Pros and Cons
Pros
No annual fee
Qualify with limited/bad credit
Bonus categories
Intro APR period
Reports to the three major credit bureaus
Cons
Complicated rewards
Detailed Review
The $0-annual-fee Discover it® Student Cash Back offers generous cash-back rewards, on par with some non-student options. And even with no credit history at all, you may be able to qualify.
Discover it® Student Cash Back: Basics
Card type: College student.
Annual fee: $0.
Bonus: INTRO OFFER: Unlimited Cashback Match for all new cardmembers – only from Discover. Discover will automatically match all the cash back you’ve earned at the end of your first year! So you could turn $50 cash back into $100. Or turn $100 cash back into $200. There’s no minimum spending or maximum rewards. Just a dollar-for-dollar match.
Rewards: You’ll earn 5% cash back in categories that change every three months, on up to $1,500 in spending per quarter when you activate and 1% back on everything else.
APR: 0% intro APR on Purchases for 6 months and 10.99% intro APR on Balance Transfers for 6 months, and then the ongoing APR of 18.24%-27.24% Variable APR.
Foreign transaction fee: None.
Other perks:
Payments are reported to the three major credit bureaus (TransUnion, Equifax and Experian), which helps you build credit.
No late fee on your first late payment.
Access to your Credit Scorecard lets you track your progress.
Free Social Security number alerts let you know if your information is found on the dark web.
Compare to Other Cards
NerdWallet rating
ANNUAL FEE
$0
INTRO APR
0% intro APR on Purchases for 6 months and 10.99% intro APR on Balance Transfers for 6 months
REGULAR APR
18.24%-27.24% Variable APR
RECOMMENDED CREDIT SCORE
NerdWallet rating
ANNUAL FEE
$0
INTRO APR
0% intro APR on Purchases for 6 months and 10.99% intro APR on Balance Transfers for 6 months
REGULAR APR
18.24%-27.24% Variable APR
RECOMMENDED CREDIT SCORE
NerdWallet rating
ANNUAL FEE
$0
INTRO APR
10.99% intro APR on Balance Transfers for 6 months
REGULAR APR
28.24% Variable APR
RECOMMENDED CREDIT SCORE
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Benefits and Perks
Standout rewards for a starter card
The rewards program on the Discover it® Student Cash Back is the same as on Discover's regular cash-back credit cards. For students without a credit history, the rewards are far superior to just about every other option. For an annual fee of $0, you get 5% cash back in categories that change every three months, on up to $1,500 in spending per quarter and 1% back on everything else. The 5% categories, which you must opt in to every quarter, tend to be everyday expenses. The current categories include:
Discover bonus rewards categories for 2024 | |
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Q1 (Jan. 1–March 31) |
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Q2 (April 1–June 30) |
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Q3 (July 1–Sept. 30) |
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Q4 (Oct. 1–Dec. 31) |
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Student-friendly ways to earn bonuses
With the Discover it® Student Cash Back, you aren't under any pressure to hit a high spending requirement to lock down a sign-up bonus. Instead, it doubles all the cash back you earned in your first year. For students who don't spend much, this flexibility is a plus.
A 0% intro APR period
Introductory 0% APR offers are a rare find on student credit cards. This card has introductory APRs of 0% intro APR on Purchases for 6 months and 10.99% intro APR on Balance Transfers for 6 months, and then the ongoing APR of 18.24%-27.24% Variable APR. You'll get a smooth interest-free transition as you get started with credit and maybe a long enough break to help you pay off some pricey textbooks. Keep track of when the promotional period ends, though; you don't want to be paying the high ongoing APR afterward.
» MORE: Discover credit cards mobile app review
Drawbacks and Considerations
Rotating bonus categories
The Discover it® Student Cash Back offers rich ongoing rewards, but its rotating bonus categories can be a hassle to manage and track. If you want a card with bonus categories that stay put, consider the Capital One SavorOne Student Cash Rewards Credit Card. It offers 3% cash back on dining, groceries, entertainment and popular streaming services.
Limited acceptance abroad
Compared with Mastercard and Visa, Discover's acceptance abroad is more limited. So even though the Discover it® Student Cash Back doesn't charge foreign transaction fees, you don't want to set off for a semester abroad with only this card in your pocket. The Capital One SavorOne Student Cash Rewards Credit Card is more widely accepted and also skips foreign transaction fees.
See NerdWallet's roundup of the best credit cards to have for even more options.
