Discover it Student Cash Back Credit Card 2021-22 Review

Pros-

  • 5% cashback on rotating bonus categories
  • First-year Cashback match
  • No annual fee
  • Qualify with limited/bad credit
  • Bonus categories
  • Intro APR period
  • Reports to the three major credit bureaus

Cons-

  • 5% bonus cashback rate is limited to $1,500 per quarter in spending
  • Bonus categories must be activated quarterly
  • Low 1% base reward rate
  • Complicated rewards

Highlights

  • Intro Offer: Unlimited Cashback Match – only from Discover. Discover will automatically match all the cash back you’ve earned at the end of your first year! So you could turn $50 cash back into $100. Or turn $100 into $200. There’s no minimum spending or maximum rewards. Just a dollar-for-dollar match.
  • Earn 5% cash back on everyday purchases at different places each quarter like Amazon.com, grocery stores, restaurants, gas stations and when you pay using PayPal, up to the quarterly maximum when you activate. Plus, earn unlimited 1% cash back on all other purchases – automatically.
  • Earn rewards while building your credit history that can help you after graduation. And, get your free Credit Scorecard that includes your FICO® Credit Score and important details that help make up your score.
  • No annual fee. No late fee on first late payment. No APR change for paying late.
  • Refer-a-Friend: Once you become a Discover it® Student cardmember, you can earn a statement credit each time you refer a friend and they’re approved. Over half a million students got Discover Cards from their friends’ recommendations.
  • Freeze It® on/off switch for your account that prevents new purchases, cash advances & balance transfers in seconds.
  • Get an alert if we find your Social Security number on any of thousands of Dark Web sites.* Activate for free.
  • Discover is accepted nationwide by 99% of the places that take credit cards.
  • 0% intro APR on purchases for 6 months, then the standard variable purchase APR of 12.99% – 21.99% applies.
  • Click “APPLY NOW” to see rewards, FICO® Credit Score terms, Cashback Match™ details & other information.

What is Discover it Student Cash Back Credit Card?

Discover is a credit card brand issued primarily in the United States. It was introduced by Sears in 1985. When launched, Discover did not charge an annual fee and offered a higher-than-normal credit limit, features that were disruptive to the existing credit card industry. A subsequent innovation was “Cashback Bonus” on purchases.

Most cards with the Discover brand are issued by Discover Bank, formerly the Greenwood Trust Company. Discover transactions are processed through the Discover Network payment network. In 2005, Discover Financial Services acquired Pulse, an electronic funds transfer network, allowing it to market and issue debit and ATM cards. In February 2006, Discover Financial Services announced that it would begin offering Discover debit cards to other financial institutions, made possible by the acquisition of Pulse.

Discover is the third-largest credit card brand in the U.S. based on the number of cards in circulation, behind Visa and MasterCard, with 57 million cardholders.

Discover it Student Cash Back Credit Card Review

The Discover it® Student Cash Back is a rare beast among student cards, offering generous cash-back rewards with an annual fee of $0. And even with no credit history at all, you may be able to qualify.

Discover it® Student Cash Back: Basics

Card type: College student.

Annual fee: $0.

Bonus: INTRO OFFER: Unlimited Cashback Match – only from Discover. Discover will automatically match all the cashback you’ve earned at the end of your first year! So you could turn $50 cashback into $100. Or turn $100 into $200. There’s no minimum spending or maximum rewards. Just a dollar-for-dollar match.

Rewards: You’ll earn 5% cashback in categories that change every three months, on up to $1,500 in spending per quarter when you activate, and 1% back on everything else.

APR: 0% intro APR on Purchases for 6 months and 10.99% intro APR on Balance Transfers for 6 months, and then the ongoing APR of 12.99%-21.99% Variable APR.

Foreign transaction fee: None.

Earning Rewards

The unlimited 1% cash-back reward offered by the Discover it® Student Cash Back card is automatically earned on all purchases. To earn 5% cashback in quarterly rotating categories capped at $1,500 per quarter, cardholders must activate the category.

The Discover Cashback Match doubles all rewards earned at the end of the first year automatically, so maxing out each quarter’s rewards would be advisable if possible during the first year of card ownership.

