Discover it® for Students Review

The Discover it® for Students offers a strong introductory rate and minimal penalties for late payments. Cardholders will receive 5% cash back on a variety of purchases that rotate quarterly, but rewards are capped and you have to sign up for each program.

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The Good

Strong introductory rate

Not all student credit cards offer an introductory rate. The Discover it® for Students credit card offers 0% APR on purchases for 6 months, then the standard variable purchase APR of 12.99% – 21.99%.

Rotating bonus rewards

The Discover it® for Students offers 5% cash back in categories that change throughout the year up to the quarterly maximum with free and easy sign-up. And 1% cash back on all other purchases. Overall, having the ability to receive bonus rewards in a variety of ways is a nice option.

Flexible payment date

With the Discover it® for Students card, you’ll be able to choose your own due date and pay up to midnight ET online or by phone.

Excellent fraud protection

The Discover it® for Students card comes with a $0 Fraud Liability Guarantee, meaning you’re never responsible for unauthorized purchases made on your card. If your card gets lost or stolen, you’ll be happy to have the extra protection.

Great customer service

The Discover it® for Students card comes with great 100% U.S.-based customer service, allowing you to talk to a real person on the phone anytime.

Fee friendly

The Discover it® for Students will not charge a late fee the first time you make a late payment. The majority of top student credit cards will charge late fees of up to $35 dollars for the first late payment. For many, the student credit card will be the first experience managing credit and having a little leeway on the first late payment can be helpful. In addition, the Discover it® for Students does not charge an annual fee, overlimit fee, foreign transaction fee, or a late fee on your first late payment. And paying late won’t increase your APR.

The Bad

You have to sign up for rewards

In order to receive cash back rewards, Discover it® for Students cardholders are required to sign up for each of the quarterly rewards bonus programs. With homework, tests, work, and social activities, college students usually have more than enough to keep track of. Forcing cardholders to sign up for each program versus automatic enrollment is a slight drawback of the Discover it® for Students card.

Rewards are capped

Each of the four rotating bonus categories will have a $1,500 cap for the quarter. Once the cap is met, instead of receiving 5% cash back, you will only receive 1%.

The Details

Rate and Fees

  • Annual Fee: $0
  • Cash Advance Fee: $10 or 5% per cash advance
  • Cash Advance Rate (APR): 24.99%
  • Foreign Currency Transaction Fee: None
  • Introductory Rate (APR): 0% for 6 months
  • Standard Rate (APR): 12.99% - 21.99%* Variable

Penalty Fees

  • Default Penalty Rate (APR): None
  • Late Payment Fee: None
  • Minimum Interest Charge: $0.50
  • Over-Limit Fee: None
  • Returned Payment Fee: Up to $35

Balance Transfers

  • Introductory Balance Transfer Rate (APR): 10.99% for 6 months
  • Standard Balance Transfer Fee: 3% per transfer
  • Standard Balance Transfer Rate (APR): 12.99% - 21.99%* Variable

Rewards

  • Additional Rewards for Dining: 5% cash back (rotating quarters)
  • Additional Rewards for Gas: 5% cash back (rotating quarters)
  • Additional Rewards for Groceries: None
  • Additional Rewards for Shopping: 5% cash back (rotating quarters)
  • Additional Rewards for Travel: None
  • Bonus Points Offered: None
  • Rewards Earnings for All Purchases: 1% cash back
  • Sign-Up Bonus: None
  • Type of Reward: Cash back

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