Review: Discover it for Students with $20 Cash-Back Bonus Card

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This post comes from Logan Abbott, editor of the credit cards section of MyRatePlan.com. 

The Discover it® for Students with $20 Cash-Back Bonus Card is similar to the regular Discover it® for Students card, but comes with a $20 cash-back bonus instead of a six-month introductory period of 0 percent APR on purchases.

Advantages

  • Earn cash back on every purchase. Cardholders can earn 5 percent cash back on up to $1,500 in specified categories and 1 percent cash back on all other purchases* throughout the year, when they sign up*”
  • No fees. With the Discover it for Students card, cardholders are not subject to annual fees, overlimit fees, foreign transaction fees or pay-by-phone fees. Discover also will not increase your APR for one late payment.
  • Cashback Concierge. The Discover it for Students card offers a feature called the Cashback Concierge, which provides free one-on-one online tours to help cardholders get the most rewards from their cards.
  • $20 cash-back bonus. Cardholders receive a $20 cash-back bonus when they make their first purchase using the card in the first three months after opening their account.
  • 24/7 customer service. Discover offers 24/7 U.S.-based customer service to all Discover it for Students cardholders.
  • Flexibility. The Discover it for Students credit card offers cardholders the ability to choose their own payment due date for their card, and allows them until midnight on the day of their due date to make the payment.

Disadvantages

  • Limits on cash-back bonuses. While the Discover it for Students card offers 5 percent cash back on certain rotating categories, the amount you can earn 5 percent cash back on is limited to $1,500 per quarter, when you sign up*.
  • Discover isn’t accepted everywhere. Discover is known for great credit card rewards, but the downside is that Discover cards are not accepted at nearly as many places as Visa or MasterCard. If you’re looking for your first credit card, the Discover it for Students card may not be the best fit.
  • Not the best card for balance transfers. If you’re looking for a credit card to use for transferring a balance, you should probably look elsewhere. The Discover it for Students card offers no introductory period on balance transfers, and requires a balance transfer fee of 3 percent.

Bottom line

Get it if: You are a student who is interested in great cash-back rewards, low fees and flexible terms, and you don’t mind the limited acceptance of Discover cards.

Forget it if: You want to be able to use your card everywhere or transfer a balance.

*Click “Apply” to see rates, rewards, and free FICO® Credit Score terms and other information.

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Note: While we attempt to be completely objective when reporting on credit cards, this site may be compensated by issuers when a reader applies for a credit card through the links within credit card stories or on our credit card search page. Also note that any terms, rates or other features described in this article can change without notice. Always double-check everything with the issuer before applying for any credit card.

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