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Whether you're a student looking to build credit or a parent preparing to send your kids to college, a student credit card can help the next generation establish good financial habits.
Discover offers two credit cards geared toward college students: the Discover it® Student Cash Back and the Discover it® Student Chrome. Both cards are designed to help young adults build their credit history and learn financially responsible behaviors while in college but differ slightly in how they earn rewards.
Below, CNBC Select breaks down the rewards and benefits associated with the Discover it® Student Cash Back to help you decide if it's right for you.
Information about Discover cards has been collected independently by CNBC Select and has not been reviewed or provided by the issuer prior to publication.
Discover it® Student Cash Back review
Welcome bonus
The Discover it® Student Cash Back offers an automatic match of all cash back new cardholders earn at the end of their first year.
Benefits and perks
The Discover it® Student Cash Back makes for a good first credit card and provides an opportunity to earn cash-back rewards while you're in college and building your credit history.
To qualify, you just need to be at least 18 years old, enrolled in a two- or four-year college, a U.S. citizen and have a Social Security number. You'll also need to have verifiable independent income, like a part-time job and you may have to show proof of income.
Discover offers a $0 fraud liability guarantee and 100% U.S.-based customer service available around the clock.
Rewards
Earning
The Discover it® Student Cash Back card allows cardholders to earn 5% cash back on the first $1,500 in purchases in rotating categories each quarter (when you activate), then 1% cash back. Check out Discover's 5% cash-back calendar.
Here's how it works: Upon activation, each quarter (January through March, April through June, July through September and October through December), you can earn 5% cash back on different categories, up to $1,500 in quarterly purchases (then 1%).
Once each quarter is over, the program resets and you'll have another chance to earn 5% on up to $1,500 of spending in the new categories. Discover releases its annual 5% cash-back calendar at the start of each quarter. You have to enroll at the beginning of every activation period to earn the cash-back rewards.
Beyond the rotating 5% cash-back categories, you can earn unlimited 1% cash back on all other spending, with no limit.
It's a little extra work, but earning 5% back, as opposed to 1% to 2% like with the Discover it® Student Chrome, usually makes it worth your while — if you are strategic.
Redeeming
When you're ready to redeem your rewards, there are a number of ways you can cash out:
- Statement credits
- Electronic deposits to your bank account
- Gift cards, ranging from $5 to $200 and in increments of $5
- Charitable donations to select organizations
Your rewards never expire, but if you don't use your card for 18 months, Discover will automatically apply your cashback to your account balance.
Rates and fees
This card has no annual fee and no foreign transaction fees, which makes it a good choice for students studying abroad.
If you need to finance textbooks or dorm room essentials, you can take advantage of the 0% intro APR on purchases for 6 months, then the standard variable purchase APR of 16.49% - 25.49% applies. We always recommend you pay your balance on time and in full in order to avoid interest charges.
Discover cards to pair with the Discover it® Student Cash Back
You can maximize your cash back by pairing the Discover it® Student Cash Back card with another Discover card.
For example, with the Discover it® Student Chrome, you can earn 2% cash back at gas stations and restaurants (on up to $1,000 in combined purchases per quarter) and 1% on everything else. You'll earn this elevated return year-round without needing to activate any bonus categories.
Information about Discover cards has been collected independently by CNBC Select and has not been reviewed or provided by the issuer prior to publication.
While not geared specifically to students, frequent travelers may appreciate the Discover it® Miles card. It earns 1.5X miles per dollar on all purchases, which you can redeem for travel purchases, cashback and more.
Information about Discover cards has been collected independently by CNBC Select and has not been reviewed or provided by the issuer prior to publication.
Consider pairing your card with a Discover bank account
If you want to do all your banking in one place, the Discover® Cashback Debit Checking account offers a debit card that earns 1.00% cash back on up to $3,000 in debit card purchases each month. You can also earn a generous return on your cash with a Discover® Online Savings Account.
Discover® Cashback Debit Checking
Monthly maintenance fee
$0
Minimum deposit to open
$0
Minimum balance
None
Rewards
1% cash back on up to $3,000 in debit card purchases each month. See website for details by clicking "Learn More".
