Discover It Student Credit Card Review
Cash back, intro APR on purchases and no annual fee for college students
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.
Pros and Cons
Excellent cash back credit card for college students
Cash Back Program
Here's the best part of the Discover It for Student credit card. Every time you buy something with the 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 and requires cardholders to sign-up (free and easy sign-up each time).
For October through December 2014, the bonus categories are online shopping and department store purchases. You earn 5% cash back for online shopping and department store purchases on up to $1,500 from October through December 2014 when you sign up. 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. Another, more lucrative option, is to use the cash back reward toward gift cards off Discover's website. Those gift cards sometimes include extra cash promotions (e.g.: $50 gift card for $40), so this could be a way to get even more rewards.
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% - 21.99% depending on your creditworthiness. This means you can carry a balance - while still paying at least the minimum payment due - but not pay interest on it until the first six months go by. While we always recommend paying off your balance every month, a six-month break like this can really help college students as they transition to a new living space or need to take time to pay off textbooks or furniture.
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.
If you plan to always pay off your credit card balance in full each month, consider the $20 cashback bonus version. While the $20 cashback bonus version does not offer an introductory APR, it does offer a $20 cashback bonus after you make a purchase within the first 3 months of account approval.
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.
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.
Warranties and Protection
Discover offers a number of warranties and protections to cardholders:
Why You Should Consider the Discover It Student Card
Why You May Not Want to Bother
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.
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Editorial Note: This content is not provided by Discover. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author's alone, and have not been reviewed, approved or otherwise endorsed by Discover. This site may be compensated through the Advertiser's affiliate programs.
Disclaimer: This content was first published on January 18, 2013. This content may have been updated on October 1, 2014. 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.
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