Discover it® Student Cash Back full review
If you want to begin building credit and enjoy amazing perks, take a look at this exceptional credit card.
Discover it® Student Cash Back: What You Need to Know
Discover it® Student Cash Back is a credit card that offers numerous benefits for students looking to build their credit history while earning cash-back rewards. Although it may not provide the same rewards as cards for individuals with established credit profiles, it serves as an excellent stepping stone to more rewarding cards in the future.
One of the key features of the Discover it® Student Cash Back card is the 5% cash back on regular purchases made at various locations, such as Amazon.com, supermarkets, dining establishments, and gas stations. This reward is capped at a quarterly maximum. Additionally, all other transactions automatically receive 1% cash back with no limit. Furthermore, at the end of the first year, Discover matches the cash back earned dollar for dollar.
Cardholders also benefit from Discover’s Freeze feature, which allows them to freeze their account if the card is lost or stolen. Additionally, they receive complimentary access to their FICO credit score. This card provides an opportunity for students to establish credit and enjoy the perks of cash-back rewards.
How Does the Discover it® Student Cash Back Work?
The Discover it® Student Cash Back card offers a straightforward rewards system. Cardholders automatically earn an unlimited 1% cash back on all purchases. To qualify for the 5% cash back in quarterly rotating categories, they must activate the category. The quarterly cap for this reward is $1,500.
Here is how the categories are divided:
- Q1 (Jan. 1–March 31)
– Grocery stores.
– Fitness clubs and gym memberships. - Q2 (April 1–June 30)
– Gas stations.
– Target.com - Q3 (July 1–Sept. 30)
– Restaurants.
– PayPal. - Q4 (Oct. 1–Dec. 31)
– Amazon.com.
– Digital wallets.
After the first year of ownership, Discover Cashback Match doubles all points earned, making it advantageous for cardholders to use their rewards promptly. The cash back rewards earned with the Discover it® Student Cash Back card do not expire and can be used for deposits or statement credits in any amount at any time. Reward balances are credited to the account upon closure or after 18 months of inactivity.
Based on typical annual expenses of $13,640 and $1,000 spent in each of the rotating categories, students can expect to receive a total of $296.40 in cash back per year. Furthermore, as part of Discover’s Cash Back Match, this sum is doubled at the end of the first year.
Discover it® Student Cash Back Benefits
High Rewards on Rotating Spending Categories
One of the key benefits of the Discover it® Student Cash Back card is the opportunity to earn up to 5% cash back on regular purchases in various locations each quarter. This includes Amazon.com, supermarkets, restaurants, gas stations, and payments made with PayPal. Additionally, the card offers 1% cash back on all other purchases without any restrictions.
Significant First-Year Bonus with Cash-Back Match
The Discover it® Student Cash Back card stands out by doubling all cash back earned by cardholders in the first year. Unlike many student credit cards, it provides a substantial one-time bonus. There is no upper limit on the earning potential for this bonus, and Discover matches the cash back rewards up to a total of $400.
Introductory 0% APR for Six Months on Purchases
Students can take advantage of a six-month 0% APR offer on new purchases with the Discover it® Student Cash Back card. This allows them to pay off expenses like laptops or textbooks without worrying about interest fees. After the introductory period, the card’s variable APR ranges from 15.24% to 24.24%. The 0% APR promotion sets this card apart from other student credit cards.
How to Apply for the Discover it® Student Cash Back
If you’re interested in the Discover it® Student Cash Back card, check out our guide on how to apply for detailed instructions.
