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College is stressful enough — and building credit is probably the last thing in your mind while dealing with a load of assignments. But being in college makes it easy to qualify for a student credit card, a great way to kickstart your credit history.
The Discover it® Student Cash Back is one of the best student credit cards because of its generous cash back rewards, valuable sign-up bonus and $0 annual fee.
The Discover it® Student Cash Back offers a high cash back rate on specific categories (such as grocery stores and restaurants) that change every quarter and require activation. Another appeal is the card’s unique sign-up bonus that matches your cash back at the end of your first year.
If you’re willing to activate categories every year, then this card could be right for you. But if you don’t want to deal with rotation categories and would prefer a simpler flat-rate student credit card, then the Discover it® Student Chrome might be a better fit.
Intro Purchase APR
0% Intro APR for 6 months on purchases
Regular Purchase APR
17.49% - 26.49% Variable APR
Intro BT APR
10.99% Intro APR for 6 months
Regular BT APR
17.49% - 26.49% Variable APR
Annual Fee
$0
Cash Advance Fee
Either $10 or 5% of the amount of each cash advance, whichever is greater.
Foreign Transaction Fee
None
Balance Transfer Fee
3% intro balance transfer fee, up to 5% fee on future balance transfers (see terms)*
Generous rewards rate on rotating categories
Cardholders earn 5% cash back at different places each quarter up to the quarterly maximum when you activate. 1% unlimited cash back on all other purchases - automatically.
This is a high percentage that other student credit cards typically don’t offer. And although it only applies to the first $1,500 you spend on those categories, it’s an easy way to earn an extra $300.
Here are the 2023 bonus categories for Discover:
| January-March | April-June | July-September | October-December |
|---|---|---|---|
| Grocery stores, drug stores and select streaming services | Restaurants and Wholesale Clubs | Gas Stations and Digital Wallets | Amazon.com and Target |
Cash back match the first year
This card offers a unique new cardmember offer: Unlimited Cashback Match for all new cardmembers – only from Discover. Discover will automatically match all the cash back you’ve earned at the end of your first year! So you could turn $50 cash back into $100. Or turn $100 cash back into $200. There’s no minimum spending or maximum rewards. Just a dollar-for-dollar match.
No other issuer offers a cash back match, and it’s a particularly special feature because there’s no cap on how much you can earn. Many other cash back cards — for students and even for others — have a cap on them of about $200. You can potentially earn more than that with the Discover it® Student Cash Back depending on how much you spend your first year.
Intro purchase APR offer
If you need to finance a large purchase over a few months, there is a 0% Intro APR for 6 months on purchases from the date of account opening. After that, the interest rate will range from 17.49% - 26.49% Variable APR.
The intro purchase APR isn’t very long — many cards’ intro offers, if they have any, last 12 months. But it’s rare for a student credit card to offer one at all, so it’s a good deal. The Capital One Quicksilver Student Cash Rewards Credit Card, Chase Freedom® Student credit card and the Capital One SavorOne Student Cash Rewards Credit Card all don’t have intro APRs.
$0 annual fee
For college students on a budget, paying an annual fee to carry a credit card probably doesn’t make sense. Luckily, this card’s annual fee is $0. Many cards for people with limited or poor credit come with high fees, so not having to worry about an annual fee — especially when you’re a student — is a great feature.
Upgrades to a standard credit card after you graduate
Once you graduate, Discover will classify your Discover it® Student Cash Back as a Discover it® Cash Back. The card has the same rewards rate and sign-up bonus as the Discover it® Student Cash Back. This is a great perk — since it saves you from having to apply for another credit card and taking a ding to your credit score.
Bonus categories require activation
The Discover it® Student Cash Back’s highest bonus categories must be activated online each quarter, and this could be a hassle for some students who don’t want to bother or would prefer a card offering a flat-rate rewards program.
Spending cap on higher-rate purchases
The elevated cash back reward is limited to a maximum of $1,500 on purchases each quarter. Even though a spending cap isn’t ideal, it’s a generous one considering you can earn $300 each year if you max it out.
Low rewards rate on everything else
The rewards earnings rate for non-bonus category purchases and bonus category purchases over the quarterly cap is subpar. If you don’t spend a lot on the card’s bonus category during a particular quarter, then this could mean lower cash back earnings for three months.
No 0% intro APR on balance transfers
If you’re looking for a balance transfer card offering a 0% intro APR period in which to save on interest charges, the Discover it® Student Cash Back won’t be a good fit as it offers only a 10.99% Intro APR for 6 months for balance transfers, then a 17.49% - 26.49% Variable APR will apply. There are better balance transfer card offers with 0% intro APR and longer intro periods.
If you’re looking for a $0 annual fee student credit card that doesn’t require you to keep track of rotating categories, check out the Discover it® Student Chrome. It has many of the same benefits as the Discover it® Student Cash Back , but it’s better suited for commuter students and those who prefer less card maintenance.
You can 2% cash back at Gas Stations and Restaurants on up to $1,000 in combined purchases each quarter. 1% unlimited cash back on all other purchases - automatically This is a more modest rate than the Discover it® Student Cash Back, but you won’t have to enroll in any categories to earn the 2% cash back. Plus, just like the Discover it® Student Cash Back, the Discover it® Student Chrome will match any cash back that you earn at the end of your first year.