Free ATM network
60,000+ Allpoint® and MoneyPass® ATMs
ATM fee reimbursement
None
Overdraft fee
$0
Mobile check deposit
Yes
Terms apply.
Alternatives to the Discover it® Student Cash Back
Depending on your spending habits, there may be other student credit cards that offer a greater return on certain spending categories.
The Capital One Savor Student Cash Rewards Credit Card is a card designed for students with rewards rates that match many of the top cash-back credit cards.
- High cash-back rates for common student expenses, such as groceries, dining and entertainment
- No annual fee
- No foreign transaction fees
- High APR
Highlights
Highlights shown here are provided by the issuer and have not been reviewed by CNBC Select's editorial staff.
- Earn unlimited 3% cash back at grocery stores (excluding superstores like Walmart® and Target®), on dining, entertainment and popular streaming services, plus 1% on all other purchases
- Early Spend Bonus: Earn $50 when you spend $100 in the first three months
- Enjoy peace of mind with $0 Fraud Liability so that you won't be responsible for unauthorized charges
- Enjoy no annual fee, foreign transaction fees, or hidden fees
- Earn unlimited 5% cash back on hotels, vacation rentals and rental cars booked through Capital One Travel
- Earn up to $500 a year by referring friends and family when they're approved for a Capital One credit card
- Earn 8% cash back on entertainment purchases when you book through the Capital One Entertainment portal
- Build your credit with responsible card use
- Whether you're at a 4-year university, community college or other higher education institution, this card might be an option for you
- Top rated mobile app
Balance transfer fee
4% of the amount of each transferred balance that posts to your account at a promotional APR that Capital One may offer to you
For example, the Capital One Savor Student Cash Rewards Credit Card offers 8% back on Capital One Entertainment purchases, 5% back on hotels and rental cars booked through Capital One Travel, 3% cash back on dining, entertainment, popular streaming services and at grocery stores (excluding superstores like Walmart and Target. You'll also earn 1% cash back on everything else. Plus, new cardholders earn $50 when you spend $100 in the first three months.
Learn more: Capital One Savor Student Cash Rewards Credit Card
Petal® 2 "Cash Back, No Fees" Visa® Credit Card
Rewards
1% cash back on eligible purchases right away and up to 1.5% cash back on eligible purchases after making 12 on-time monthly payments; 2% to 10% cash back at select merchants
Welcome bonus
None
Annual fee
$0
Intro APR
None
Regular APR
28.24% - 30.24% variable
Balance transfer fee
N/A
Foreign transaction fee
None
Credit needed
Fair, Good, No Credit
Terms apply.
Pros
- No credit history required (if you do have a credit history, that does factor into the credit decision)
- No fees
- Generous cash-back rewards of up to 1.5% cash back on eligible purchases after making 12 on-time monthly payments
Cons
- No special financing offers
- No welcome bonus
The Petal® 2 "Cash Back, No Fees" Visa® Credit Card is another option if you don't have an established credit history. Unlike traditional cards that require a credit score, Petal evaluates your banking activity and other financial data to determine your eligibility. The card offers 1% cash back on eligible purchases right away, with the potential to earn up to 1.5% after 12 on-time monthly payments and 2% to 10% cash back at select merchants.
Learn more: Petal® 2 "Cash Back, No Fees" Visa® Credit Card
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At CNBC Select, our mission is to provide our readers with high-quality service journalism and comprehensive consumer advice so they can make informed decisions with their money. Every credit card review is based on rigorous reporting by our team of expert writers and editors with extensive knowledge of credit card products. While CNBC Select earns a commission from affiliate partners on many offers and links, we create all our content without input from our commercial team or any outside third parties, and we pride ourselves on our journalistic standards and ethics.
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Read more
Petal® 2 Visa® Card is issued by WebBank
For rates and fees of the Discover it® Student Chrome, click here.
For rates and fees of the Discover it® Student Cash Back, click here.
For rates and fees of the Discover It® Miles, click here.
