College students looking to build credit, earn cash back, and pay no annual fee should consider the Discover It for Students. With the combined generous rewards program, intro APR on new purchases and no late fee on the first late payment, it's clear to see why this Discover student credit card is among the most popular offers for college students on the market today.
 | | - The new Discover it card is out to change the way people think about credit cards.
- Fair...No annual fee. No overlimit fee. No foreign transaction fee & no pay-by-phone fee. No late fee on your first late payment. And we wont increase your APR for paying late.*
- Plus a Cashback Concierge(SM) who guides a free, personalized online tour to help you get the most rewards for how you use your card.
- Generous…5% cash back in categories that change throughout the year like gas, restaurant, movies, and more up to $1,500 in purchases with free and easy sign-up. And 1% cash back on all other purchases.*
- Flexible...Choose your own due date and pay up to midnight ET online or by phone.
- Human...talk to a real person any time with 100% U.S.-based service.
- Safe...Because you'll never pay for unauthorized purchases with our $0 Fraud Liability Guarantee.
- 0% Intro APR on purchases for 6 months. Then the variable purchase APR applies, currently 12.99% - 18.99%. *Click apply for Terms & Conditions.
- Go to issuer's official application, terms, and details
| | | | Intro APR for Purchases | Intro APR for Balance Transfer | Regular APR | Annual Fee | 0% for 6 months | See Terms | 12.99% - 18.99% (Variable) | $0 |
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| Overall Score | 4.3 | |
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| Rewards | 4.5 | |
| Interest Rates | 4.0 | |
| Fees | 4.0 | |
| Benefits | 4.5 | |
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5-point scale (the higher, the better)
Pros and Cons
- Generous cash back
- Intro APR on purchases
- No annual fee
- Not all merchants accept Discover
- No intro APR on balance transfers
Cash Back Program
Every time you buy something on the Discover It for Students Card, you earn cash back.
The card offers cardholders the opportunity to earn 5% bonus cash back on a variety of rotating categories. The rotating categories change every 3 months. For April to June 2013, the bonus category is home improvement stores. During each period, you earn 5% cash back on your first $1,500 of purchases in the bonus categories. If you plan your purchases right, this adds up to some serious savings.
In addition, this card earns unlimited 1% cash back on all other purchases.
Once you’ve earned at least $50 in cash back, you can take the money out either as a credit against your card statement or a deposit in your bank account. You can also redeem your rewards for merchandise or gift cards. Many stores give you extra cash for taking out a gift card, so this could be a way to get even more rewards.
Introductory APR
The Discover It for Students Card also offers a 6-month 0% introductory APR on purchases for new cardholders. After that, the APR will be a variable rate, currently 12.99% - 18.99% depending on your creditworthiness.
If you can’t pay off all your spending right away, this card helps give you some extra breathing room. The 0% APR doesn’t apply to balance transfers from other cards, however, so it’s not a great option for paying off your old debts.
Low Fees
Fees on a credit card can be a serious financial issue, especially if you are on a fixed budget as a student. Fortunately, the Discover It for Students Card has a college-friendly fair-fee structure.
First, this card doesn’t charge an annual fee. It also doesn’t charge any foreign transaction fees (great if you decide to travel abroad), over-limit spending fees, or pay-by-phone fees.
If this is your first credit card, it’s understandable that you might mix up a payment deadline. In this situation, the Discover It card is very forgiving. For your first late payment, you won’t be charged a penalty. Plus, Discover won’t raise your APR for paying late.
Customer Service
If you have any questions about your card, Discover is there to help. This card offers 24/7 service, which always connects you to a live representative. These U.S.-based reps do more than just answer basic questions; they’re also there to help you get the most out of your rewards. All you have to do is tell the service reps what kind of products you most want, and they’ll figure out thed best use for your rewards.
Pros
- Earns 5% cash back on rotating bonus categories throughout the year
- Earns 1% cash back on everything else you buy; Cash back can also be used for free merchandise or gift cards
- 0% intro APR on purchases for the first 6 months
- No annual fee, foreign transaction fees, pay-by-phone fee, or over-limit spending fee
- Waives the penalty fee for your first late payment
Cons
- Not all merchants accept Discover
- No cash signup bonus
- 0% introductory APR only applies to purchases, not to balance transfers
Bottom Line
With low fees, competitive cash back rewards and great service, the Discover It for Student Credit Card is a solid choice for college-student applicants. After you’ve built student credit history and when you have graduated, consider upgrading to a credit card for young professionals.
Next Step: View the issuer's official application, terms, and details
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Disclaimer: This content was first published on January 18, 2013. This content may have been updated on April 1, 2013. Information including APR, terms and benefits may vary, be out of date, or not applicable to you. Information is provided without warranty. Please check Discover website for updated information.
