Check Out the Student Cash Back Benefits Guide

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If you’re a student looking for a credit card, Discover it® Student Cash Back could be in your name. Do you want to build up credit? Check. Hate annual fees? Check. Do you like earning rewards? Check. Do you want a low interest rate, low fee structure and a suite of innovative credit protection features? Check, check and check.

The Discover it Student Cash Back holds a special place in the Discover card lineup. For a student credit card, it’s exceptionally feature-rich — after all, few issuers feel compelled to offer cash back or other valuable perks to cardholders new to credit. This card not only offers a generous rewards program, but it will match any cash back you earn at the end of your first year. Plus, you may qualify even if you have no credit history.

Find out Benefits of the Cash Back Student card

No credit rating is needed to apply

Getting your first credit card can be like a credit problem: you need a credit history to get your first credit card, but you need a card to establish a credit history. In this respect, the Discover it Student Cash Back may be ideal for students with a thin credit history (or no credit history at all) because, unlike some other student cards, the Discover it Student Cash Back does not require a credit score. . to apply.

5% cashback in rotating bonus categories

The Discover it Student Cash Back Card offers 5% cash back on rotating categories each quarter (up to $1,500 in combined purchases, then 1%), plus 1% cash back on all other purchases. Note: You must activate your categories every quarter to get the 5% cash back.

To illustrate, here are the Discover bonus categories for the remainder of 2022:

  • Q3 (July to September): Restaurants and PayPal
  • 4th quarter (October to December): Amazon.com and digital wallets

Unlimited Match Cashback

Find out Student Cash Back doesn’t have a traditional welcome bonus, but it does have a unique offer called Cashback Match. You don’t need to activate it, there’s no minimum spend requirement, and it’s truly unlimited. For example, if you earn $200 in cash back in your first year, Discover will match it dollar for dollar, turning it into $400.

Flexible repayment options

Your rewards never expire and in most cases there is no minimum redemption. You can redeem rewards for statement credits, direct deposits to your bank account, gift cards, donations to certain charities, or purchases on Amazon or through PayPal.

​0% introductory APR for purchases for 6 months

If you’re planning on making a major purchase, you may have up to six months to pay it off without interest. However, if you do not repay it in full before the end of the APR introductory period, the regular variable APR will come into effect (14.49% to 23.49%, depending on your creditworthiness).

Light on fees

In addition to no annual fee, Discover it Student Cash Back has no APR penalty, and it will waive late payment fees the first time you pay late (after that, up to $41 ). The card also has no foreign transaction fees, which would make it a good option for studying abroad.

low regular APR

Although we recommend avoiding interest by paying your bill in full each month, we know that life happens. So if you need to carry over a balance from time to time, the Discover it Student Cash Back offers a regular variable APR of 14.49% to 23.49%.

Free access to FICO credit score

With Discover it Student Cash Back, you can view your FICO credit score (provided by TransUnion) for free. You can view your score by logging into your account.

Benefits of credit protection

Find out Student Cash Back offers several innovative credit protection benefits:

  • Learn about identity alerts. Discover will monitor your Experian credit report daily and send an alert when there is a new application or account found on your report. Discover will also monitor thousands of malicious websites looking for your personal information and send you an alert if your social security number is found on any of these websites.
  • Online privacy protection. Discover will help you regularly remove your personal information from ten popular websites that sell private data. You can activate this feature for free online or through Discover’s mobile app.
  • Freeze it. With this feature, you can easily freeze your account if you lose your card. Discover will not authorize new transactions such as purchases, cash advances and balance transfers.

​How to maximize the benefits of Discover it Student Cash Back

The best way to maximize the benefits of Discover it Student Cash Back is to plan your spending around the card’s 5% rotating bonus categories and remember to activate them quarterly. Then, at the end of the first year, Discover will match any Cash Back you have earned.

Also try to think outside the box. Instead of using your Discover it Student Cash Back card to pay a merchant directly, use your card through PayPal whenever you can (hundreds of online stores accept PayPal). So think ahead. Are you planning any Amazon purchases in the near future? If there’s something you don’t need immediately, wait for Amazon’s bonus quarter. And when it’s digital wallet quarter, redeem the card through your favorite payment app.

That said, you should never spend money just to receive cash back. And don’t put yourself in a position where you can’t pay your bills in full – even cash back won’t help you if you have to pay interest.

The bottom line

With no annual fees, a great rewards program, and no credit score requirements, the Discover it Student Cash Back is one of the most attractive student credit cards on the market today. Although rotating bonus category cards can be a little more complicated than fixed cash back cards, the Unlimited Match Cashback feature can make that extra work worthwhile in the first year, especially for cardholders who can constantly maxing bonus categories by 5%.

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