The Discover it® Student Cash Back card caters to students eager to maximize rewards, boasting a high rewards rate in rotating categories and a unique cash back match feature. However, enjoying its 5% cash back rate requires some attention due to its spending cap and activation requirement. The card loses its rizz on busy college students looking for something to set and forget.
Discover it® Student Cash Back Review: Are the Rewards Worth the Effort?
Updated: November 10, 2024
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MoneyGeek’s Take
Discover it® Student Cash Back
On Issuer's Site
Rewards Rate
Earn 5% cash back on everyday purchases at differe...APR
17.74% - 26.74% variableAnnual Fee
$0Recommended Credit
(No Credit History)Moneygeek.com credit ranges are a variation of FICO® Score 8, one of many types of credit scores lenders may use when considering your credit card application.
Discover it® Student Cash Back Card Overview
The Discover it® Student Cash Back card is designed for students looking to earn rewards while building credit. It features 5% cash back on rotating categories (up to a quarterly limit) and a cash back match offer for no annual fee.
Beyond the rewards, the card’s 0% intro APR for six months on purchases can be helpful for undergrads managing large expenses like textbooks or a new laptop. The card accepts applicants with limited or poor credit and has a forgiving approach to the first late payment, underscoring its student-friendly nature. Note that you will usually need to prove you’re a student to qualify for a student credit card.
However, other cards may be a better fit if you prefer a more straightforward reward structure.
>> MORE: MoneyGeek's Best Student Credit Cards
Discover it® Student Cash Back Card Details
Feature | Details |
|---|---|
Card Uses |
|
Annual Fee | $0 |
Introductory Offer | Unlimited cash back match for new cardmembers during the first year |
Introductory APRs |
|
Rewards |
|
Regular APRs | 18.24%–27.24% variable |
Penalty APR | None |
Balance Transfer Fees | 3% intro fee until August 10, 2024, then up to 5% |
Late Fees | No late fee on first late payment, up to $41 afterward |
Foreign Transaction Fee | None |
Other Perks |
|
Rewards Program Overview
The Discover it® Student Cash Back card offers a dynamic rewards program. Cardholders earn 5% cash back on rotating categories, which change every three months and have a $1,500 quarterly spending cap. All other purchases get 1% cash back.
To enjoy the 5% cash back, you’ll need to activate the bonus categories. For 2024, these categories get the bonus rate:
Quarter & Dates | Bonus Rewards Categories |
|---|---|
Q1: Jan. 1–March 31 | Restaurants, drugstores |
Q2: April 1–June 30 | Gas stations/EV charging stations, home improvement stores, public transit |
Q3: July 1–Sept. 30 | TBA (In 2023: gas stations, digital wallets) |
Q4: Oct. 1–Dec. 31 | TBA (In 2023: purchases at Amazon and Target) |
The card also features a unique introductory offer: a cash back match at the end of the first year for new cardholders. This effectively doubles the rewards earned throughout the year, providing a substantial incentive for students to use the card for their purchases.
When it comes to redemption, the Discover it® Student Cash Back card offers flexibility and convenience. Rewards do not expire, and cardholders can redeem any amount at any time through statement credit or check.
Why You Might Want to Get This Card
The Discover it® Student Cash Back card is a solid contender for students looking to stretch their dollars and build credit. Here's why it might be the right choice for you:
5% Cash Back
The card offers a competitive 5% cash back in rotating categories each quarter, up to the quarterly maximum when you activate. Depending on the current bonus category, this could mean significant savings on things like gas, groceries or dining out.
No Annual Fee
Students need to keep costs down, and this card aligns with that goal. With no annual fee, you can focus on managing your expenses and maximizing rewards.
Cash Back Match Offer
In the first year, Discover matches all the cash back you've earned, effectively doubling your rewards. If you earn $200 in cash back, Discover will give you an additional $200, making it a smart choice for those who use their card regularly.
Accepts Limited or Bad Credit
This card is accessible even if you're just starting out or rebuilding your credit. It's a practical card for students with limited credit history, helping you to establish and improve your credit score over time. Remember that you have to be currently enrolled in a college or university to qualify for this card.
Why You Might Want a Different Card
While the Discover it® Student Cash Back card has appealing features, there are some considerations to keep in mind before applying.
Spending Cap on Bonus Categories
The card's bonus categories have a quarterly spending limit of $1,500. All purchases after that get the regular cash back rate of 1%. If you want consistent high rewards, some student cards with bonus categories, like the Capital One Savor Student credit card, offer unlimited cash back.
