Discover it Student Cash Back Credit Card Review

Discover it Student Cash Back Credit Card Review.

Are you starting your financial journey as a student? Discover it Student Cash Back offers 5% cash back on everyday purchases at grocery stores, restaurants, gas stations, and more, up to the quarterly maximum when you activate. Also, you can earn unlimited 1% cash back on all other purchases.

It comes with a $0 annual fee and a regular APR of 18.24% – 27.24% (variable). Discover will automatically match all your cash back earned at the end of your first year! You could turn $50 cash back into $100 or turn $100 cash back into $200. There’s no minimum spending or maximum rewards; it’s just a dollar-for-dollar match.

Quick Highlights:

• 5% cash back on rotating quarterly bonus categories, up to $1,500 per quarter, then 1%.
• 1% cash back on other purchases.
• Matches cash back at the end of the first year.
• Redeem your rewards for cash at any time.
• No credit score is required to apply.
• Annual fee: $0
• Regular APR: 24% – 27.24% variable
• No Penalty APR

What Is Discover it Student Cash Back?

Discover it Student Cash Back is not just another piece of plastic in your wallet. It’s an invitation to learn, earn, and be rewarded for taking charge of your fiscal education. With its vibrant design and student-centric approach, Student Cash Back is an example of financial understanding for today’s aspiring young minds.

Importance of Discover it Cash Back Student Card

This credit card is a vital tool for students to begin building their credit history responsibly. Unlike other student credit offers, it does not compromise on benefits. Students who get on board with the Student Cash Back credit card are not only boosting their future credit score but are also making every penny count with cash back rewards, which can be vital in college when every dollar saved is a win.

Good Grade Reward:

• Get a $20 statement credit each year your GPA is 3.0 or higher for up to the next five years with the Discover Good Grades program.
• $85 on 300$ spent monthly.
• 5% cash back on bonus categories, up to $1,500 in 6 months.
• 1% cash back on other purchases.

Referral Program

• Invite Friends: Share the love with your peers; for every friend you refer to Discover, you can earn a cash-back bonus once they’re approved.
• Generous Rewards: The referral rewards are more than a mere token; they’re a substantial thank-you for growing the Discover family.

Redemption

• Flexible Redemption: Whether it’s reducing your balance or treating yourself to rewards, Discover It Student offers a range of redemption options to fit your individual goals and needs.
• Ease of Use: The online redemption process is user-friendly, with step-by-step guidance to ensure you enjoy the full benefits of your cashback earnings. Rewards never expire. Your Account is credited with your rewards balance if your Account is closed or if you have not used it within 18 months.

Rates and Fees: What Will It Cost You?

Money matters, especially for students. Let’s break down the Student cash-back rates and fees to paint a clearer picture of what you’ll be dealing with.

• Standard Purchase APR: 18.24% – 27.24% variable based on your creditworthiness.
• Cash Advance APR: 29.99% variable.
• Penalty APR: None
• Intro APR: 0% intro APR on purchases for six months from account opening, then the standard purchase APR applies.
• Intro Balance Transfer APR: 10.99% for six months from the date of your first transfer for transfers made by May 10, 2024, then the standard purchase APR applies.
• Balance Transfer Fee: 3% intro fee on balances transferred before May 10, 2024, then up to 5% for future transfers.
• Cash Advance Fee: Either $10 or 5% of the amount of each cash advance, whichever is greater.
• Late Payment Fee: None the first time you pay late. After that, up to $41.
• Foreign Transaction Fee: None.
• Returned Payment FEE: Up to $41.
• Discover it Student Cash Back Grace Period: 25 days from the end of the billing cycle: Enjoy a generous grace period.

Discover it Student Cash Back Card Benefits:

The Student Cash Back credit card is rich in benefits tailored for college-goers. As a member, you’ll enjoy the following:

• Generous Cash Back: Earn 5% cash back on up to $1,500 in purchases each quarter in various categories, such as dining, groceries, or gas, when you activate, and unlimited 1% cash back on all other purchases. These rewards are matched at the end of the first year, which means that $100 becomes $200 or even more.
• Enhanced Cash Back Match: This feature essentially ensures that whatever cash back rewards new members earn over their first year of using the card is doubled. It’s a unique offering that very few credit cards match, making it a standout feature for those eager to earn a little extra.
• Innovative Mobile App: The intuitive mobile app from Discover allows students to pay their bills, monitor their spending, and redeem their cash back on the go without missing a beat in their busy schedules.
• Freeze It: Lose your card or think it might be stolen. The Freeze feature lets you prevent new purchases on your account while allowing recurring payments to continue uninterrupted.
• These benefits make Discover it Student Cash Back a valuable addition to any college student’s financial portfolio.
• Purchase Protection: Discover offers coverage on new purchases against damage or theft for a limited period after purchase.
• Extended Product Warranties: Double the manufacturer’s or store brand warranties for up to one year on items purchased with your Discover card.
• Free Overnight Card Replacement:

• $0 Fraud Liability:

• Online Privacy Protection:

• Earn 5% Cash Back: Enjoy a high cashback rate on various spending categories every quarter, from online shopping to entertainment and more.
• Cash Back Redemption Options: Redeem your cash back at any time and in any amount. You can get some money back as a deposit into your bank account, for Amazon purchases, or simply at checkout as a statement credit – the choice is yours.
• Credit Score Monitoring: Thanks to Discover’s Credit Scorecard service, keep tabs on your credit score and report for free. It’s a crucial tool for understanding and improving your credit.

