Get $20 Cash Back with the Discover it Student Credit Card

Advertiser Disclosure

Students need a good deal when it comes to credit card. Most students do not have tons of extra money to pay fees or pay for perks. Having a card that allows them to build up a nice cash back sum can be very enticing. Discover it for Students offers just this!

They even have a specific offer for students who qualify for the Discover it Student Card that provides a $20 cash back reward after you make your first purchase within the first three months that you have the card. This cash back reward is money right in your pocket, available to spend as you wish! Let’s go over the other great perks of the Discover it credit card so you can decide if it is right for you.

Link to Apply: Discover it® for Students with $20 Cashback Bonus

 

Benefits

Annual Fee of $0

The Discover it Student credit card has no annual fee. All of the perks and benefits that we review here are included—at no extra charge to you. Students appreciate a great deal!

Cash Back Rewards

With one of the higher cash back rates in the industry, Discover it offers students not only a straight 1% cash back on all purchases made every day, but they also offer 5% cash back on certain rotating categories that change quarterly. For example, the current categories for the 5% rewards are home improvement stores, Bed, Bath & Beyond, and more. Cardholders do have to sign up for the 5% cash back program in order to take advantage of it. Beginning in June, the next quarterly category for 5% cash back will be gas stations, with card holders able to earn 5% cash back for up to $1,500 in purchases. This means you could earn up to $75 cash back in one quarter—just on gas station purchases alone! What a great bonus for students, especially with gas prices being pretty stiff these days!

Keep Track of Your FICO Score

All Discover it card holders will have their FICO score printed on every monthly statement, allowing them to keep track of their credit and know if there are any changes—whether positive or negative. This can truly help when you are trying to build up your credit score, because you will be able to track your progress and see how you are doing.

Great Introductory APR

For the first 6 months that you have the Discover it for Students, you will pay a low APR of 10.99%. At the conclusion of the introductory period, the APR will be 12.99-21.99%, depending on your credit history. There is no penalty APR, at any point.

No Late Penalty Fees for First Late Payment

Everyone makes mistakes and oversights now and then, and busy students may be even more likely to have this happen. Discover understands this, and forgives the first late payment that you make—without charging any late payment penalty fee. However, you do need to get more organized and stay on top of things, because after one free pass, you will pay a late payment penalty of $35 if your payment does not arrive on time.

Full Fraud Protection

Discover it provides full fraud protection and you will not be held liable for any fraudulent transactions, in the event that your card is lost or stolen. You can rest easier knowing that your finances are safe when you use Discover.

The Nitty Gritty

So, just to recap, the Discover it for Students has no annual fee. There is an introductory APR rate of 10.99% for the first six months for balance transfers, after this period ends your APR will be between 12.99-21.99%, depending on your credit. Purchases will have an APR of 12.99-21.99, depending on your credit. Cash advance APRs are 24.99%. Balance transfer fees are 3%, cash transfer fees are 5% or $10, whichever amount is higher. There are no late payments for the first time you are late, after that the late payment fees are $35.

Conclusion

The Discover it for Students is a great deal, if you want a competitive interest rate and great cash back options. Getting the bonus of a $20 reward after your first purchase certainly sweetens the deal!