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Discover Student Card Review: Credit Card |
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| Good cash back card if you make frequent purchases in specific categories | |
Full Review: |
The Discover Student Card is designed for college students who want to begin establishing their credit history while earning cash rewards. Cardholders earn 5% cash back on purchases that fit into certain predetermined categories, including travel, home improvement, department stores, gas, restaurants and pet stores. Cardholders also earn between .25% and 1% cash back on all other purchases, plus 5% to 20% cash back through Discover's exclusive online shopping website. There is no limit to how much cash you can earn, but you must spend $3,000 with your Discover Student Card each year before you will begin earning a full 1% cash back on purchases that do not fit into Discover's preset categories. Rebates are redeemable in $20 increments, which can be issued through an electronic direct deposit to your bank account or a check. Rebates can also increase in value if they are redeemed for gift cards.
The annual percentage rate for purchases is 14.99%, and balance transfers are not permitted. There is no annual fee. While the Discover Student Card offers reasonably good terms for students looking for a first credit card, the preset list of categories makes it difficult to predict how rewarding the cash back program might be. If most of your purchases do fall into Discover's established categories, this card will be extremely rewarding for you. If they do not, and you are unlikely to spend over $3,000 with your Discover Student Card within the first few months of each year, then this cash back program would actually be quite poor for your financial situation. |
Service Details:
| APR: | 14.99% |
| Features: | Earn up to 5% cash back on qualifying purchases |
| Annual Fee: | None |
| Credit Needed: | Good |
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