Elevate Your Student Finances With The Discover It® Cash Back Card

Introduction

The Discover It® Student Cash Back credit card is a credit card designed for college students who want to earn cash back rewards and build their credit history. It has no annual fee, no credit score required to apply, and offers a 0% intro APR for 6 months on purchases.

Some of the benefits of this card are:

The benefits of Discover It® Student Cash Back credit card are:

You can earn 5% cash back on everyday purchases at different places each quarter, such as Amazon.com, grocery stores, restaurants, gas stations, up to the quarterly maximum when you activate. Plus, you can earn unlimited 1% cash back on all other purchases automatically.
You can get an unlimited dollar-for-dollar match of all the cash back you’ve earned at the end of your first year, automatically. This means you can double your rewards in the first year.

You can view your FICO credit score for free and get online privacy protection to help you remove your personal info from select people-search websites.
You can choose from several colorful card designs when you apply and enjoy 99% nationwide acceptance by merchants that take credit cards.

These are some of the benefits of this card that make it a great option for college students who want to earn cash back rewards and build their credit history.

What are eleigibility criteria for Discover It® Student Cash Back

The eligibility criteria for Discover It® Student Cash Back credit card are:

You must be a student enrolled at a two- or four-year college or university in the U.S.

You must be at least 18 years old and have a U.S. address and a Social Security number.
You must have verifiable independent income, such as a part-time job, and you may have to show proof of income.
You do not need to have a credit score to apply, but if you do, it should be at least 580 (fair) or higher.

What Documents required for Discover It® Student Cash Back

To apply for the Discover It® Student Cash Back credit card, you will need to provide some documents that verify your identity, income, and enrollment status. Some of the documents that you may need are:

A copy of your driver’s license, passport, or other government-issued ID that shows your name, address, and date of birth.

A copy of your Social Security card or a document that shows your Social Security number.
A copy of your student ID card, enrollment verification letter, or other proof that you are enrolled at a two- or four-year college or university in the U.S.
A copy of your pay stubs, bank statements, or other proof of your verifiable independent income. You may have to show at least $1,000 of income per month to qualify for this card.

These are some of the documents that you may need to apply for this card. However, the exact requirements may vary depending on your individual situation and Discover’s policies. You can visit the official website of Discover here to learn more about this card or apply for it online. You can also call 1-800-DISCOVER to speak to a customer service representative who can assist you with the application process.

What is the credit limit for this card?

The credit limit for the Discover It® Student Cash Back credit card is not fixed and may vary depending on your individual situation and Discover’s policies. However, some factors that may influence your credit limit are:

Your credit score and credit history, which show how responsible you are with managing your credit and debt. The higher your score and the better your history, the more likely you are to get a higher credit limit.

Your income and expenses, which show how much money you earn and spend each month. The higher your income and the lower your expenses, the more likely you are to get a higher credit limit.

Your enrollment status and academic performance, which show how committed you are to your education and future goals. The more enrolled and the better your grades, the more likely you are to get a higher credit limit.

According to some sources, the highest credit card limit that has been reported for the Discover It® Student Cash Back credit card is $56,500, but this is very rare and exceptional. The minimum starting credit limit for this card is $500, but most cardholders receive a credit limit between $1,000 and $5,000.

If you want to increase your credit limit on this card, you can request a credit line increase from Discover after at least six months of being a cardmember. You can do this online or by phone, and you may have to provide some updated information about your income, expenses, and enrollment status. Discover will review your request and decide whether to approve it or not. If approved, you will receive a new credit limit that will be effective immediately.

What are the Pros and Cons of Discover It® Student Cash Back?

The Discover It® Student Cash Back credit card is a credit card designed for college students who want to earn cash back rewards and build their credit history. It has some pros and cons that you should consider before applying for it. Here are some of them:

Pros:

You can earn 5% cash back on everyday purchases at different places each quarter, such as Amazon.com, grocery stores, restaurants, and gas stations, up to the quarterly maximum when you activate. Plus, you can earn unlimited 1% cash back on all other purchases automatically.

You can get an unlimited dollar-for-dollar match of all the cash back you’ve earned at the end of your first year, automatically. This means you can double your rewards in the first year.
You can view your FICO credit score for free and get online privacy protection to help you remove your personal info from select people-search websites12
You can choose from several colorful card designs when you apply and enjoy 99% nationwide acceptance by merchants that take credit cards12

You do not need to have a credit score to apply, but if you do, it should be at least 580 (fair) or higher.

Cons:

The 5% cash back rate is limited to $1,500 per quarter in spending. This means that you can only earn up to $75 in bonus cash back per quarter, and anything above that will earn only 1% cash back.

The bonus categories must be activated quarterly, and they may not match your spending habits or preferences. For example, some quarters may have online shopping as a bonus category, but only for specific websites like Amazon.com, Walmart.com or Target.com.
The base reward rate of 1% cash back on all other purchases is low compared to other credit cards that offer higher or flat rates on all purchases.
The card has a relatively high APR of 18.24% – 27.24% Variable APR, which means that you will pay a lot of interest if you carry a balance on your card. Therefore, it is advisable to pay off your balance in full every month to avoid paying interest and fees.

These are some of the pros and cons of the Discover It® Student Cash Back credit card that you should weigh before applying for it.

What are the fees and charges for Discover It® Student Cash Back?

The fees and charges for the Discover It® Student Cash Back credit card are as follows:

There is no annual fee for this card, which means you do not have to pay anything to keep your account open.

There is no foreign transaction fee for this card, which means you can use your card to make purchases in other countries without having to pay any extra fees. This is a great benefit for students who travel abroad or who have friends and family in other countries.

