Discover it® Student Cash Back
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Card Summary
The Discover It Student Cash Back program is for students looking to build credit and earn cash back.
You can earn 5% cashback on your everyday purchases from different locations each quarter, including Amazon.com and gas stations, supermarkets, restaurants, gas stations, and grocery stores. This is up to the maximum quarterly limit when you activate.
It also earns unlimited cashback on any other purchases. The cashback you earn at the end your first year with Discover Card will be matched dollar for dollar.
FICO cardholders have access to free FICO credit scores and the ability to use Discover's FREEZE IT, an off-line switch that will protect the card in the event of loss or theft.
Review of Discover It Student Cash Back:
The Discover it card is great for building credit and earning rewards. However, you will have to wait for Discover's cash match to start in a year.
The pros
Spend in categories that change each quarter to earn cash back.
All cashback you receive after your first year of cardholdership is matched.
Card Summary - Cons
You will receive a very low reward rate for most of your purchases. Caps bonus rewards quarterly.
It's great for:
Student who wants to be rewarded for their purchases.
Student who doesn't wish to pay an annual charge.
This is not the place for:
High-reward students who are looking for a higher rate of return on all purchases.
Sign-up bonuses are for students who need to be quick.
Rates and fees
Highlights
Unlimited Cashback Match, only at Discover. All the cash you earn in the first year will be automatically matched by Discover. You could convert $50 into $100. Or turn $100 into $200.
You don't have to spend minimum or receive maximum rewards. Only a dollar for every dollar match. Everyday purchases made at various places such as Amazon.com and gas stations, grocery shops, restaurants, gas stations, etc., earn 5% cashback each quarter up to the maximum quarterly limit when you activate. You can also earn unlimited cashback on any other purchase - all you have to do is activate.
You can earn rewards and build your credit history to help you in the future. Get your credit scorecard, which includes your FICO credit score and other important information that will help you build your score.
There is no annual fee. There is no late fee for the first payment. Late payments do not incur an APR increase.
Refer-a-Friend: After becoming a Discover It Student Cardmember, you will be able to earn a statement credit for each friend you refer. Refer a friend and over half a million students received Discover Cards.
You can turn on and off the Freeze It switch to prevent new purchases, cash advances or balance transfers within seconds.
Comparative Analysis with Other Cards
Bank of America Student Rewards Credit Card vs. Discover It Student Cash Back
Annual Fee: There is no annual fee for the card.
Reward: The Discover It Student Cash Back gives you 5% cashback on all your purchases, including at grocery stores, restaurants and gas stations. You can also get a maximum of 5% when you use PayPal to pay for the purchase. The card also earns a 1% cashback on any other purchases, up to the quarterly maximum when you activate it.
Bank of America Cash Reward Credit Card for Students offers a 3% cashback in any category, 2% at wholesale clubs and grocery stores, and 1% on all purchases. You can earn 3% or 2% cashback on purchases up to $2,500, depending on whether they are grocery store, wholesale club, or combined. Then, 1% is added. If you are a first-time cardholder.
Sign Up Bonus: If you are a first-time cardholder, the Discover It Student Cash Back will match any cash earned during the first year. If you spend at least $1,000 within the first 90-days of your account opening, the Bank of America Cash Rewards credit card for students will give you a $200 cash reward bonus.
Benefits: The benefits of both cards include free access to your FICO score. The Discover It Student Cash Back card allows cardholders to freeze or unfreeze their cards at will. Additionally, the Bank of America Cash Reward Credit Card for Students provides $0 in liability protection for fraudulent transactions.
Discover It Student Cash Back vs. Chase Freedom Student credit card
Annual Fee: There is no annual fee for the card.
Reward: The Discover It Student Cash Back gives you 5% cashback on all your purchases, including at grocery stores, restaurants and gas stations. You can also get a maximum of 5% when you use PayPal to pay for the purchase. The card also earns 1% cashback on any other purchase automatically. The Chase Freedom Student card earns 1% cashback on all purchases.
Sign up bonus: If you are a first-time cardholder, Discover It Student Cash Back will match any cash earned during the first year. When you open your Chase Freedom Student card, you get a $50 bonus for making your first purchase in the first three months.
Benefits: The benefits of both cards include free credit scores access and the ability to unfreeze and freeze your card at will. They also provide identity theft monitoring.
The Chase Freedom Student credit card also offers purchase protection, extended warranty protection and trip cancellation/interruption insurance.
Conclusion
Do You Have to Get Your Discover It Student Cash Back?
If you are:
You are a student who wants a reward card.
You can maximize your rewards by spending and activating quarterly bonus categories.
You want a card that has no annual fees.
Note: Credit Card summary is for informational purposes only and is not an endorsement of the product. Products and services described are offered by third parties and not Bright Money or its partner banks. Bright Money strives to keep its information accurate and up to date. This information may be different than what you see when you visit a financial institution, service provider, or specific product’s site and the information has not been reviewed or provided by the issuer of the product before publication.
