Discover it Student Cash Back Review - NerdWallet (2024)

FAQs

Is there a catch to Discover cash back? ›

Is there a limit to the amount of Cashback Bonus I can earn? No, there is no limit to the overall amount of Cashback Bonus you can earn, and you always earn cash back on every purchase. The 5% Cashback Bonus program does have a quarterly maximum and other special promotions may also include a cap.

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In most cases, after submitting a Discover it® Student Cash Back application, there will be a decision within 60 seconds.

For example, card issuers might reject your application if your debt-to-income ratio suggests you may have too many obligations compared to your ability to repay. You may also be denied if your credit score is too low, which could occur if your credit score drops due to missing one or more student loan payments.

The Discover it Student Cash Back card offers a higher cash back rate on bonus spending categories that alternate every quarter. On the other hand, the Discover it Student Chrome card offers a lower cash back rate, but the spending categories don't change throughout the year.

The Discover it® Cash Back features a high cash-back rate in rotating quarterly categories — but you don't get those rewards automatically. Activation is required, and spending caps apply. Even so, for people who prefer cash back and don't mind putting in a little work, this $0-annual-fee card is well worth it.

Discover's Cashback Match welcome bonus essentially doubles the rewards you earn at the end of the first year. The Discover it Cash Back can be a great choice for those looking for a good introductory APR offer, but it likely won't be a good fit for those who don't like rotating bonus categories.

To apply for a student credit card, students will typically need to provide proof of enrollment (usually a document that confirms your name, the name of your school, and the dates that you're enrolled there) and income information.

You have to meet general qualifications specific to the loan type you're applying for. In addition, you have to meet certain credit requirements. The credit decision is determined by your credit worthiness including your credit score. A cosigner may be required if you don't meet our credit requirements.

Limited credit history or a credit score higher than 640 should be fine to get the Discover it® Student Cash Back, but keep in mind that lots of other factors go into if you're approved for a card or not. They will also look at your recent hard inquiries, debt, income, and any negatives on your credit report.

Discover it^® Student Cash Back Card Benefits

Plus, earn 1% cash back on all other purchases. Get an unlimited dollar-for-dollar match of all the cash back you earn at the end of your first year, automatically. There is no limit to how much we'll match. So you could turn $50 cash back to $100.

What is the limit on Discover it student cash back? ›

Discover it Student Cash Back gives 5% cash back on up to $1,500 spent per quarter in bonus categories (which change every quarter and require activation), and 1% back on all other purchases. Both of these cards are good options and give you a respectable $500+ credit limit.

With no annual fee, generous sign-up bonuses, and a low intro APR, the Discover it^® Student Cash Back and Discover it^® Student Chrome are both excellent options for student credit cards in 2024. Although both cards are similar, each offers different ways to earn rewards.

The more that you use your cash-back rewards programs, the more money that you stand to earn. There are a few drawbacks to a cash-back rewards card, including a higher-than-usual APR, having to wait to access your cash-back funds, and a cap on how much you can earn each year.

Your rewards never expire¹ with Discover, but other credit card issuers may have expiration dates for their cash back rewards. If your cash back rewards have an expiration date, it's best to redeem those cash rewards as soon as you can; otherwise, you may lose the bonus cash accumulated through each eligible purchase.

No, cash back is not free money. You need to make a purchase with your card to earn cash back. Cash-back rates typically range from 1% to 5%, so you will still be paying for the majority of your purchase out of pocket.

Earn 5% cash back on everyday purchases at different places you shop each quarter like grocery stores, restaurants, gas stations, and more, up to the quarterly maximum when you activate. Plus, earn 1% cash back on all other purchases.