The Discover it® Student Cash Back credit card is a distinctive choice for students who want to maximize their spending power while building credit. With its combination of high rewards in rotating categories and a unique introductory cash back match offer, it’s tailored to help students make the most of their budgets. This comprehensive review explores why it’s one of the top picks for students looking to earn and learn.
$0
1%-5%
Cashback Match
630-689 (Fair)
CreditFinder’s Rating: 5/5
Discover it® Student Cash Back Overview
The Discover it® Student Cash Back card sets itself apart by offering high cash back rates in categories that change every quarter. This feature, combined with no annual fee and a competitive cash back match at the end of the first year, positions it as an excellent tool for students managing their expenses wisely.
Rewards Structure:
- 5% cash back on rotating categories each quarter like gas stations, grocery stores, restaurants, and Amazon.com, on up to $1,500 in purchases, after activation.
- 1% unlimited cash back on all other purchases.
This flexible rewards system allows students to plan their spending around high-reward categories, potentially maximizing their returns without complicating their finances.
Key Benefits and Features:
- Cashback Match: Discover will automatically match all the cash back you’ve earned at the end of your first year.
- Intro APR: 0% on purchases for 6 months and 10.99% on balance transfers for 6 months, which can aid in managing large or unexpected expenses.
- No Annual Fee: Makes it easier for students to keep costs down while building credit.
Additional Cardholder Perks:
- Freeze it®: An on/off switch for your account that prevents new purchases, cash advances, and balance transfers in seconds through the mobile app or website if you misplace your card.
- Free Social Security number alerts: Discover monitors your Social Security number on thousands of risky websites and alerts you if your SSN is found.
- FICO® Credit Score for free: Access your FICO® Score for free within your account, helping you understand and improve your credit over time.
Why Choose Discover it® Student Cash Back?
Adaptability and Earning Potential:
The ability to earn 5% back in different categories each quarter appeals to students who can plan their spending around these categories. Whether it’s filling up the tank during a travel-heavy quarter or stocking up on school supplies when online purchases earn extra, students can significantly benefit from this adaptable rewards program.
Introductory Offers and Long-term Value:
The first-year cash back match effectively doubles the rewards students can earn, making this card particularly lucrative in the initial year. Unlike many student cards, which offer minimal or no welcome bonuses, the Discover it® Student Cash Back’s introductory offer is designed to reward consistent use without needing a large upfront spend.
Cost Efficiency:
With no annual fee and no penalty APR, it’s a cost-effective choice for students. The added bonus of no foreign transaction fees makes it suitable for students studying abroad or traveling internationally.
Reasons to Consider a Different Card:
While the Discover it® Student Cash Back offers substantial rewards, its rotating categories require quarterly activation, which might be cumbersome for some. Students who prefer a simpler, more consistent rewards structure might find a flat-rate cash back card more appealing.
For those who travel frequently, a card offering travel rewards and broader travel protections might be more beneficial, despite the absence of foreign transaction fees with this card.
Expert Experience:
Industry experts often highlight the Discover it® Student Cash Back for its exceptional rewards structure and student-friendly features. Its educational tools and customer service are frequently praised, making it not just a financial tool but a learning experience in managing and building credit.
Conclusion:
The Discover it® Student Cash Back stands out in the crowded field of student credit cards. Its reward structure is designed to encourage smart spending and financial planning, crucial skills for any college student. With the added first-year cashback match, this card offers a unique opportunity to maximize rewards during your student years. Whether you’re buying textbooks, paying for meals, or covering travel costs, the Discover it® Student Cash Back can adapt to your spending habits, making it an excellent choice for proactive students ready to optimize their financial habits.
