Discover It Student Cash Back Credit Card: A Sensible Solution for College Students
Going off to college is a rite of passage with unfamiliar surroundings, new rules, and new lessons. One of the most important lessons young people learn during this time of independence is how to manage their finances.
We all know it is much easier to establish good credit from the onset and not have to rebuild it later. Having a Discover It Student Cash Back credit card is a sensible way to get off on the right foot.
Some of this card’s best features are also exclusive to the Discover It Student Cash Back Card. That’s right, no other student card can boast the following:
Good Grade Reward: Only the Discover It Student card offers a good grade cash back reward. Each year you earn a 3.0+ GPA, you will receive a $20 cash back bonus. This exclusive reward has a limit of five years; however, it is practically effortless to redeem. Log in to your account and go to Your Shortcuts > Good Grades Reward. After entering your school's grading scale and your GPA, you can look forward to your $20 credit within seven days. Discover randomly asks students to provide a transcript as verification; however, this is not common. If asked to provide proof of your grades, the $20 credit could be slightly delayed.
First Year Cash Back Match: No other student credit card gives a dollar for dollar cash back match for the first year. Even better, there is no signing up. This reward is automatic and unlimited.
5% Cash Back in Categories: Only the Discover It Student Card has 5% cash back in quarterly categories. (1% cash back on everything else.) This reward is capped, and after the max is met, you will earn 1% cash back on your purchases until the categories rotate. A savvy student can maximize cash back by learning how to get the most out of a category card. Students can redeem their rewards at any time, and they never expire.
First Time Forgiveness: Everyone gets a little forgetful sometimes. Discover does not punish you for one indiscretion. You will not be assessed a late fee the first time your payment is late. Discover has free e-mail or text payment reminders, so this issue doesn’t happen again.
In addition to the unique rewards program, the Discover It Student Cash Back Card has a lot more going for it. For instance, cardholders can enjoy a 0% purchase APR for the first six months after opening an account. This bonus is an exceptionally welcoming feature if you have some essentials to purchase before heading off to college.
Like most student credit cards, the Discover It Student Card does not have an annual fee. It’s APR is fair at 12.99% - 21.99% variable.
Discover It Student cardholders will have the ability to pay a bill online or by phone until midnight on the day it is due. And don't worry, Discover customer service is there to help with 24/7 access to its 100% US-based team of professionals.
If you plan to study abroad or go on spring break out of the country, the Discover It Student Card will be a welcome companion with no foreign transaction fee.
It is natural to worry about your personal information being exposed if you have a credit card, but Discover has you covered. Discover provides its customers with free Dark Web monitoring, so you will be alerted if your SSN has been compromised.
Discover lets you know if anyone has pulled your credit. This action could mean someone is attempting to get a loan or make a large purchase using your identity.
And since you are beginning to build your credit, you should be knowledgeable about the elements that affect it. You should also have access to your credit score. Discover offers free FICO credit checks without negatively impacting your credit.
If you misplace your Discover It Student card, you can freeze it by quickly switching to "Off" mode through your account. Lost or stolen cards can be replaced easily with free overnight shipping to any US street address.
If someone does make a fraudulent purchase with your card, feel assured that you will never be held accountable. Discover has $0 fraud liability for its customers.
Discover understands most students have no credit or very little credit. As with most student credit cards, the Discover It Student Card does not require much of a credit history. The following list summarizes the essential criteria necessary to be considered for the Discover It Student Card.
18 years of age
Social security number
Proof of school enrollment
Providing all personal information requested on the application
Details to Consider
Of course, a student credit card should be used responsibly. After the introductory 0% APR, carrying a balance can add up pretty fast. Have a plan for how you decide to use the Discover It Student Card. Remember, this is a category card. Sign-up for the 5% cash back every quarter and responsibly use your card to get the most out of the generous cash back rewards.
Remember, you are most likely beginning your credit history. You will need to spend responsibly and check details like your FICO credit score. If you have any questions regarding your account, the Discover customer service team is available 24/7.
At first glance, the $20 statement credit Good Grades Reward might not seem like much. However, that's potentially $120 over five years. That $20 can go a long way towards making a payment, especially when added to other cash back rewards. Therefore, if you make good grades, don't forget to submit those grades online for your reward.
Summary of Features
Exclusive Rewards not available with any other card: Good Grads Reward Dollar for dollar cash back match the first year 5% cash back categories & 1% on everything else
No annual fee
Rewards redeemable at any time and never expire
Free security alerts
Free Dark Web monitoring
0% purchase APR for the first six months
No late fee for the first late payment
No foreign transaction fee
Free overnight card replacement
12.99% - 22.99% APR
Max late fee = $40
Cash advance APR = 24.99%
Cash advance fee = 5% of the amount ($10 min.)
Easy account freeze
Using your Discover It Student Card responsibly throughout your college years will be rewarding in various aspects. One perk you can count on for your loyalty is an upgrade when you graduate.
After graduation, call Discover and update your income and personal information. If your student account is in good standing, you will most likely receive an increased line of credit with your new Discover card.
Discover also offers a one-time reward of 1% cash back for the amount of your student loan. You can receive more information about this feature by contacting Discover after graduation.
For some, the first phase of adulthood begins with the independence of going away to college. These first steps to adulthood can also be marked by beginning to establish a line of credit. After reviewing the information above, you should be able to conclude if having a credit card is right for you. If so, you really can’t go wrong with all the Discover It Student Card has to offer.