Bonus Categories Change
The bonus categories rotate every three months, and you must activate the new bonus categories to enjoy 5% cash back. Additionally, you may have a quarter where your spending habits don’t align with the bonus categories.
How Discover it® Student Cash Back Compares
We've compared the Discover it® Student Cash Back card with other student cards to help you decide if it's the right fit for you.
Discover it® Student Chrome
The Discover it® Student Chrome card is another student card from Discover, but instead of having rotating bonus categories, it’s focused on gas stations and restaurants. The bonus rate is lower at 2% and has a lower quarterly spending cap of $1,000. However, if you spend heavily on gas and dining and want to get Discover’s cash back match, Chrome can be an alternative.
MORE: Discover it® Student Cash Back vs. Discover it® Student Chrome
Capital One Savor Student Cash Rewards
The Capital One Savor Student Cash Rewards comes with unlimited 3% cash back on dining, entertainment and grocery stores, and a $50 bonus after a low spending threshold in the first three months. With its consistent rewards on common spending categories, this card is a strong alternative for students.
MORE: Discover it® Student Cash Back vs. Capital One Savor Student Cash Rewards
All Discover it Student Cash Back Card Comparisons
Is Discover it® Student Cash Back Right for You?
The Discover it® Student Cash Back card is a great choice for students who are proactive about their finances and can regularly track and activate rotating bonus categories. If you're a student with limited or no credit history, this card can help you build credit while earning substantial rewards on your purchases.
However, if you prefer a straightforward rewards system, the activation requirement and spending cap on bonus categories might be a hassle.
STUDENT CREDIT CARDS OF 2024
If you want to explore options beyond the Discover it® Student Cash Back card, we ranked the best student credit cards to help you find a card that matches your needs and lifestyle.
How We Evaluated the Discover it® Student Cash Back Card
MoneyGeek's evaluation of the Discover it® Student Cash Back card involved a comprehensive analysis of its features against 60 other cards. We focused on the 'Cash Back Score' with a 3.73 rating, reflecting its performance across several weighted criteria:
- Rating Effective Reward Rate (50%): Measures the cash back earning potential.
- Rating Annual Fee (10%): Assesses the cost-effectiveness of the card.
- Rating Offer ROI (10%): Evaluates the value of introductory offers.
- Rating Issuer Satisfaction (5%): Based on customer satisfaction studies.
- Rating Penalties (5%): Considers penalty rates and fees.
- Rating Regular APR (5%): Looks at the cost of carrying a balance.
- Rating Intro Purchase (5%): Rates the 0% APR offer on purchases.
- Rating Recommended Credit (5%): Reflects card accessibility.
- Rating Foreign Transaction (5%): Assesses foreign transaction fees.
This methodical approach ensures a balanced review, aligning with the card's pros and cons.
About Doug Milnes, CFA
Doug Milnes is a CFA charter holder with over 10 years of experience in corporate finance and the Head of Credit Cards at MoneyGeek. Formerly, he performed valuations for Duff and Phelps and financial planning and analysis for various companies. His analysis has been cited by U.S. News and World Report, The Hill, the Los Angeles Times, The New York Times and many other outlets.
Milnes holds a master’s degree in data science from Northwestern University. He geeks out on helping people feel on top of their credit card use, from managing debt to optimizing rewards.
sources
- Discover. "Discover it® Student Cash Back Credit Card." Accessed October 29, 2024.
- Discover. "Discover it® Student Chrome." Accessed October 29, 2024.
- Capital One. "Quicksilver Rewards for Students." Accessed October 29, 2024.
- Capital One. "Savor Rewards for Students." Accessed October 29, 2024.
*Rates, fees or bonuses may vary or include specific stipulations. The content on this page is accurate as of the posting/last updated date; however, some of the offers mentioned may have expired. We recommend visiting the card issuer’s website for the most up-to-date information available.
Editorial Disclosure: Opinions, reviews, analyses and recommendations are the author’s alone and have not been reviewed, endorsed or approved by any bank, credit card issuer, hotel, airline, or other entity. Learn more about our editorial policies and expert editorial team.
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Editorial Disclosure: Opinions, reviews, analyses and recommendations are the author’s alone and have not been reviewed, endorsed or approved by any bank, credit card issuer, hotel, airline, or other entity. Learn more about our editorial policies and expert editorial team.
Advertiser Disclosure: MoneyGeek has partnered with CardRatings.com and CreditCards.com for our coverage of credit card products. MoneyGeek, CardRatings and CreditCards.com may receive a commission from card issuers. To ensure thorough comparisons and reviews, MoneyGeek features products from both paid partners and unaffiliated card issuers that are not paid partners.