The Discover it for Students is one of the best student credit cards on the market. However, the great rewards and flexible payment terms may be too liberal for students just starting out with credit.
Discover it for Students Overview
The Discover it for Students is For: Students who want a simple, friendly rewards credit card, with few fees.
Credit Rating Required: Average
- No annual fee
- No late fee on first late payment
- Flexible due date
- 0% introductory rate on purchases
- Use rewards to pay for Amazon.com purchases
- Higher promotional APR on balance transfers
Rewards and Pricing
- 5% cash back in categories that change each quarter
- 1% cash back on all other purchases
- Promotional APR: 0% on purchases for 6 months, 10.99% APR on balance transfers for 6 months (transfers must be made by July 10, 2013)
- Purchases and Balance Transfer APR: 12.99% to 18.99% variable based on the Prime Rate
- Cash Advance APR: 24.99%
- Penalty APR: None
- Annual Fee: None
- Balance Transfer Fee: 3%
- Cash Advance Fee: either $10 or 5%, whichever is greater.
- Foreign Transaction Fee: none
- Grace Period: 25 days (23 days for billing periods that begin in February)
Discover it for Students Review
The new Discover it for Students is arguably one of the best student credit cards currently on the market. The longer promotional period, lower APR, and lucrative rewards are better than any student credit card available. There’s no annual fee, which is always a plus for any credit card, not just student credit cards.
Discover it for Students cardholders will earn 5% cash back on purchases in categories that change quarterly. You must sign up for the 5% rewards categories in advance and purchases are subject to a cap, e.g. $1,500. Other purchases earn 1% cash.
By comparison, Capital One’s Journey Student Rewards card pays 1% cash back on all purchases with a 25% bonus on your monthly earnings if you pay on time. The Citi Forward pays 1 point for every $1 you spend. The Citi Dividend Platinum Select for College Students has a similar 5% cash back program on categories that rotate quarterly and 1% on everything else, but up to $300 accept on purchases made through Citi Bonus Cash Center, which earn unlimited rewards.
Payment is flexible with the Discover it for Students. Choose your own due date and pay up until midnight by phone or online on the due date.
There’s no late fee for the first late payment, which is can be a good thing for a college student just learning to use credit. However, it’s important not to take that benefit for granted: late payments can still affect your credit and subsequent late payments will be penalized up to the maximum $35 fee.
You can connect your Discover it for Students card to your Amazon.com account and make purchases with the rewards you’ve accumulated.
You must be a college student enrolled in a 4-year college or university to qualify for this card.
While the Discover it for Students is comparatively better than other student credit cards, it’s not necessarily better than the regular Discover it. If you already have an established credit history, the regular Discover it will be a better deal because of the lower interest rate potential and longer promotional rate.
Apply for the Discover it® for Students with $20 Cashback Bonus
Last reviewed April 1, 2013. Credit card terms and sign-up bonuses are subject to change from the time of this review. Refer to the application for current terms and conditions. Discover is a paid advertiser of About.com Credit & Debt Management.