opportunity to chip away at everyday costs and build credit. SHARE: Tracy Stewart is a personal finance writer specializing in credit card loyalty programs, travel benefits, and consumer protections. Mariah Ackary is a personal finance editor who joined the Bankrate team in 2019, excited by the opportunity to help people make good financial decisions. Send your questions to