There is no penalty APR for this card, which means your interest rate will not increase if you pay late or miss a payment. However, you should still try to pay your bills on time to avoid late fees and negative impacts on your credit score.

There is no late payment fee for the first time you pay late, which means Discover will waive the fee as a courtesy. After that, the late payment fee will be up to $41, depending on your balance.

There is a balance transfer fee of 3% intro balance transfer fee, up to 5% fee on future balance transfers (see terms)*, which means you will have to pay a fee if you transfer a balance from another credit card to this card. This fee may offset the benefits of the introductory 10.99% intro APR for 6 months on balance transfers that this card offers.

There is a cash advance fee of either $10 or 5% of the amount of each cash advance, whichever is greater, which means you will have to pay a fee if you use your card to withdraw cash from an ATM or a bank. This fee is in addition to the cash advance APR of 29.99%, which is higher than the regular purchase APR of 18.24% – 27.24%. Therefore, it is advisable to avoid cash advances unless it is an emergency.

These are some of the fees and charges that you should be aware of when using the Discover It® Student Cash Back credit card.

How can I redeem my cash back rewards?

You can redeem your cash back rewards in several ways, depending on your preference. Here are some of the options that you have:

You can receive cash back as a statement credit or a direct deposit into your bank account. This is a simple and convenient way to use your rewards to lower your balance or save money.
You can choose to donate your rewards to charity. This is a generous and meaningful way to use your rewards to support a cause that you care about. You can choose from over 1.5 million charities that partner with Discover.
You can pay with your rewards at Amazon.com or via PayPal. This is a flexible and convenient way to use your rewards to shop for whatever you need online. You can link your Discover card account to your Amazon.com or PayPal account and use your rewards as a payment method at checkout.

You can redeem your rewards for gift cards. This is a fun and rewarding way to use your rewards to treat yourself or someone else. You can choose from hundreds of popular brands and get an added bonus on every card. For example, you can get a $25 gift card for only $20 in rewards.

Is there any foreign transaction fee on this card?

No, there is no foreign transaction fee on this card. You can use your card to make purchases in other countries without having to worry about any fees. This is a great benefit for students who travel abroad or who have friends and family in other countries.

What is the APR for Discover It® Student Cash Back credit card?

The APR for the Discover It® Student Cash Back credit card is the annual percentage rate that you will pay on your purchases and balance transfers. The APR can vary depending on your creditworthiness and the market conditions.

According to the official website of Discover, this card has an introductory 0% intro APR for 6 months on purchases. This means that you will not pay any interest on your purchases for the first 6 months after you open your account. After that, the APR on purchases will be a variable rate between 18.24% and 27.24%, depending on your credit score and other factors.

The same website also states that this card has an introductory 10.99% intro APR for 6 months on balance transfers. This means that you will pay a lower interest rate on any balances that you transfer from other credit cards to this card for the first 6 months after you open your account. After that, the APR on balance transfers will be the same as the APR on purchases, which is a variable rate between 18.24% and 27.24%.

The APR for this card is relatively high compared to other credit cards, especially if you have a low credit score or a limited credit history. Therefore, it is advisable to pay off your balance in full every month to avoid paying interest and fees. You can also use the free FICO credit score feature that this card offers to monitor your credit health and improve it over time.

Conclusion

The Discover It® Student Cash Back Credit Card is an excellent financial tool for students. It offers a combination of cash back rewards, no annual fees, and benefits designed to support students in their financial journey. With the opportunity to earn 5% cash back in rotating categories, a Good Grade Reward, and the first-year cash back match, it’s a valuable card for those looking to build credit, save money, and enjoy the perks of responsible financial management during their college years and beyond.

Frequently Asked Questions (FAQs)

1. What is the Discover It® Student Cash Back Credit Card?

The Discover It® Student Cash Back Credit Card is a credit card designed specifically for students. It offers cash back rewards on your purchases, making it a great way to save money while building your credit.

2. How do I apply for this credit card?

You can apply for the Discover It® Student Cash Back Credit Card online through the Discover website. The application process is quick and straightforward.

3. Do I need a co-signer to apply for this card?

In some cases, a co-signer may be required, especially if you have a limited credit history or income. However, many students are able to qualify for this card on their own.

4. What kind of cash back rewards does this card offer?

With this card, you can earn 5% cash back in rotating quarterly categories, up to the quarterly maximum, and 1% cash back on all other purchases. Plus, Discover will match all the cash back you’ve earned at the end of your first year as a card member.

5. Is there an annual fee for this card?

No, the Discover It® Student Cash Back Credit Card has no annual fee, making it a cost-effective option for students.

6. Can I use this card internationally?

Yes, you can use this card internationally wherever Discover is accepted. Just be aware of any foreign transaction fees that may apply.

7. How can I redeem my cash back rewards?

You can redeem your cash back rewards in various ways, including statement credits, direct deposits to your bank account, or for gift cards and purchases on Amazon.com.

8. Is there a limit to the cash back I can earn?

Yes, there is a quarterly maximum for the 5% cash back categories. Be sure to check the Discover website for the current categories and limits.

9. Does this card offer any benefits for students?

Yes, this card comes with a Good Grade Reward, which gives you a $20 statement credit each school year your GPA is 3.0 or higher for up to five years.

10. Is there a 0% introductory APR for this card?

Yes, the Discover It® Student Cash Back Credit Card typically offers a 0% introductory APR on purchases for a specified period, which can help you avoid interest charges when you make purchases and pay them off within that time frame.

Remember to review the terms and conditions of the card and consult with Discover for the most up-to-date information regarding this credit card.