The Discover Student Credit Card has a good cash-back rewards program with no annual fee and a low APR (if you qualify).
Who the Discover Student Credit Card Is For
- College students.
Credit Rating Required
- Fair and up (660+).
About the Discover Student Credit Card
Pros
- No annual fee.
- Relatively low APR (if you qualify).
- Good rewards package.
Cons
- No balance transfers.
Rewards
- Up to one percent cash back on purchases; five percent back in selected categories.
APRs
- Zero percent for first six months, then 12.99 to 19.99 percent.
- Default APR: 17.99 to 24.99 percent.
Fees
- Late payment fee: $19 to $39.
Discover Student Credit Card Review
It's not clear what makes this card special for students compared to Discover's other cards, but it does seem like a good deal. There's no annual fee, and the APR is relatively low, especially if you can qualify for the best rate of 12.99 percent. In addition, there is zero percent interest on purchases for the first six months.
The card carries the standard Discover cash-back rewards program of up to one percent cash back on purchases. In addition, you can earn five percent back on purchases in selected categories that change every quarter, although you must sign up for them in order to earn the rewards. The rewards can be redeemed for cash or gift cards, which are usually sold at less than face value, which provides you with an extra benefit.
Unfortunately, this card doesn't let you transfer balances.
Recommendation
This is a good, low-priced card with the standard Discover cash-back rewards program.