Discover Student Cash Back – How To Apply
The Discover Student Cash Back Card is an ideal choice for college students to earn cashback and build credit responsibly.
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With 5% cashback in rotating categories, no annual fee, and the unique Cashback Match feature in the first year, this card provides great value for students looking to manage their finances effectively.
Additionally, tools like free credit score access and reminders for on-time payments help young cardholders develop good financial habits.
Discover Student Cash Back
No Annual Fee High APRHow does the Discover Student Cash Back Card work?
The Discover Student Cash Back Card is tailored for students, offering rewards and features to help them learn and grow financially. Here’s how it works:
- Earning Rewards: Earn 5% cashback on purchases in quarterly rotating categories like grocery stores, restaurants, and Amazon.com (on up to $1,500 per quarter, after activation), and 1% cashback on all other purchases.
- Cashback Match: At the end of your first year, Discover will automatically match all the cashback you’ve earned, doubling your rewards.
- No Annual Fee: The card has no annual fee, making it a cost-effective option for students.
- Good Grades Reward: Earn a $20 statement credit each year your GPA is 3.0 or higher, for up to five years, as a bonus for academic success.
- Credit-Building Tools: Access features like free FICO credit score monitoring and on-time payment reminders to help establish and maintain good credit.
Main benefits of Discover Student Cash Back Card
The Discover Student Cash Back Card provides several benefits that make it an appealing choice for students:
- High Cashback Rewards: Earn 5% cashback on rotating categories that align with common student spending habits, plus 1% on all other purchases.
- First-Year Cashback Match: Double your rewards during the first year with Discover’s Cashback Match program, maximizing your earnings.
- No Annual Fee: Enjoy all the card’s benefits without worrying about additional costs.
- Good Grades Reward: Get a $20 credit annually for maintaining a strong GPA, encouraging academic performance.
- Credit Building: Use features like free credit score access and alerts to build and monitor your credit history.
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Cons of Discover Student Cash Back Card
While the Discover Student Cash Back Card offers many perks, there are some limitations to consider:
- Rotating Categories Require Activation: To earn 5% cashback, you must activate the rotating categories each quarter, which requires attention and planning.
- Quarterly Spending Cap: The 5% cashback is capped at $1,500 per quarter, limiting the total rewards you can earn in bonus categories.
- Limited Acceptance Abroad: Discover cards may not be as widely accepted internationally as Visa or Mastercard, which could be a drawback for students studying or traveling abroad.
- Higher APR for Carrying Balances: The variable APR ranges from 18.24% to 27.24%, which can be costly if you don’t pay off your balance in full each month.
APR and Fees
The Discover Student Cash Back Card is a great option for students who want to earn rewards while managing their finances effectively.
One of its key features is the 0% introductory APR on purchases for the first six months, which allows cardholders to make purchases without incurring interest during this initial period.
Afterward, the card’s variable APR ranges from 18.24% to 27.24, depending on the cardholder’s creditworthiness.
This card comes with no annual fee, making it a budget-friendly choice for students. Additionally, it offers no foreign transaction fees, which is a significant benefit for those planning to travel abroad, as it eliminates extra costs when making purchases in other currencies.
While balance transfers come with a 3% fee during the introductory period and up to 5% afterward, the Discover Student Cash Back Card still offers a solid set of features, such as 5% cashback in rotating categories each quarter (activation required) and 1% cashback on all other purchases.
This makes it a rewarding choice for students looking to earn cashback while keeping costs low and building credit responsibly.
How to apply for the Discover Student Cash Back Card
Applying for the Discover Student Cash Back Card is simple and designed to accommodate students with limited credit history. Here’s how to apply:
- Visit the Application Page: Go to the official Discover website.
- Provide Your Information: Enter your personal details, including your name, address, income, and school information. Discover accepts applications even if you’re new to credit, as long as you meet basic eligibility requirements.
- Review the Terms: Carefully read through the card’s terms, including APR, rewards structure, and fees.
- Submit Your Application: Once all information is complete, submit your application. If approved, you can begin using your card and earning rewards.