Redeeming Rewards

Prices earned with the Discover it ® Student Cash Back card may be redeemed in any quantum at any time as a statement credit or deposit and don’t expire. When the account is unrestricted or after 18 months of no use, any remaining price balances are credited to the account.

Rewards Potential

In order to determine the prices eventuality of the Discover it ® Student Cash Back card, Forbes Advisor used a number of estimable sources to determine what the typical council pupil spends in a time.

Still,, and that the pupil spends$ 1, If we assume typical periodic charges of$13.40 in cash back each time. This quantum will be doubled at the end of the first time as part of Discover’s Cash Back Match.

Fine Print

  • Regular APR: 12.99% – 21.99% Variable
  • Purchase Intro APR: 0% for 6 months
  • Balance Transfer Intro APR: 10.99% for 6 months

Fees

  • Annual Fee: $0
  • Balance Transfer Fee: 3% intro balance transfer fee, up to 5% fee on future balance transfers (see terms)*
  • Cash Advance: Either $10 or 5% of the amount of each cash advance, whichever is greater.
  • Foreign Purchase Transaction: None

Discover rewards calendar

Jan – MarchGrocery stores, Walgreens and CVS
April – JuneGas stations, wholesale clubs and streaming services
July – SeptRestaurants and PayPal
Oct-DecAmazon.com, Target and Walmart.com

Redeeming cash back

Redeeming rewards is simple, and Discover gives you a few different options:

  • Cash – Deposit your rewards directly into your bank account or redeem them as a statement credit.
  • Pay with rewards – Use your rewards to pay for purchases made at Amazon.com and with PayPal.
  • Gift cards – Redeem your rewards with gift cards starting at $5, plus receive an added bonus on every card.
  • Charity – Redeem your rewards by donating to charity.

Other benefits

Though the Discover it® Cash Back card is noticeably light on benefits, there are a few additional benefits worth noting:

  • Free FICO Score – Check your FICO Score for free on monthly statements, on the Discover mobile app and online. Checking will not damage your credit score.
  • Security alerts – Discover provides free security alerts for Social Security numbers, new accounts and new inquiry alerts.

Standout rewards for a starter card

Discover bonus rewards categories2021 categories2022 categories
Q1 (Jan. 1–March 31)• Grocery stores*. • CVS. • Walgreens.• Grocery stores*. • Fitness clubs and gym memberships.
Q2 (April 1–June 30)• Gas stations. • Wholesale clubs. • Select streaming services.• Gas stations. • Target.
Q3 (July 1–Sept. 30)• Restaurants. • PayPal.• Restaurants. • PayPal.
Q4 (Oct. 1–Dec. 31)• Amazon.com. • Target.com. • Walmart.com.• Amazon.com. • Digital wallets.

Discover it Student Cash Back Credit Card FAQ

How do you earn rewards with the Discover it Student Cash Back?

The card pays 5% cash back in rotating quarterly categories on up to $1,500 spent each quarter (requires activation) and 1% cash back on all other purchases. (See current and past bonus categories here.) New cardholders also get a bonus offer that the issuer describes this way: “INTRO OFFER: Unlimited Cashback Match – only from Discover. Discover will automatically match all the cash back you’ve earned at the end of your first year! So you could turn $50 cash back into $100. Or turn $100 into $200. There’s no minimum spending or maximum rewards. Just a dollar-for- dollar match.” You can earn statement credits for getting good grades, too.

Does the Discover it Student Cash Back have a rewards limit?

Although the amount of bonus cash back you can earn per quarter is limited, there’s no limit to the total cash back you can earn. Even after you hit the quarterly cap on bonus spending, you still earn 1% in those categories.

Is Discover it® Cash Back worth it?

Yes, the Discover it® Cash Back is worth it if you’re willing to put in a little work to get the most value from this Discover it® Cash Back card. We recommend taking a look at the Discover rewards calendar so you can line up your spending and figure out how best to maximize your rewards.

Do you have to be a student to get the Discover it Student Cash Back?

You must be a student enrolled at a two- or four-year college or university to be eligible for the Discover it® Student Cash Back.

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