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Discover it Student Cash Back

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About

Discover currently offers two credit cards for college students. The traditional cash reward Discover it card gives account members up to 5% cash back on different spending categories that rotate every quarter. The Discover Chrome is designed more for the student on the go with rewards for gas and restaurant purchases.

One nice bonus feature for college students is the Good Grade reward, which gives students a twenty dollar statement credit when they reach a 3.0 grade point average for a quarter or semester. The Good Grade reward can only be redeemed once a year and other restrictions may apply.

Annual Percentage Rate (APR)

Purchases APR Introductory Offer

0% interest for 6 months

Balance Transfer APR Introductory Offer

10.99% interest rate for 6 months
Standard Rate for Purchases and Balance Transfers: 19.99%
Cash Advance: 24.99%
Penalty: None
Minimum Interest: $.50

Credit Card Fees

Annual: None
Balance Transfer Introductory fee: 3% of the amount transferred
Balance Transfer Regular: 5% of the amount transferred
Cash Advance: The greater of $10 or 5% of the amount advanced
Late Payment: None first time, up to $40 thereafter

Sign-up Bonus and Benefits

  • 5% cash back on specific purchases during rotating categories throughout the year, capped at $1,500
  • Must register account to participate in cashback bonus categories
  • Earn a $20 statement credit every year for having a 3.0 GPA limited to 5 years
  • Additional savings when you ShopDiscover.com
  • 1% cash back on all other purchases

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