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This Discover it® Student Cash Back review highlights how this credit card is crafted specifically for students who want to earn rewards while managing their finances responsibly. This review delves into whether the Discover it® Student Cash Back card can be a smart financial tool for students. Learn about its features, benefits, rates, and how to get it.
Discover it Student Cash Back Card Features
The Discover it® Student Cash Back Card offers a range of features designed to help you manage your finances conveniently.
One of the standout benefits is Online Privacy Protection, which helps you remove your personal information from select people-search websites that might sell your data. This service is free and can be activated through the Discover app.
For added security, the card provides free Social Security number alerts, notifying you if your SSN appears on any Dark Websites.
Another useful feature is Freeze it®, which lets you prevent new purchases, cash advances, and balance transfers in seconds if you misplace your card, all through the mobile app or website.
With your Discover student login, you can set alerts and access your Credit Scorecard without affecting your FICO® Score, all from your smartphone or tablet.
Pros and Cons for Discover it Student Cash Back Card
This card comes with advantages and disadvantages. They include:
Benefits
Here are the benefits of the Discover it Student Cash Back card:
- Express Yourself with Card Designs: Choose from a variety of colorful designs when you apply for the Discover it® Student Cash Back Card. It offers you a chance to pick a style that fits you perfectly.
- Convenient Alerts: Discover provides email and text alerts for statement availability, minimum payment due dates, payment postings, card declines, and transactions like merchant refunds or balance transfers.
- Increase Credit Line with a Discover Student Credit Card After Graduation: Request a credit line increase by updating your income and housing information with Discover once you graduate.
- Accessible Customer Service: Easily reach out for assistance with just a few taps to message customer service.
Cons
Here is a key drawback:
- Limited Shipping Options: Although it offers free overnight card replacement, this service is not available for P.O. boxes or addresses outside the U.S. Additionally, carrier limitations may affect the exact delivery date.
Rates and Fees
For purchases, the Discover it® Student Cash Back Card offers a 0% introductory APR for the first six months from the date your account opens. After this period, the Discover it student credit card interest rate will range from 18.24% to 27.24%, depending on your creditworthiness and fluctuating with the Prime Rate.
When it comes to balance transfers, you can enjoy a 10.99% introductory APR for six months on transfers that post to your account by October 10, 2024. Once this introductory period ends, the APR will also adjust between 18.24% and 27.24%, based on your credit profile and market conditions.
For cash advances, the APR is set at 29.99%, and like other rates, it will vary with the Prime Rate.
Fortunately, there is no penalty APR associated with this card. To avoid paying interest on purchases, make sure to pay your entire balance by the due date each month. Your due date is at least 25 days after the end of each billing cycle, or 23 days for bills that start in February. If you do end up accruing interest, the minimum charge will be $0.50.
Regarding fees, there is no annual fee for the card. However, if you make a balance transfer under the introductory offer, there is a 3% fee for transfers that post by October 10, 2024. After this period, the fee increases to 5%. For cash advances, a fee of either $10 or 5% of the amount of each advance, whichever is greater, will apply.
Penalty fees include up to $41 for late payments after the first instance, and up to $30 for returned payments.
Eligibility Criteria and Requirements
To apply for the Discover it® Student Credit Card, you’ll need to provide personal details like your date of birth and address to confirm your identity. You must be a college student based in the US to qualify, and your application will be reviewed based on your school enrollment and credit reports.
There’s no credit score required, as eligibility is based on the preceding 12 months of Discover it® Student Cash Back Card application data. When evaluating your creditworthiness, Discover considers all the information you provide, your credit report, and any applicable credit score.
You can have only one Discover it® Student Cash Back Card account at a time, but you can apply for a second card after twelve months if you’re no longer a student. Discover may contact you by phone or text about your accounts, with standard message rates applying.
How to Apply for Discover it Student Cash Back Card
To apply for the Discover it® Student Cash Back Card, simply visit the Discover it website and click “Apply Now”. You’ll be redirected to an application form where you can complete the process in just a few minutes.
When filling out your information, you’ll need to provide your name, home address, date of birth, year in college, monthly housing costs, monthly gross income, and your school email address.
Before submitting your application, make sure to read through the text, call, and email disclosures, as well as the important information. Once submitted, the processing of your card can take up to 30 days.
Conclusion
The Discover it® Student Cash Back Card offers several appealing benefits. However, it’s essential to be aware of its limitations. This card is a strong choice for students looking to build credit and earn rewards, but you’ll want to consider the eligibility criteria to see if you qualify.
