Discover it Student Cash Back

Discover it Student Cash Back Review

This is a cashback credit card issued by Discover Bank. If you're wondering whether Discover it Student Cash Back is the right card for you, read on.

Key Takeaways

• Generous reward rate. You can get a maximum cashback rewards rate of up to 5x.
• 0% APR on new purchases. New cardholders receive an introductory 0% APR rate on new purchases for up to 6 months.
• Competitive APRs. Discover it Student Cash Back has a variable purchase APR that ranges from 12.99% up to 21.99%.
• No annual fee*. This is a great option for people looking for a low-maintenance cashback card. It gives you cashback on your eligible purchases, but you don't have to pay an annual fee for the privilege.
• 3% Balance transfer fee. Discover it Student Cash Back charges a fee of 3% on balance transfers. For example, a balance of $1,000 could cost $30 in transfer fees.
• No foreign transaction fee. This card does not charge a fee when you make a purchase that passes through a foreign bank, or is in a currency other than the U.S. dollar (USD), which makes it a great credit card to carry when traveling abroad.
• Fair or better credit required. You will have good approval odds if your credit score is above 640.

Pros & Cons of Discover it Student Cash Back

The Good

The Bad

Earn a $20 statement credit each school year your GPA is 3.0 or higher for up to the next five years. With Cashback Match, get an unlimited dollar-for-dollar match of all the cash back you've earned at the end of your first year, automatically. So you could turn $50 cash back into $100. Or turn $100 into $200. Potentially lower than average purchase APRs. Has an introductory APR rate on balance transfers of 10.99%. 0% APR on new purchases during the first 6 months. There is then a variable purchase APR that ranges from 12.99% up to 21.99%. No annual fee. Free access to your credit score. No foreign transaction fee. Cardholders can earn rewards on their purchases. Discover it Student Cash Back reports to multiple credit bureaus.

Does not offer a signup bonus. Charges a 3% balance transfer fee. After the introductory period, the fee is 5% .

Discover it Student Cash Back FAQ

Does Discover it Student Cash Back have a cash back or rewards program?

This is a cashback card. This means you earn a percentage of your purchases as cash back rewards. You will receive 1% cash back on travel, dining, groceries, drugstore purchases, or any other purchase. For example, if you buy a $1,000 laptop, you will receive $10 back in cash. However, you can earn up to 5% for purchases in a bonus category.

Discover it Student Cash Back Rewards

Minimum rewards rate	1x
Max rewards rate	5x
Annual rewards limit	N/A
Signup Bonus ($)	N/A
Annual Loyalty Bonus	$20

What are the Discover it Student Cash Back benefits?

It provides the following benefits:

• Free Credit Score
• Zero fraud liability
• Free Credit Report
• No blackout dates when redeeming miles
• Reports to major credit bureaus

What are the relevant APRs for Discover it Student Cash Back?

According to the Federal Reserve Board, the average regular APR is 15% for all credit cards and 17% for accounts that carry a balance. This card has lower than average regular APRs.

Discover it Student Cash Back has a variable purchase APR that ranges from 12.99% up to 21.99%. The card has a variable balance transfer APR that ranges from 12.99% up to 21.99%. It also has a variable cash advance APR of 24.99% .

The good news is this card does not charge a penalty APR if you are late on a payment.

What are the fees for Discover it Student Cash Back?

The following fees apply:

• There is no overlimit fee

Discover it Student Cash Back Fees

Fees	Amount
Annual Fee	$0
Overlimit Fee	$0
Foreign Transaction Fee	0%
Returned Payment Fee	up to $40
Late Payment Fee	up to $40

This card does not charge an annual fee, which makes it a smart choice for consumers looking for a low-cost cashback card.

Does Discover it Student Cash Back report your account activity to credit bureaus?

Yes, Discover it Student Cash Back reports your account activity to the following credit reporting agencies:

• Equifax
• Experian
• Transunion

Making regular on-time payments to a creditor that reports to one or more credit bureaus will demonstrate your financial responsibility and may help improve your credit.

How to apply for Discover it Student Cash Back

• Visit the Discover it Student Cash Back website.
• Fill in the application form. You will typically need to provide general financial information, such as your Social Security Number, address, and annual income.
• Check the information is accurate and submit your application.

If your credit score is preventing you from qualifying for this credit card, check out our guide for the best credit cards for bad credit.