If entertainment, dining and groceries are some of your most common expenses, then the Capital One SavorOne Student Cash Rewards Credit Card might be for you. You can earn 3% Cash Back on dining, entertainment, popular streaming services and at grocery stores (excluding superstores like Walmart® and Target®); 5% Cash Back on hotels and rental cars booked through Capital One Travel (terms apply); 8% Cash Back on Capital One Entertainment purchases; 1% Cash Back on all other purchases. And, unlike the Discover it® Student Cash Back, you don’t have to activate your elevated rewards anywhere — they automatically apply.
Plus, it’s great for students who are Uber or Uber Eats fans. You can Earn 10% cash back on purchases made through Uber & Uber Eats, plus complimentary Uber One membership statement credits through 11/14/2024.
The Capital One SavorOne Student Cash Rewards Credit Card does have a potentially weaker sign-up bonus: Earn $50 Cash Back when you spend $100 in the first three months. With the Discover it® Student Cash Back, you can earn a higher sign-up bonus by spending at least $1,666 in a year — which is a low threshold to meet.
If you prefer to bank with Chase, then the Chase Freedom® Student credit card is a decent $0-annual-fee flat-rate alternative. It does have a lower rewards rate than the Discover it® Student Cash Back: Earn 1% cash back on all purchases plus $20 Good Standing Rewards after each account anniversary for up to 5 years.
It also has a modest $50 bonus after first purchase made within the first 3 months from account opening. However, just by spending at least $1,666, you can earn more with the Discover it® Student Cash Back.
The Chase Freedom® Student credit card has only a couple advantages over the Discover it® Student Cash Back: its $20 Good Standing Rewards after each account anniversary for up to five years and the opportunity to earn a credit limit increase after making five monthly payments on time within 10 months from account opening when meeting credit criteria.
Unless a bump in your credit limit is important to you, the Discover it® Student Cash Back is usually a better choice than the Chase Freedom® Student credit card.
| Credit Cards | Our Ratings | Annual Fee | Welcome Offer | Rewards Rate | Recommended Credit Credit scores ranges may vary. Your individual chance at approval may vary due to factors such as creditors using a particular variation at their discretion | |
|---|---|---|---|---|---|---|
|
Discover it® Student Cash Back*
|
$0 | Unlimited Cashback Match for all new cardmembers – only from Discover. Discover will automatically match all the cash back you’ve earned at the end of your first year! So you could turn $50 cash back into $100. Or turn $100 cash back into $200. There’s no minimum spending or maximum rewards. Just a dollar-for-dollar match. | Earn 5% cash back at different places each quarter up to the quarterly maximum when you activate. 1% unlimited cash back on all other purchases - automatically | Limited / Fair | ||
|
Discover it® Student Chrome*
|
$0 | Unlimited Cashback Match for all new cardmembers – only from Discover. Discover will automatically match all the cash back you’ve earned at the end of your first year! So you could turn $50 cash back into $100. Or turn $100 cash back into $200. There’s no minimum spending or maximum rewards. Just a dollar-for-dollar match. | 2% cash back at Gas Stations and Restaurants on up to $1,000 in combined purchases each quarter. 1% unlimited cash back on all other purchases - automatically | Limited / Fair | ||
Capital One SavorOne Student Cash Rewards Credit Card*
|
$0 | Earn $50 Cash Back when you spend $100 in the first three months | 3% Cash Back on dining, entertainment, popular streaming services and at grocery stores (excluding superstores like Walmart® and Target®); 5% Cash Back on hotels and rental cars booked through Capital One Travel (terms apply); 8% Cash Back on Capital One Entertainment purchases; 1% Cash Back on all other purchases | Limited / Fair | ||
Chase Freedom® Student credit card*
|
N/A | $0 | $50 bonus after first purchase made within the first 3 months from account opening | Earn 1% cash back on all purchases plus $20 Good Standing Rewards after each account anniversary for up to 5 years | Good / Excellent |
Students willing to keep track of bonus categories can maximize their cash back with the Discover it® Student Cash Back, while also building credit through responsible credit practices.
But if remembering to opt into the categories quarterly is too much of a hassle, the Discover it® Student Chrome may be a better fit. Whichever you choose, paying on time and keeping balances low will help build a great credit score.
For Capital One products listed on this page, some of the above benefits are provided by third parties such as Visa® or Mastercard® and may vary by product. See the respective Guide to Benefits for details, as certain terms, conditions, and exclusions apply.
The information related to the Discover it® Student Cash Back, Discover it® Student Chrome, Chase Freedom® Student credit card, Capital One SavorOne Student Cash Rewards Credit Card and Discover it® Cash Back has been collected by LendingTree and has not been reviewed or provided by the issuer of this card prior to publication. Terms apply.
The content above is not provided by any issuer. Any opinions expressed are those of LendingTree alone and have not been reviewed, approved, or otherwise endorsed by any issuer. The offers and/or promotions mentioned above may have changed, expired, or are no longer available. Check the issuer's website for more details.