• Introductory Cash Back Match: Discover if student cashback matches all the cash back earned in the first year, effectively doubling your rewards. It’s a head start on your long-term financial gains. The Student Cash Back card offers a dollar-for-dollar match of all cash back earned at the end of the first year

Discover it Student Cash Back vs. Similar Cards.

The credit card market is brimming with options, so how does the Student Cash Back card measure up against the competition? Let’s compare it to two similar offerings, the Discover it Student Chrome and the Discover it Cash Back card.

Discover it Student Cash Back vs. Discover it Student Chrome.

While both cards appeal to students, their focus areas differ – the Student Cash Back caters to a broader range of spending habits with its rotating categories. On the other hand, the Discover it Student Chrome concentrates on gas and dining out, offering consistent cash back on those specific areas.

Discover it Student Chrome vs. Discover it Cash Back:

The critical distinction here lies in the earning structure. The Discover it Student Chrome offers 2% cash back on gas and restaurants up to $1,000 in combined purchases each quarter. Meanwhile, Discover it Cash Back features 5% cash back on rotating categories, similar to the Student Cash Back edition.

The choice between these cards hinges on your predominant spending pattern. It’s advisable to pick the card that aligns best with your everyday expenses to maximize cashback earnings.

Card Usage and Management Tips

To make the most of your Student Cash Back credit card, consider these usage and management tips:

Maximize Cash Back Rewards

• Rotate Your Spending: Tailor your spending to match each quarter’s 5% cash back categories. It’s rewarding to be mindful of your expenses and earn more from your card.
• Big Purchases Smartly: Plan significant expenses during your first year to benefit from the doubled rewards through the Cashback Match™ program.

Responsible Credit Card Usage Strategies

• Stay on Top of Payments: Consistently paying your balance in full and on time every month is a demonstration of responsible credit behavior.
• Keep Low Balances: Aim to keep your credit utilization ratio low, ideally below 30%, to maintain and improve your credit score.

Managing Your Finances

• Budgeting: Use the Discover app to set budgets and monitor your spending. Stay within your means and ensure a healthy financial state.
• Regular Reviews: Make it a habit to review your monthly statements to track your spending patterns and ensure that all transactions are recognized and valid.

Discover its Student Cash Back Requirements.

You must be a college student to be eligible for the Student Cash Back. There are no strict requirements for credit history, but it is advisable to have a fair credit score or better to increase your chances of approval.

If you want to qualify for a Cash Back credit card, these are the following requirements:

• Be 18 years old, at least.
• Be a U.S. citizen.
• Have a Social Security number.
• Be enrolled in a college, university, or trade school.
• Have verifiable independent income, such as a part-time job
• Have a verifiable annual income that’s enough to pay the minimum monthly amount due.

Discover it: Student Cash Back Pre-Approval.

It’s always advisable to check for pre-approval before you apply for a credit card. With the Student Cash Back card, pre-approval simplifies the application process and minimizes the risk of unnecessary hard inquiries on your credit report.

Student Cash Back Application and Approval Process Simplified

Applying for the Student Cash Back card is a straightforward process. Here’s a simplified guide to the application and approval journey:

How to apply for the Discover it Student Cash Back

• Visit the Discover website and locate the Student Card section.
• Review the card details and ensure they match your requirements.
• Go to the Apply for Discover it Student Cash Back to start the application process.
• Fill in the required personal and financial information accurately.
• Apply and wait for a decision.
• Upon approval, activate your card and begin enjoying its benefits.

Discover it Student Cash Back Customer serWhat advice:

Discover offers various channels for customer support, including phone, email, and secure messaging through their website. For urgent concerns, the 24/7 helpline is your best bet.

• Customer service: 1-800-347-2683

Conclusion

The Discover it Student Cash Back credit card is more than just a means to make payments. It’s an ally in your financial journey, offering substantial benefits, cashback rewards, and access to a suite of student-friendly features. For those looking to take the first steps towards financial independence, this card provides a robust platform to learn and grow.

What card Recommended Credit Card:

• Capital One SavorOne Student Cash Rewards Credit Card
• Discover It Chrome Credit Card Review