The Discover it® Student Credit Card is a great choice for young adults who want to build their credit and earn cash back rewards on common purchases, such as groceries, gas, dining out, and more.
This card also rewards college students who earn good grades with an additional cash back bonus.
Discover Credit Card for Students – Savings & Benefits
· A 100% match of all the cash back you earned at the end of your first year.
· 5% cash back for the first $1,500 spent at different places each quarter, such as gas stations, grocery stores, restaurants, or Amazon.com.
· 1% unlimited cash back on all other purchases.
· $20 cash back each school year your GPA is 3.0 or higher for up to 5 years.
The ability to double rewards earned during the first year makes this card particularly attractive for new cardholders.
Discover Student Credit Card APR, Introductory Rates, and Annual Fees
As of 2018, the Discover student credit card has an APR of 14.24 to 23.24 (V) percent, a competitive rate for a card available to applicants with limited credit history or fair credit scores.
The card doesn’t have an annual fee, and it offers a zero percent introductory APR for six months.
That’s a nice perk for college students who may need to make a big purchase that they need a few billing cycles to pay off without fear of generating interest fees.
Here are other key details about the Discover Student Card:
· Purchase Intro APR: 0% for 6 months
· Transfer Intro APR: 10.99% for 6 months
· Balance Transfer Fee: 3%
· Regular APR: 14.24% – 23.24% (V)
· Annual Fee: None
· Max Late Fee: $37
· Max Overlimit Fee: None
· Max Penalty APR: None
· Grace Period: 23 Days
· Cash Advance Rate: 26.24% (V)
· Cash Advance Fee: 5% (minimum $10)
· Foreign Transaction Fee: None
· Smart Chip: Yes
Discover it® Student Credit Card Vs. Other Student Rewards Credit Cards
The advantage of the Discover it Student credit card is its market-average cash back rewards, which makes this card unique as an option available to the limited credit crowd.
This rewards structure is comparable to offers available to people with good and average credit, which typically yields 1.03% cash back.
That said, this rewards card may be best for you if:
· You are a college student.
· You have minimal credit history and want to build your credit.
· You prefer cash back rewards.
· The bonus categories complement your spending habits.
This credit card may not be for you if:
· You want a credit card that offers a sign-up bonus.
· You have excellent credit and a longer credit history – you may be eligible for a card with a lower APR.
Final Verdict: This Discover student credit card is a great choice for a student’s first credit card, thanks to its zero percent introductory APR for six months, the ability to earn double cash back rewards in the first year, and a reasonable APR for new credit builders.