Supplybraid.com – Numerous advantageous features are available to cardholders of the Discover it® Student Cash Back card. Although the Discover it® Student Cash Back Card’s rewards and perks may not be as plentiful as those offered by other cards, it is a useful tool for establishing a credit history and moving up the credit ladder.
The Discover it® Student Cash Back card has some enticing benefits, such as increased returns in quarterly rotating categories. The quarterly cap of $1,500 is a drawback. These bonus categories are opt-in and may have further restrictions, such as defining “online shopping” to include only Amazon.com, Walmart.com, or Target.com. Once you’ve reached your spending limit in the rewards area, you’ll earn the same rate of return as on all other purchases, which is a flat 1%.
Cash-back rewards might not be so bad if used properly, since Discover’s Cash Back Match promises to match all cash back earned at the end of the first year.
Discover it Student Cash Back Credit Card
If you’re a student looking for a credit card with no international transaction fees to use while studying abroad, bear in mind that Discover may not be as widely accepted outside the U.S. as other major card issuers. The search for a replacement may be warranted.
Feature
- A fantastic approach for students to begin establishing credit.
- After enabled, you’ll earn 5% cash back on purchases at a rotating selection of merchants like Amazon.com, grocery stores, restaurants, and gas stations, up to a quarterly maximum. In addition, you will get an unlimited 1% cash back on any other transactions.
- Get a 0% interest rate for the first 6 months on all purchases, then a variable rate between 16.74% and 25.74%.
- There is no yearly charge
Rewards
Successfully Acquiring Benefits
Using a Discover it® Student Cash Back card, you may receive 1% cash back on all transactions, without having to do anything. Cardholders must activate the category in order to earn 5% cash back on quarterly rotating categories, up to a maximum of $1,500 per quarter.
During the first year of card ownership, Discover Cashback Match instantly doubles all points earned, so it’s in your best interest to maximize earnings each quarter.
Redeeming Rewards
With the Discover it® Student Cash Back card, your rewards can be redeemed for a statement credit or direct deposit at any time and in any amount. Any remaining reward sums are credited to the account after the account is canceled or after 18 months of inactivity.
Opportunities for Gain
Several reliable sources were consulted by Forbes Advisor in order to ascertain the annual spending of a typical college student in order to calculate the potential rewards of the Discover it® Student Cash Back card.
If a student has an average annual budget of $13,640 and spends $1,000 in each of the alternating categories, then the student can expect to earn $296.40 annually in cash back. Upon completion of the first year, Discover will double this amount as part of their Cash Back Match promotion.
0% Introductory Rates
The Discover it® Student Cash Back card offers a 0% intro APR on purchases for 6 months, then the standard variable purchase APR of 16.74% – 25.74% applies, depending on creditworthiness.
Are You a Good Candidate for the Discover it Cash Back Program?
The Discover it® Student Cash Back Card has a few minor flaws, but its generous cash-back rewards make up for them. However, the card’s fairly complex cash-back rewards scheme may put off students studying abroad or those who don’t want to put in the time to maximize their earnings.
If you’re a student interested in learning more about credit cards, spending, and personal financial health while also getting a taste for cash-back rewards and an introductory APR on purchases, the Discover it® Student Cash Back card is a wonderful option.